Answer Posted / bharathi
CASH CREDIT - CREDIT GIVEN BY BANKERS AGAINST OUR STOCK /
HYPOTHECATION OF DOCUMENTS OF OUR COMPANY / DIRECTORS
NETWORTH WHICH CAN BE USED FOR OUR BUSINESS ROUTINES FOR
WHCIH BANKERS WILL CHARGES US INTEREST ON MONTHLY BASIS
LETTER OF CREDIT - CREDIT GIVEN BY BANKERS FOR THE PURPOSE
OF MAKING PAYMENT TO OUR SUPPLIERS - LC TO BE OPENED
AGAINST OUR PURCHASES MINIMUM OF 30 DAYS & MAXIMUM OF 180
DAYS - MARGIN MONEY (MIN 10% MAX 30%) TO BE DEPOSITED BY
US. THE BANKERS WILL RELEASE PAYMENT TO OUR SUPPLIERS ON
BEHALF OF US. AT THE TIME OF MATURITY OF LC, THE AMOUNT
WHICH HAS BEEN PAID BY BANKER TO BE RETURNED TO THEM WITH
INTEREST AND MARGIN MONEY WHICH WE HAVE DEPOSITED AT THE
TIME OF OPENING LC WILL BE REFUNDED BY BANK WITH INTEREST
AND WE CAN OPEN NEW LC TO THE NEW SUPPLIER OR EXISTING
SUPPLIER AGAINST OUR PURCHASE
| Is This Answer Correct ? | 17 Yes | 1 No |
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