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