Certified online workshop on International Letter of Credit and Incoterms

16/12/2020 | Completed Event

World Trade Center Bengaluru, Kochi and Chennai in association with World Trade Center Pune organized a certified online workshop on International Letter of credit and Incoterms. Mr. Ramesh Kshirsagar, Former General Manager & Chief Risk Officer - Treasury & International Banking, Bank of Maharashtra was the faculty. The two day programme broadly covered topics such as - methods of trade settlement, uniform customs, documentary credit, credit sanctions by banks, uniform rules for reimbursement, cost implications and other aspects of letter of credit. 

Mr. Kshirsagar differentiated between the different types of Letter of Credit such as - revocable, irrevocable, transferable, red and green clause, restricted & unrestricted, confirmed and unconfirmed etc. He also listed the roles and responsibilities of the parties involved in the letter of credit such as - importer, LC opening bank, exporter, LC advising bank, negotiating bank, reimbursing bank etc. He gave the participants a set of do's and don'ts regarding letter of credit – Mr. Kshirsagar opined that having a clear idea about foreign bank charges and the clarity on the compliance needs are important. He added that it is always advisable to involve lesser number of banks in the process and in case of any ambiguity, one needs to ask for amendment from the applicant.

Mr. Kshirsagar gave a detailed analysis of a letter of credit using the SWIFT format at the end of which participants were equipped to read and understand the various fields in an LC document. He also explained the various Inco-terms such as ex-works, free-carrier, free alongside ship, cost & freight, cost insurance & freight, delivered at place, delivered duty paid etc. He also detailed on each of these Inco-terms and which parties are at risk in each of these agreements. Participants included exporters, importers, government representatives, supply chain professionals etc. Dr. Bose K. Nair, VP, World Trade Center and Mr. Vivek George, Manager, World Trade Center Kochi and Chennai also spoke.