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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

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


2 posters

    Letter of credit between the central bank and the banks

    day dreamer
    day dreamer
    Moderator
    Moderator


    Posts : 3197
    Join date : 2012-12-19

    Letter of credit between the central bank and the banks Empty Letter of credit between the central bank and the banks

    Post by day dreamer Sun 15 Feb 2015, 8:01 pm

    Letter of credit between the central bank and the banks

         
     
    2/16/2015 0:00




      Essam Mahouelle •
    Who among us has not been used goods manufactured in a foreign country? Who among us has not made a car traveling in that country or the other?
    Naturally Alhal.la Ahd.mazm peoples of the world to share their industries and for centuries and Karon.lkn with the expansion of trade between the countries, and increase production, and the diversity and abundance of goods, it was necessary to organize such trade Dolaa.oukd found ways of organizing banking and utilitarian means of exchange between importers and exporters across the world and the way that guarantees the rights of the parties.
    Was the letter of credit process. Any reliance which is based on some documents and accreditation is the (confidence) and that's where the banks in various countries around the world to adopt the principle of trust in their dealings with each other, so the documentary credit process became the basis for import operations and Altsidir.la I want to disconnect the process of opening the letter of credit because the article is not this but the goal, however, want to point out some important points in reliance:
    Based on the letter of credit by the bank, which is trading on a commercial contract in general without a male and a breakdown of all the paragraphs of the contract between the parties. Are paying $ credentials to process the source by the bank correspondent in his country (or accept the documentary clouds in the case of postpaid) to meet specific documents, namely, (arrived receipt if payment in cash and / or clouds, existing business and waybill and the insurance policy and the certificate of origin), there may be additional documents required by the importer, such as chemical and veterinary health certificate ... etc.
    These documents are being checked with the terms of relying solely by the correspondent bank and the local process (Light dependence on importing country). The banks, is also known for not commercial institutions, but financial, but not considered a party to a commercial contract between the ends (buyer and seller). For this, they scrutinize documents a virtual ascertain compliance with accreditation Alosalih.otaatm audit and payment terms based on the compatibility of documents with the terms of credit and the virtual health.
    The important question is:


    Malmqsod virtual health?
    What is meant is that the document appears to form true Mqpola.olzlk bank, is the fact that Officer forged document or not false. May not be a question about the bank that the bank may not be held accountable for fraudulent documents!
    Let's read together some international texts on the subject (health documents): Paragraph (16 b) of the international norms own appropriations Almtendeh says, and the fact that banks are dealing with documents and goods ... and not because of the subject of the importance to preserve the rights of importers to another ... Fiqrh..thm read together, Article 13 of the conventions, which says: banks scrutiny of documents provided to ensure that they are identical in the face of the terms of credit during the period ...... to last paragraph) .onebena on this that the bank is Officer for imported goods being identical with what was agreed upon between the parties to the contract, in the case of the emergence of any difference can not be attributed to the importer to his bank, but that it is suing the owner ..
    Source. CBI measures in this regard indicate the nature of the documentary credit ignorance! This strange position of the highest in the central banking authority Albuld.alpennek Iraqi banks accountable (light credits) If it appears that some forged documents !! This action is in line with the prevailing official ideology and private, including known (Health breasts) !! But quite an international special instructions depending Almstende.vhl became the duty of the bank in line with central bank thinking, Is it became his duty to send to the source book asking him healthy issuance of its documents? Does this make sense? Of course ..la.ommarsat Central Bank in this regard Download the responsibility of banks to documents not based on legal or banking base Abda.ola need for the central bank to Msoala exposing banks to embarrassing situations caused harms the reputation of the bank and the responsibility to some extent Soa.sahh documents from duty only source without the bank's health.
    And can not be assuming bad faith when the bank and the banking system, but the erosion which is the backbone of the economic life of the country.
    • adviser in North Bank



    [You must be registered and logged in to see this link.]
    Proven
    Proven
    NNP TEAM
    NNP TEAM


    Posts : 1839
    Join date : 2012-12-21

    Letter of credit between the central bank and the banks Empty Re: Letter of credit between the central bank and the banks

    Post by Proven Sun 15 Feb 2015, 8:18 pm

    Allow companies to buy/sell imports with letters of credit, a new way to do business.  It would eliminate most of the need for the currency auction.  After more than 10 years Iraq is just getting around to figuring this out.  Unless the auctions served a different purpose....  Darn Jackals.


      Current date/time is Sat 04 Feb 2023, 9:22 am