11 LC Amendment Acceptance

This topic provides the systematic instructions search and view the amendments under Export Letter of Credits in the application.

User can search amendments under Export Letter of Credits using various parameters like Beneficiary Name, LC Number, and Applicant Name etc. The user can accept / reject LC Amendments. The amended value comes on the screen and the previous value is shown beneath the same field in red.

If an amendment is initiated under the Parent LC to reduce the LC amount with the beneficiary's consent, but before the beneficiary's consent is received, and the Parent LC amount is utilized by transferring the LC, then during the Export LC Amendment Acceptance, if the user attempts to accept the amendment and sufficient balance is not available under the Parent LC, the system displays an error message and prevent the user from reducing the Parent LC amount.

Pre-requisites
  • User must have a valid corporate party Id and login credentials in place
  1. From the Dashboard, click Menu, then click Trade Finance, and then click Letter of Credit. Under Letter of Credit, click Export Letter of Credit and then click Export LC Amendment Acceptance.
    The LC Amendment Acceptance screen appears.

    Figure 11-1 LC Amendment Acceptance


    Description of Figure 11-1 follows
    Description of "Figure 11-1 LC Amendment Acceptance"

    For more information refer to the field description table below:

    Table 11-1 LC Amendment Acceptance - Filter Result Field Description

    Field Name Description
    All Beneficiaries Specify the name of the beneficiary of the Export LC.
    Filter Specify the Product Name, Applicant Name, LC Number and LC amount to search and view the amendments under Export Letter of Credits.
    Search Results This section displays the search results.
    Amendment Number Displays the amendment number of the LC.
    Product Name Displays the product of the LC for which amendment acceptance is required.
    Applicant Name Displays the name of the LC applicant.
    LC Number Displays the naLC number against which amendment acceptance is required.
    LC Amount Displays the amount of Export LC.
    View Click the View link to view the export LC amendment screen.
    Special Instructions Specify the instructions provided to bank for LC is mentioned here.
  2. Select the desired Amendment Number record.
  3. Specify the remarks/special instructions in the Special Instructions field.
  4. Perform one of the following actions:
    • Click on the desired View link in the Action column, to view the amendment details. The Export LC amendment screen appears.
    • Click Approve to accept the amendment.

      The success message initiation of LC Amendment Acceptance appears along with the reference number.

    • Click Reject to reject the amendment
    • Click Cancel to cancel the transaction. The Dashboard appears.

    Note:

    If reduction in LC amount as part of LC Amendment is greater than the Available amount, system displays an error to user.

    Figure 11-2 LC Amendment Acceptance - Amendment Details


    Description of Figure 11-2 follows
    Description of "Figure 11-2 LC Amendment Acceptance - Amendment Details"

    Note:

    For field details, refer section Initiate LC Details tab.
  5. Click Back to go back to previous screen.
    The LC Amendment Acceptance screen appears.