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LC is considered a safe instrument of payment. Is a similar level of safety accorded to refinance of the LC basis issuing bank's comfort letter ?
Lc refinancing is related to customer bank relation and is a subsequesnt action to LC but does not have any thing to do with the LC it self
No but required to cover up the payment when you do not have enough money or your facility is almost utilized
Actually Refinancing process is bit different. It is not necessarily required to Refinance the LC until and unless the facilities are provided by the Bank to the client and client is having no money to pay to the vendors ahead.
If Refinance has been done though it will not effect the original LC or any of its payment terms infact it will hold the payment if client has no money available in his account and he must have to refinance it.
Refinance can be done as per the amount of Invoice/Bill issued under the LC whether it is partial or complete as per the LC Terms & Conditions.
Authenticity of LC
Checking of Compliance related matters such as involvement of sanctions countries and/or applicant and beneficiary.
LC currency & amount
Validity & payment Terms
Ensure the negotiability of LC
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