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 Chapter 3: Foreign Trade O eration Foreign Trade Operation Of Bank Asia Limited And Its Impact On Economy 3.0 Foreign Trade Operation:  For eig n tra de operations in Ban k Asi a Limite d are segmen ted in to 3 (three) separate departments depending on their nature of trade flow. Import Department Export Department & Remittance Department 3.1 Import Department International Business, merely Import & Export are conducted by three means, such as: 1. Adv ance T.T. 2. Sa les Contract 3. Let ter of Credit (L/C) Out of the said thr ee mea ns, buyers & sel ler s of int ernationa l arena are felt secured to deal with L/C. 3.1.1 Letter Of Credit (L/C) Letter of credit (L/C) can be defined as a ‘Credit Contract’ whereby the buyer’s bank is committed (on behalf of the buyer) to place an agreed amount of money at the seller’s disposal under some agreed conditions. Since the agreed conditions include, amongst other thing s, the presentat ion of some specified documents, the letter of credit is called Documentary Letter of credit. The Uniform Customs & practices for Documentary Credit (UCPDC) published by International Chamber of Commerce (1993) Revision; Publication No. 500 defines Documentary credit:  Any arrangement, however named or described, whereby a band (the ‘issuing bank’), acting at the request and on the instructions of a customer (the ‘Applicant’) or on its own behalf, (1) Is to ma ke a pa yment to or to the or der of a th ird pa rt y (th e beneficiary), or is to accept and pay bills of exchange (Drafts) drawn by the Beneficiary, (2) Autho rizes anoth er bank to effect suc h payment, or to accep t and pay such bills of exchange (Drafts), 17

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