1. Islamic Letters of Credit
  2. Islamic Letters of Credit - Maintenance
  3. Goods Details
  4. Maintain Goods

2.2.1 Maintain Goods

This topic describes the systematic instruction to maintain Goods.

An Islamic LC is used for trade payments. It therefore involves merchandise. There are certain standard goods or commodities, the trading of which is done, with Islamic LC cover. Instead of specifying the details of merchandise each time they are traded under an Islamic LC, you can maintain the details of the standard goods in the Commodity Codes Maintenance screen.

The advantage of maintaining goods details is that at the time of entering the details of an Islamic LC, you only need to specify the code assigned to the goods. The description maintained for the goods/commodity code will be automatically picked up. Typically, the statutory body controlling international and domestic trade in a country assigns these codes.

Specify the User Id and Password, and login to Homescreen.
  1. From Homescreen, specify BCDCOMCD in the text box, and click next arrow.
    Bills and Collections Commodity Maintenance Screen is displayed.

    Figure 2-2 Bills and Collections Commodity Maintenance screen.

    Description of Figure 2-2 follows
    Description of "Figure 2-2 Bills and Collections Commodity Maintenance screen."
  2. On Bills and Collections Commodity Maintenance screen, specify the fields.
    For more information on fields, refer to the field description table below:

    Table 2-2 Bills and Collection - Field Description

    Field Description
    Goods Code In Oracle Banking Trade Finance goods are identified by a twelve-character code called the Goods Code. You can follow your own convention for devising the code. However, at least one of the characters of the goods code should be a letter of the English alphabet.

    The code that you assign to a commodity should be unique as it is used to identify the commodity/goods. While processing an Islamic LC where you need to specify the goods transacted, you need to specify the code assigned to the goods. The goods description will automatically be picked up and defaulted.
    Language Code Specify the language code using which all the correspondences with the party should be carried out. Click the option list icon to view the list of available language codes.
    Goods Description After assigning a code to the goods, you can proceed to maintain a detailed description of the goods. The ‘Goods Description’ can contain a maximum of six thousand five hundred characters.

    While specifying the details of the goods transacted under an Islamic LC, you can edit the description that is defaulted, to suit the requirements of the Islamic LC you are processing. Specifications such as the quality and quantity of the merchandise can also be entered.
    Banned Commodity As part of maintaining the details of the goods that can be traded under an Islamic LC, you can also specify whether the commodity being defined is banned from import/export.

    If you are maintaining the details of a banned commodity, you can indicate the same by selecting this option in the screen.

    At the time of selecting the goods being traded under an Islamic LC, the system will display the commodities in the option-list. In addition, the list will also display whether a particular commodity is banned or not by indicating ‘YES’ (for a banned product) and ‘NO’ (for a product that is allowed for trade) against the product.

Parent topic: Goods Details