AED 01 Solved Assignment 2023-24


AED 01 Solved Assignment 2023-24

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AED 01 Solved Assignment 2023-24 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

Assignment Code: ASST/ AED 01/2023-24

Marks: 100

Attempt all the questions.

Q.1 List out the details included in letter of credit and documents required under letter of credit. Briefly explain different types of letter of credit.

A Letter of Credit (LC) is a financial instrument issued by a bank on behalf of a buyer (applicant) to facilitate trade transactions with a seller (beneficiary). It provides a guarantee of payment to the seller upon successful completion of the specified conditions. The LC involves various details and documents, and there are different types of LCs based on the nature of the transaction. Here are the details included in a typical Letter of Credit and the documents required:

Details Included in a Letter of Credit:

Applicant and Beneficiary Information: Clearly specifies the names and contact details of the buyer (applicant) and the seller (beneficiary).

Issuing Bank: The name and details of the bank that issues the LC.

Advising Bank: The bank through which the LC is advised to the beneficiary.

Amount and Currency: Specifies the amount of the credit and the currency in which it is denominated.

Expiry Date: The date until which the LC is valid.

Terms and Conditions: Detailed instructions and requirements that the parties must fulfill for the payment to be made.

Documents Required: Lists the documents that must be presented by the beneficiary to trigger payment.

Documents Required Under Letter of Credit:

Commercial Invoice: Details the goods or services provided, including quantity, unit price, and total value.

Bill of Lading: A receipt issued by the carrier confirming the shipment of goods.

Packing List: Provides details about the packaging of the goods.

Certificate of Origin: Confirms the origin of the goods.

Insurance Certificate: Demonstrates that the goods are insured during transit.

Transport Documents: May include a transport or freight document, depending on the mode of transportation.

Inspection Certificate: If required, certifies that the goods meet certain quality or regulatory standards.

Types of Letter of Credit:

Irrevocable Letter of Credit: Cannot be amended or canceled without the consent of all parties involved.

Revocable Letter of Credit: Can be amended or canceled by the issuing bank without prior notice to the beneficiary.

Confirmed Letter of Credit: Involves a second bank (confirming bank) providing an additional guarantee, adding another layer of security for the beneficiary.

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Unconfirmed Letter of Credit: Relies solely on the issuing bank's commitment.

Transferable Letter of Credit: Allows the beneficiary to transfer all or part of the credit to another party.

Standby Letter of Credit: Serves as a backup payment mechanism if the buyer fails to fulfill its obligations.

Understanding these details and types is crucial for parties involved in international trade to ensure a smooth and secure transaction process.

Q.2 What do you mean by foreign exchange risk. Explain risk as an exporter and risk as an importer. What are the methods of dealing with foreign exchange risk?

Q.3 Differentiate between the following:

a) Spot rate and forward rate.

b) Lines of credit and buyer’s credit.

c) War perils and strike perils.

d) Bill buying rate and bill selling rate.

Q.4 a) What do you mean by pre-shipment finance. Describe the methods of preshipment finance.

b) What is post shipment finance. Explain various methods of post shipment finance.

Q.5 Write a short note on the following:

a. Duty drawback scheme

b. Fiscal incentives

c. EXIM Bank

d. India trade promotion organisation

AED 01 Solved Assignment 2023-24 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

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