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International trade course 3

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Types of LC. Trade cycle - sight. Trade cycle - usance. LC Document : Draft, Invoice, Packing List, How to examine LC

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International trade course 3

  1. 1. INTERNATIONAL TRADE Course 3 Yudy Yunardy S.E., M.M.
  2. 2. WHO AM I ? Fifteen years of Banking experience, six years’ experience in Trade Finance Operations background with Unsecured Loan experience, equipped with another seven years’ experience in Management Information Analyst and Dashboard Reporting. Vastly experienced in Bank Indonesia reporting (LBU, SID, LBBU, BMPK etc.)
  3. 3. EMPLOYMENT SUMMARY 2014 Present Indonesia Banking School 2013 2014 Deutschebank AG 2011 2012 Misys Plc 2010 2011 DBS Indonesia 2010 2010 ANZ Bank 2005 2010 RBS Bank 2004 2005 Vendor at Bank Mandiri, BCA and Circle K 1999 2004 HSBC Bank 1998 1999 MetLife Insurance 1997 1998 Demographic Institution FEUI 1996 1997 Private Investment Manager
  4. 4. RULES 1.Disable your comm. device 2.Presence 80% minimum 3.Time alloc. 08.00 – 10.30
  5. 5. TEXTBOOK Koch, Timothy (2015), Bank Management, The Dryden Press
  6. 6. GRADING EVALUATION 1. Participation 5% 2. Quiz / exercise 10% 3. Assignment 15% 4. Midterm 35% 5. Final 35%
  7. 7. LAST WEEK’S QUESTION Answer
  8. 8. LAST WEEK’S ASSIGNMENT Answer • E-commerce will be booming in 2015, because of bigger mobile device trends, always connected to internet, the battle to win customer loyalty will force us to engage in B2B as well as B2C • Social media makes it easy to become a seller in facebook, wordpress, tumblr or site that will focus solely on shopping • Analytical engine will become more intrusive but also more accurate in predicting our needs and wants
  9. 9. LAST WEEK’S ASSIGNMENT in billion dollars 2012 2013 A gricultural pro ducts 1,647.65 1,744.83 F uels and mining pro ducts 4,128.61 3,996.98 M anufactures 11,467.50 11,848.00 A gricultural pro ducts (A o A ) a 1,371.37 1,450.26 N o n-agricultural go o ds (N A M A ) 16,585.50 16,850.38 T o tal Wo rld M erchandise Expo rt 18,615.13 19,040.07 B 2C Sales wo rldwide 1,058.00 1,233.00 Percentage to total world merchandise export 5.68% 6.48% Percentage to NAM A world export 6.38% 7.32% Percentage to fuel and mining world export 25.63% 30.85% Percentage to clothing world export 252.38% 267.89% Value
  10. 10. PREVIOUSLY…
  11. 11. LC CONCEPTS
  12. 12. ADVISING BANK The bank in the seller’s country which is requested by issuing bank to notify the LC to beneficiary APPLICANT Issuer, a party whose request a bank is to issue an LC (importer/ buyer) BENEFICIARY The party in whose favour the LC is to be issued and the party who must comply with the T&C of the LC in order to be entitled to receive its proceeds (seller/exporter) ISSUING BANK Bank that issues LC at the request of applicant TERMINOLOGY
  13. 13. NEGOTIATING BANK Bank that negotiates or discounts the beneficiary’s BoE PAYING BANK Bank that makes payment to beneficiary against presentation of stipulated documents REIMBURSING BANK Bank nominated by the issuing bank to pay claims under the LC to the negotiating or paying bank BILL OF EXCHANGE A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received TERMINOLOGY
  14. 14. TRADE CYCLE - SIGHT ISS.BANK IMPORTER ADV.BANK EXPORTER S C 4. Goods 1.ApplyLC 9. Uang 10. Docs 7. Uang 2. Issued LC 6. Docs 8. Uang 5. Doc’s 3.AdviseLC
  15. 15. TRADE CYCLE - USANCE ISS.BANK IMPORTER ADV.BANK EXPORTER S C 4. Goods 1.ApplyLC 10.Uang 9.Docs 11. Uang 2. Issued LC 6. Docs 12. Uang 5.Doc’s 3.AdviseLC 7. Acceptance 8.Acceptance
  16. 16. TYPES OF LC
  17. 17. 1. Revocable vs Irrevocable LC 2. Sight vs Usance LC 3. Confirm vs unconfirm LC 4. Resticted vs unrestricted LC 5. Transferable LC TYPES OF LC
  18. 18. 6. Back to Back LC 7. Revolving LC 8. Standby LC 9. Red Clause & Green Clause LC TYPES OF LC
  19. 19. DOCUMENTS IN LC
  20. 20. Transport Document • Marine Bill of Lading • Airway Bill • Freight Forwarders • Delivery Order Commercial Documents • Invoice • Packing List • Insurance • Certificate of Origin • Certificate of Analysis Official Documents  Certificate of Origin  Health Certificate  Consular Invoice  Legalised Invoice Financial Documents  Bills of Exchange  Promissory Note DOCUMENTS IN LC
  21. 21. DOCUMENTS - TITLEBills of Lading • A receipt for goods, a contract for carriage and a document of title • Issued by Carrier or his agent and bears evidence that goods have actually been loaded on board a named vessel • Issued in several originals (as a set), but only one is sufficient to take possession of goods • BL can be consigned to issuing bank, applicant, or to order • The consignor can then transfer it by endorsement • If it is to order, it becomes a bearer instrument. • Clean BL = It does not bear any clause/endorsement indicating defective condition of the cargo or its packaging
  22. 22. DOCUMENTS – ‘NOT’ TITLE Delivery Order Airway Bills Non-negotiable B/L Original B/L sent directly to buyer : - consigned to order - consigned to buyer Freight Forwarders Receipt
  23. 23. DOCUMENTS – DRAFT
  24. 24. DOCUMENTS – INVOICE
  25. 25. DOCUMENTS – PACKING LIST
  26. 26. LET’S TAKE A LOOK AT LC
  27. 27. SAMPLE OF LC MT 700 SENDER: ABC BANK, MELBOURNE, AUSTRALIA RECEIVER: IOB, MUMBAI, INDIA :27: SEQUENCE OF TOTAL 1/1 :40A: FORM OF DOCUMENTARY CREDIT IRREVOCABLE TRANSFERABLE :20: DOCUMENTARY CREDIT NUMBER EL20088033319 :31C: DATE OF ISSUE 150105 :40E: APPLICABLE RULES UCP LATEST VERSION :31D: DATE AND PLACE OF EXPIRY 150609 OPENING BANKS COUNTERS :50: APPLICANT HOT AND SPICY PTE LTD 240 YARROWEE STREET SEBASTOPOL VICTORIA, AUSTRALIA 3356
  28. 28. SAMPLE OF LC :59: BENEFICIARY AACHI MASALA PTY LTD 41, NORTH CAR STREET, CHENNAI, INDIA-600007 :32B: CURRENCY CODE, AMOUNT AUD 60,000.00 :41D: AVAILABLE WITH ANY BANK BY NEGOTIATION :42C: DRAFT AT SIGHT :42A: DRAWEE ABC BANK, MELBOURNE, AUSTRALIA :43P: PARTIAL SHIPMENTS NOT ALLOWED :43T: TRANSHIPMENTS ALLOWED :44E: PORT OF LOADING ANY INDIAN PORT :44F: PORT OF DISCHARGE ANY AUSTRALIAN PORT :44C: LATEST SHIPMENT DATE 150525
  29. 29. SAMPLE OF LC :45A: DESCRIPTION OF GOODS MANGO PICKLE, GARLIC PICKLE, SAMBAR POWDER, RASAM POWDER, DHAL POWDER AS PER PERFORMA INVOICE NO 123456. CFR AUSTRALIA :46A: DOCUMENTS REQUIRED 1. SIGNED COMMERCIAL INVOICE 2. 3/3 CLEAN ON BOARD BL MADE OUT TO ORDER OF ABC BANK AND MARKED FREIGHT PREPAID EVIDENCEING NOTIFY PARTY AS APPLICANT. 3. CERTIFICATE OF ORIGIN ISSUED BY LOCAL CHAMBER OF COMMERCE
  30. 30. SAMPLE OF LC :47A: ADDITIONAL CONDITIONS 1. A COPY OF ALL DOCUMENTS TO BE SENT TO APPLICANT WITHIN 5 DAYS AFTER SHIPMENT DATE 2. THIRD PARTY DOCUMENTS ACCEPTABLE 3. ALL DOCUMENTS TO BE FORWARDED TO ABC BANK, MELBOURNE, AUSTRALIA IN TWO LOTS BY BLUE DART COURIERS. 4. CHARGES ADDITIONAL TO FREIGHT NOT ACCEPTABLE 5. THIS LC IS TRANSFERRABLE BY INDIAN OVERSEAS BANK, TIRUNELVELI, INDIA :71B: CHARGES ALL BANK COMMISSIONS AND CHARGES OUTSIDE AUSTRALIA, PLUS ADVISING AND REIMBURSING COMMISSIONS, ARE FOR THE ACCOUNT OF THE BENEFICIARY. :48: PERIOD FOR PRESENTATION DOCUMENTS TO BE PRESENTED WITHIN 15 DAYS AFTER THE DATE OF SHIPMENT BUT WITHIN THE CREDIT VALIDITY. :49: CONFIRMATION INSTRUCTIONS WITHOUT :57A: ADVISE THROUGH BANK INDIAN OVERSEAS BANK, TIRUNELVELI, INDIA
  31. 31. EXERCISE MT 700 SENDER: ABC BANK, MELBOURNE, AUSTRALIA RECEIVER: IOB, MUMBAI, INDIA :27: SEQUENCE OF TOTAL 1/1 :40A: FORM OF DOCUMENTARY CREDIT IRREVOCABLE TRANSFERABLE :20: DOCUMENTARY CREDIT NUMBER EL20088033319 :31C: DATE OF ISSUE 150609 :40E: APPLICABLE RULES UCP LATEST VERSION :31D: DATE AND PLACE OF EXPIRY 150105 OPENING BANKS COUNTERS :50: APPLICANT HOT AND SPICY PTE LTD 240 YARROWEE STREET SEBASTOPOL VICTORIA, AUSTRALIA 3356
  32. 32. EXERCISE :59: BENEFICIARY AACHI MASALA PTY LTD 41, NORTH CAR STREET, CHENNAI, INDIA-600007 :32B: CURRENCY CODE, AMOUNT AUD 60,000.00 :41D: AVAILABLE WITH ANY BANK BY NEGOTIATION :42C: DRAFT AT SIGHT :42A: DRAWEE ABC BANK, MELBOURNE, AUSTRALIA :43P: PARTIAL SHIPMENTS NOT ALLOWED :43T: TRANSHIPMENTS NOT ALLOWED :44E: PORT OF LOADING ANY INDIAN PORT :44F: PORT OF DISCHARGE ANY INDONESIAN PORT :44C: LATEST SHIPMENT DATE 150525
  33. 33. EXERCISE :45A: DESCRIPTION OF GOODS CUTE 15 YEARS OLD GIRLS, RPG, FLAMETHROWER, M-16, AR-15, KALASHNIKOV AK-47, INVOICE NO 123456. CIF AUSTRALIA :46A: DOCUMENTS REQUIRED 1. SIGNED COMMERCIAL INVOICE 2. 3/3 CLEAN ON BOARD BL MADE OUT TO ORDER OF ABC BANK AND MARKED FREIGHT PREPAID EVIDENCEING NOTIFY PARTY AS APPLICANT. 3. CERTIFICATE OF ORIGIN ISSUED BY LOCAL CHAMBER OF COMMERCE

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