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Vouchers for Opening Cash Letter of Credit. Code No of L/C
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Super Admin

 
By Super Admin
Published on 23 November 2010
 
Vouchers to be passed at the time of opening Cash Letter of Credit. Code numbers to be used by Bank Branches in L/C.

Vouchers for Opening Cash Letter of Credit. Code No of L/C
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