Banking Training Materials

REPORTING ON ONLINE IMPORT MONITORING SYSTEM By-Suraia Akhtar Executive Officer SIBL, International Division, HO REPORTING ON ONLINE IMPORT MONITORING SYSTEM ·          Importers are registered under Importers Exporters and Indentors (Registration) Order, 1981 ·          Imports are controlled by CCI&E under Imports and Exports (Control) Act, 1950 LCAF: ·          LCAF is mandatory for all imports irrespective of the sources of payment. ·          LC must be opened within 180 days of LCAF date for cash payment. Therefore LC date cannot exceed 180 days of LCAF date ·          Shipment validity: Ø   17 months from the LCAF date for importing Capital machinery Ø   09 months form LCAF date for others ·          Payment validity: Ø   12 months from LCAF date for commercial goods Ø   18 months from LCAF date for industrial goods ·          LCA Commodity (HS Code) Ø   No bank can issue LCAF for without mentioning correct H.S Code Ø   HS co

U niform R ules for C ollections No. 522 1995 Revision in force as of January 1, 1996 Leaflet Version, ICC No.522LF The ICC Uniform rules for collections were first published by the ICC in 1956.   by the Council of the ICC in June 1995. It is issued with the title “ ICC Uniform Rules for Collections ” as ICC Publication No 522. This English language gives the official text of the 1995 Revision. A   GENERAL PROVISIONS AND DEFINITIONS ARTICLE 1 Application of URC 522 a   The Uniform Rules for Collections , 1995 Revision, ICC Publication No 522, shall apply to all collections as defined in ARTICLE 2 where such rules are incorporated into the text of the ‘ collection instruction ' referred to in ARTICLE 4 and are binding on all parties thereto unless otherwise expressly agreed or contrary to the provisions of a national, state or local law and/or regulation which cannot be departed from. b   Banks shall have no obligation to handle either a collection or