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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Documentary Credits (Chapter VII )

    Rocky
    Rocky
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    • Post n°1

    Documentary Credits (Chapter VII ) Empty Documentary Credits (Chapter VII )

    Post by Rocky Sat 13 Jan 2018 - 5:14

       


    13/1/2018 12:00 am 

    [rtl]Thamer Hymes
    In accordance with Security Council Resolution 2390 on 8/12/2017, Iraq has fulfilled all obligations related to its withdrawal from Chapter VII of the UN Charter. This resolution will enable us to open documentary credits to meet the real demand for consumer or productive materials as needed.
    This achievement, which our government is proud of, is one of the successes that we hope to invest in our economy as part of the benefits of leaving Chapter VII, so that we will have $ 3 billion to be transferred to the Government under Resolution 2335 / 2017. 
    The other benefits will depend first and foremost on the stakeholders, Raise the positive entry through the return of confidence in the Iraqi banks (Rafidain and Rashid) after being frozen from government imports in the past three decades. 
    There are those who say that the Rafidain and Rashid banks did not keep pace with modern technology because their instructions are of a totalitarian nature. According to my information, there is a project to restructure Mesopotamia in line with the re-confidence of the bank and its harmonization to work according to the new philosophy of the state.
    That the two banks have sold them in the practice of smart card technology for retirees and direct in the world of public office; which brings things back to normal by restoring confidence internationally in our banking system and the continuation of the relationship between Rafidain and rational citizen or employee, will be restructured by trustees on public money and ways of investment. 
    Both banks can build a network of banking relations whether the government's sectoral banks (housing, agricultural, industrial) offer new products after the resumption of their activity in opening the documentary credits of the government, or the capacity of the deep trust that citizens give as they deal with the widest social segment, the critical mass of Pension and welfare), estimated at seven million members.
    The Rafidain and Rasheed Bank, once restructured, will also be ready to set up a banking system in the light of the Central Bank's standards when a group of banks has been set up to deal with the process of settling salaries. The documentary credits also provide us with an ideal exchange rate between the Central Depository and the market price, Buying the dollar; it also becomes the basis for tax accounting as well as the case of restructuring the ports in accordance with the pace of open credit in the government banks and banks approved eligibility and thus qualify for the final exit from the extraordinary procedures that accompanied the process of leaving Chapter VII.[/rtl]






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    Rocky
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    • Post n°2

    Documentary Credits (Chapter VII ) Empty FYI about Documentary credits

    Post by Rocky Sat 13 Jan 2018 - 14:15

    FYI about Documentary credits   

    Documentary credit

    Documentary credit means the same thing than “letter of credit”. Traders and bankers in some parts of the world (US, Asia) tend to use the term “letter of credit” or the abbreviation “L/C”, while some bankers (in Europe) prefer to use “documentary credit” or “D/C”. Documentary credits facilitate international payments by providing security for both the exporter and the importer. The seller receives an advance assurance of payment upon presentation of documents conforming to the terms and conditions of the letter of credit, and the buyer is assured that the bank will not pay unless the seller has actually submitted documents strictly complying with the documentary credit. A typical procedure of a documentary credit is as follows:

    The process begins when the exporter and importer agree on a sales contract. Typically, it is the exporter that insists on payment by letter of credit because it does not want to take a credit risk, and cannot get sufficient information about the creditworthiness of the buyer to grant another form of payment.

    The importer then initiates the documentary credit mechanism by going to its bank and requesting it to open the credit.

    Subject to internal credit approval, the importer´s bank issues the credit (and is hence called the “issuing bank”), under which it agrees to pay according to the importer´s instructions. The credit is sent to the exporter or to the a bank in the exporter´s country (depending of the type of credit).

    Confirmation (optional). Commonly, under the sales contract and/or documentary credit application, the exporter´s bank (or another bank in the exporter´s country) will be requested to confirm the documentary credit, thereby committing itself to pay under the terms of the credit. Exporters may insist on confirmed credits when they want to have a trusted local payment.
    The exporter (beneficiary) is notified of the availability of the credit.

    Shipment and presentation of the documents. If the exporter agrees with the terms of the credit, it then proceeds to ship the goods. After shipment, the exporter goes to the bank nominated in the credit to effect payment an presents the documents that the importer has asked for. The exporter usually also presents a bill of exchange or draft, a document representing the bank´s payment obligation.

    Examination of documents/discrepancy/waiver. The bank examines the documents carefully to ensure that they comply with the terms of the credit. If the documents do not comply, the bank cites a documentary “discrepancy”, notifies the exporter and refuses to pay the credit. The exporter may then either correct the documents or obtain a waiver of the discrepancy from the importer.

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