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1、Chapter 8.Letter of Credit practice,Import credit operation Export credit operation Credit as a Means of Finance Risk Protection,8.1 Import Credit Operation,8.1.1 Documentary credit application When the importer applies for the issue of a documentary credit ,he is requesting his bank to make a promi
2、se of payment to the supplier. It is in the importers interest to formulate the terms and conditions of the credit with care.,8.1 Import Credit Operation,Rules to follow: Refer to documents only Be clear and concise Do not specify impossible documentation Elements of Credit Application,8.1 Import Cr
3、edit Operation,8.1.2 Security arrangement As a precautionary measure, security for opening a credit is usually required from the applicant by the issuing bank.,8.1 Import Credit Operation,8.1.3 Issuance of the credit Reviewing the documentary credit application Completion of the standard documentary
4、 issuance form Transmitting the documentary credit,8.1 Import Credit Operation,8.1.4 Amendment of the credit Problems the beneficiary may often find Procedure for amendment of the credit The standard amendment form,8.1 Import Credit Operation,8.1.5 Examination of documentary and dishonor General pri
5、nciple Whatever the letter of credit stipulated must be carried out. General checklist,8.1 Import Credit Operation,8.1.6 Accepting/Paying/Reimbursing Review the documents Discrepant documents and procedures to be taken by the issuing bank Reimbursement under a letter of credit,8.2 Export Credit Oper
6、ation,8.2.1 Review the credit Upon receiving the letter of credit opened by the overseas correspondent bank, the advising bank should check the signature or the test code of the credit to determine the apparent authenticity of the credit and then advise the credit to the beneficiary. Points to be ch
7、ecked:,8.2 Export Credit Operation,8.2.2 Advising/Confirming After the sellers bank has check the credit and found it is in order, he must advise the beneficiary without delay. The correspondent bank may, on the instructions of the issuing bank, add its own confirmation to an irrevocable credit, the
8、reby committing itself to make payment to the beneficiary if the terms of credit are met.,8.2 Export Credit Operation,8.2.3 Examination of documents Examining a draft Examining the commercial invoice Examining the transport documents Examining the insurance documents Most common discrepancies in exa
9、mination of documents,8.2 Export Credit Operation,8.2.5 Accepting/Paying/Negotiating Negotiation It means the giving of value for the draft(s) and/or document(s) by the bank authorized to negotiate. Payment As soon as the beneficiary submits the complying documents, the advising bank can effect the
10、payment to the beneficiary and send the documents to the issuing bank or nominated reimbursing bank for reimbursement. Acceptance,8.2 Export Credit Operation,8.2.6 Claim Claim for reimbursement The correspondent bank forwards the documents to the issuing bank and requests reimbursement, either immed
11、iately or at a later date depending on the terms of reimbursement. Payment refused by the issuing bank If the issuing bank considers that the documents presented appear on their face not to be in compliance with the terms and conditions of the credit, it must inform the bank sending the documents of
12、 the refusal of payment.,8.3 Credit as a means of Finance,一、对出口商的融资 1 .信用证打包放款(Packing Credit) 指出口银行以出口商提供的进口银行开来的信用证正本作抵押向其发放贷款的融资行为.,8.3 Credit as a means of Finance,打包放款的特点 : 第一, 放款时间. 第二, 放款的目的是向出口商提供周转资金 . 第三, 放款的金额. 第四, 放款的期限.,8.3 Credit as a means of Finance,应注意的问题 : 第一. 风险承担问题, 注意融资风险是由谁承担.
13、第二. 银行要加强对打包放款下的审查.,8.3 Credit as a means of Finance,2. 出口押汇(Bill Purchased) 指出口银行对出口商有追索权地规买货权单据地融资行为.这是银行在出口商发货后对其提供地短期融资. 一般要求出具质押书.(Letter of Hypothecation),8.3 Credit as a means of Finance,3. 卖方远期信用证融资 指开具承兑信用证后, 通过银行承兑汇票在贴现市场贴现来融资 . 银行承兑(Banks acceptance) 票据贴现(Discounting),8.3 Credit as a mean
14、s of Finance,二、对进口商的融资 1. 开证授信额度 指开证行对于在本行开户且资信良好的进口商在申请开立信用证时提供地免收开证保证金或不要办理抵押的最高资金限额. 根据客户资信和业务不同, 授信额度分为循环使用授信额度和一次性使用授信额度.,8.3 Credit as a means of Finance,2. 进口押汇( Inward Bills) 指信用证开证行在收到出口商或其银行寄来的单据后先行付款,待进口商得到单据、凭单据提货并销售后收回货款的融资活动.,8.3 Credit as a means of Finance,进口押汇的步骤 : 第一,申请与审查; 第二,签订进口
15、押汇协议; 第三,开证行对外付款; 第四,凭信托收据向进口商交付单据; 第五,进口商凭单提货及销售货物; 第六,进口商归还货款及利息,换回信托收据.,8.3 Credit as a means of Finance,3.买方远期信用证融资 买方远期信用证即假远期信用证,指远期汇票付款按即期付款办理的信用证. 真假远期信用证融资的不同: 第一,贸易合同规定的付款期限不同. 第二,贴现利息支付者不同 .,8.4 Risk Protection,一、信用证对进、出口方的影响 第一, 出口方收款风险较小,且融资方便. 第二, 进口方提货风险较大, 要占用一定资金.,8.4 Risk Protectio
16、n,二、信用证下的欺诈及防范 (一)信用证欺诈 1. 假信用证; 2. 伪造文件; 3. 在信用证中加列软条款.,8.4 Risk Protection,例如,某国S行发给B行一份电传,声称其将委托美国一家银行C 行开出一份与电传内容相同的信用证,金额为30万美元,几日后,B行果然收到C 行的分行C1开来的信用证,内容与S行来电一致,该证内容齐全,但未加密押,声称以收到证实书为准.B行后收到证实书,但无法核对印签.后B行与C 行总行联系查询,获悉C 行未开出信用证,也无分行C1.,8.4 Risk Protection,例如,某行开出一份不可撤销信用证,除规定单到开证行柜台付款外，还另加一条“此证下开立的汇票只准于在货款安排实现后进行支付。”,8.4 Risk Protection,（二）信用证诈骗的防范措施 1.了解客户的贸易背景经营范围。 2. 加强银行的系统管理内部控制。,8.5 国际结算方式比较与选择,一、汇款、托收信用证的比较 对出口商而言： (1)赊销汇款有钱货两空的风险. (2)托收有被拒绝接单及接单后延付的风险. (3)信用
