This topic provides the systematic instructions to initiate an Import Letter of Credit - LC Details in the application.

1. Navigate to Initiate Letter of Credit screen.
2. On Initiate Letter of Credit screen, then click Initiate LC.
   The Initiate Letter of Credit - LC Details screen appears.

   Figure 3-10 Initiate Letter of Credit - LC Details

   
   

   
   Description of "Figure 3-10 Initiate Letter of Credit - LC Details"

   
   

   Note:

   The fields which are marked as Required are manadatory.

   For more information refer to the field description table below:

   Table 3-9 Field Description

   Field Name	Description
   Applicant Details	The option to select the type of applicant. The options are: Existing customer Non customer
   Applicant Name	The LC applicant name based on the selected party ID. This field is drop-down and allows the user to select the Applicant name for Existing customer option. This field is input field, if Non customer option is selected in Applicant Details field.
   Address	Displays the LC applicant address. This field is input field, if Non customer option is selected in Applicant Details field.
   Country	Indicates the country of the applicant. This field is input field, if Non customer option is selected in Applicant Details field.
   Limits	Indicates the available limits for applicant under the selected Line. The limit details are also represented in a graphical manner with available, sanctioned and utilized limit details for the users.
   View Limit Details	Click the link to open the Facility Summary screen.
   Country	Displays the country of the LC applicant.
   Accountee Name	Select from the list of all accountees mapped to a party.
   Address	Displays the accountee's address.
   Country	Displays the country of the accountee.
   Type of Documentary Credit	Move the slider to select the type of documentary credit. The type of documentary credit are: Transferable Non Transferable
   LC Type	Indicates the type of LC. The options are: Sight Usance
   Revolving	Indicates whether the product is revolving or not. The options are: Yes No
   Select Product	Select the LC product.
   Auto Reinstatement	This option indicates that reinstatement will happen automatically, if not chosen it has to be done manually if required. The options are: Yes No This field is enabled if Yes option is selected in the Revolving field.
   Revolving Type	The option to select the revolving type. The options are: Value: LC revolves in value. Time : LC revolves in time This field is enabled if Yes option is selected in the Revolving field.
   Cumulative	Displays whether the frequency is cumulative for the LC. If it is cumulative then unused amount of previous LC would be added and available for the new LCs. The options are: Yes No This field is enabled if Time option is selected in the RevolvingType field.
   Repeat Frequency	Select the time duration of revolving frequency. Specify the values for: Days Month This field is enabled if Time option is selected in the RevolvingType field.
   Date of Expiry	Specify or select the expiry date of the LC. The expiry date must be later than the application date.
   Place of Expiry	Specify the place where LC would expire.
   Beneficiary Details	The option to select the beneficiary type. The options are: Existing New
   Beneficiary Name	The name of the LC beneficiary. This field allows the user to select the beneficiary name from drop-down, if Existing option is selected in the Beneficiary Details field. This field allows the user to specify the beneficiary name, if New option is selected in the Beneficiary Details field.
   Address	Specify the address of the LC beneficiary. This field is enabled to enter the address details, if New option is selected in the Beneficiary Details field.
   Country	Specify the country of the LC beneficiary. This field is enabled to enter the country name, if New option is selected in the Beneficiary Details field.
   Currency	Specify the currency under which the LC can be issued.
   LC Amount	Specify the amount for the Letter of Credit. The user can see the equivalent amount in the local currency, if the application is in foreign currency.
   LC Amount Tolerance	Specify the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount. Specify the values for: Under (-) % Above (+) %
   Total Exposure	Displays the total LC amount including the positive tolerance, with the currency.
   Additional Amounts Covered	Specify any additional amounts available to the beneficiary under the terms of the credit, such as insurance, freight, interest, etc.
   Customer Reference Number	Specify the customer reference number.
   Credit Available By	Select the value credit available by. Indicates the manner in which credit is available when the bank is authorized to pay, accept, negotiate or incur a deferred payment undertaking for the credit. The options are: Acceptance Deferred Payment Mixed Payment Negotiation Sight Payment
   Negotiation/ Deferred Payment Details	Specify the details of Negotiation/ Deferred Payment. This field is enabled if the Negotiation/ Deferred Payment option is selected in the Credit Available By field.
   Mixed Payment Details	Specify the details of mixed payment. This field is enabled if the Mixed Payment option is selected in the Credit Available By field.
   Credit Available With	The option to select the details of Bank where credit would become available. It is captured by Bank’s SWIFT code. The options are: SWIFT Code Bank Address
   Lookup SWIFT Code	Select the SWIFT code of the issuing bank. This field is enabled if the SWIFT Code option is selected in the Credit Available With field.
   SWIFT code Look up	The following fields appear on a pop up window if the Lookup SWIFT Code link is clicked.
   Swift Code	The facility to lookup bank details based on SWIFT code.
   Bank Name	The facility to search for the SWIFT code based on the bank name.
   Country	The facility to search for the SWIFT code based on the country.
   City	The facility to search for the SWIFT code based on city.
   SWIFT Code Lookup Search Results	This section displays the SWIFT Code lookup search results.
   Bank Name	Displays the names of banks as fetched on the basis of the search criteria specified.
   Address	Displays the complete address of each bank as fetched on the basis of the search criteria specified.
   Swift Code	Displays the list of SWIFT codes as fetched on the basis of the search criteria specified.
   Bank Details	Specify the name and address of the bank where credit would be available. This field is enabled if the Bank Address option is selected in the Credit Available With field.
   Tenor (In Days)	Specify the tenor of drafts to be drawn under the documentary credit.
   Credit Days From	Specify the days from which the draft tenor is to be counted. Indicates the days from which the draft tenor is to be counted.
   Drawee Bank	Select the drawee bank of the LC. The options are: SWIFT Code Name and Address
   SWIFT Code	Specify the SWIFT code or click the Lookup SWIFT Code to search and select the SWIFT code. System fetches the SWIFT code details on the basis of the search criteria specified.
   Draft Amount	The various drafts amount for the LC application.
   Action	The various drafts amount for the LC application.

3. In the Applicant Details field, select the appropriate option.
   The applicant address and country field appears.
4. If you select Existing customer option, select the Applicant Name from the drop-down list.
5. If you select Non customer option, specify the Applicant Name.
   1. In the Address field, specify the address of the applicant.
   2. From the Country list, select the appropriate country.
6. From the Accountee Name list, select the appropriate option. The accountee address and country field appears.
7. From the Type of Documentary Credit field, select the appropriate option.
8. Click the View Limit Details link.
   The View Limits overlay screen appears.

   Figure 3-11 View Limits

   
   

   
   Description of "Figure 3-11 View Limits"

   
   
9. On the View Limits screen, perform the following actions:

   For more information on fields, refer to the field description table.

   Table 3-10 View Limits

   Field Name	Description
   Party ID	Select the The party Id of the LC product.
   Limit	Select the limit.
   Line Limit	Display the available limits, utilized and sanctioned limits for Accountee under the selected Line in a graphical format.

   1. From the Party ID list, select the appropriate party Id.
   2. From the Limits list, select the appropriate limit.
   3. Click View Limit Details link to open the Facility Summary screen. The bottom graph appears.
   4. Click Reset to reset the limit details. The Reset popup appears.
10. In the LC Type field, select the appropriate option.
11. If you select Revolving option:
    1. Select the appropriate option in Auto Reinstatement field.
    2. In the Revolving Type field, select the appropriate option.
    3. If you have selected Time option, select the appropriate option in the Cumulative field.
    4. Perform any one of the following actions:
    • From the Repeat Frequency list, select the appropriate option and enter the value.
    • Select Value in the Revolving Type field.
12. From the Select Product list, select the appropriate product.
13. In the Date of Expiry field, select the expiry date of the LC.
14. In the Place of Expiry field, enter the place of LC expiry.
15. In the Beneficiary Details field, select the appropriate option.
16. If you select Existing option:
    1. From the Beneficiary Name list, select the appropriate option.
17. If you select New option:
    1. In the Beneficiary Name, enter the name of the LC beneficiary.
    2. In the Address field in the Beneficiary section, enter the address of the LC beneficiary.
    3. From the Country list in the Beneficiary section, select the appropriate country.
18. In the LC Amount, select the appropriate currency and, enter the amount for which the LC is needed.
19. In the LC Amount Tolerance, specify the Under and Above values in percentage by which the amount of LC can vary.
20. In the Total Exposure field, the LC amount along with tolerance would be displayed automatically.
21. In the Additional Amounts Covered field, specify the amount details.
22. In the Customer Reference Number field, enter the value for customer reference number.
23. From the Credit Available By list, select the appropriate option.
24. In the Credit Available With field, if you select SWIFT Code option:
    1. In the SWIFT Code field, specify the SWIFT code or select it from the look-up.
    2. Click Verify to fetch bank details based on Bank Code (BIC).
25. If you select Bank Address option:
    1. In the Bank Name field, enter the name of the issuing bank.
    2. In the Address field, enter the address of the issuing bank.
26. Specify the appropriate value in the Tenor field.
27. Specify the value for Credit Days From field.
28. Perform any one of the following actions:
    • Click Next to proceed to the next tab.

      The Goods and Shipment Details tab appears in the Initiate Letter of Credit screen.

    • Click Save As Draft, system allows transaction details to be saved as a template or draft. (For more details, refer Save As Template or Save As Draft sections.)
    • Click Cancel to cancel the transaction.

      The Dashboard appears.