The following vouchers are to be passed at the time of opening cash L/C:

Dr-Customer's liability on L/C @ B.C Selling (Contra liability vouchers)
Cr-Banker's liability on L/C @ B.C Selling
Dr-Party's @ B.C Selling
Cr-Sundry Deposit margin on L/c @ B.C Selling
Cr-Income A/C Comm. on L/c $0.50% (1st quarter) & @0.25% for the subsequent quarters (for sight L/c)
Cr-Others liability VAT on L/C Com.@ 15% on comm. amount.
Cr-Income A/c cable/Swift/Postage charge
Cr-Income A/c (IMP form/LCAF) Misc. charges
Cr-F.C.C. (if required)

Code number: Depending on the nature of LCs the following code numbers are to be used by the branches at time of opening an L/Cs:

Cash L/c (sight)

: 01

foreign BTB (U)

: 06

EPZ(BTB/Sight)

:11

Deferred

: 02

Under F/Aid

: 07

EPZ (BTBC/Usance)

:12

Inland BTB (s)

: 03

Under STA

: 08

Other L/c

:13

Inland BTB (U)

: 04

EPZ (Cash/Sight)

: 09

 

Foreign BTB (S)

: 05

EPZ (Cash/Usance)

: 10