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SBLC

This document is a letter from ICICI Bank Ltd. issuing a standby letter of credit (SBLC) for $121,000 on behalf of their customer, a company importing goods, to a funding bank. The SBLC expires on February 10, 2020. ICICI Bank undertakes to pay the funding bank upon receiving their first authenticated SWIFT demand for payment, up to the sum of $121,000 plus interest and charges, stating the importer's obligation has fallen due. The letter also provides details of the underlying trade transaction and confirms ICICI Bank has followed all necessary regulatory guidelines.

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Shital waghadhare
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965 views

SBLC

This document is a letter from ICICI Bank Ltd. issuing a standby letter of credit (SBLC) for $121,000 on behalf of their customer, a company importing goods, to a funding bank. The SBLC expires on February 10, 2020. ICICI Bank undertakes to pay the funding bank upon receiving their first authenticated SWIFT demand for payment, up to the sum of $121,000 plus interest and charges, stating the importer's obligation has fallen due. The letter also provides details of the underlying trade transaction and confirms ICICI Bank has followed all necessary regulatory guidelines.

Uploaded by

Shital waghadhare
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Swift Input : FIN 760 Guarantee/Stdby Letter Credit

Sender : ICICINBBCTS
ICICI BANK LIMITED
(GLOBAL TRADE SERVICES UNIT-MUMBAI)
MUMBAI IN
Receiver : FUNDING BANK NAME,BRANCH, COUNTRY
MUR : XXXXXXXXXX
--------------------------- Message Text ---------------------------
27: Sequence of Total
1/1
20: Transaction Reference Number
23: Further Identification
REQUEST
30: Date

40C: Applicable Rules


NONE
77C: Details of Guarantee
DEAR SIR,
.
AT THE REQUEST OF OUR CUSTOMER M/S. NAME OF IMPORTER AND ADDRESS (HEREINAFTER
REFERRED TO AS THE 'BORROWER'),WE, ICICI BANK LTD., (HEREINAFTER REFERRED TO AS THE 'WE',
'OUR' OR 'US') HEREBYISSUEIN FAVOR OF NAME OF FUNDING BANK AND BRANCH
(HEREINAFTERREFERRED TO AS BENEFICIARY). THIS SBLC ARISING FROM THECREDITFACILITY
AGGREGATING AN AMOUNT NOT EXCEEDING USD 121,000.00 (USDOLLARS ONE LAKH TWENTY ONE
THOUSAND ONLY) (HEREINAFTER REFERRED TO ASTHE 'SUM') PLUS INTEREST AT APPLICABLE 3
MONTHS LIBOR PLUS XX BPS SPREAD AND OTHER CHARGES USD/EURO XXX. WE ARE AWARE THAT THIS
SBLC IS IRREVOCABLE AND UNCONDITIONAL.
DISBURSE THE TRADE CREDIT LOAN INTO OUR NOSTRO ACCOUNT AS PER THE FOLLOWING DETAILS :
YOU ARE HEREBY INSTRUCTED TO CREDIT THE DISBURSEMENT AMOUNT TO JP MORGAN CHASE, NEW
YORK (SWIFT CHASUS33) FOR CREDIT TO ACCOUNT NO. XXXXXXXX OF ICICI BANK, HONG KONG
(SWIFTICICHKHHCLR)FOR FURTHER CREDIT TO ACCOUNT NO.XXXXXXXXX OFICICI BANK LTD.,MUMBAI
(SWIFT-ICICINBBCTS)FOR USD 121,000.00 VALUE DATED 10112019 WE CONFIRM THAT WE HAVE
COMPLIED WITHALL APPLICABLE REGULATORY GUIDELINES AND NECESSARY APPROVALSFROM
COMPETENT AUTHORITIES AS PER EXCHANGE REGULATIONS ANDREGULATORY GUIDELINES IN FORCE
HAVE BEEN DULY OBTAINED ANDCOMPLIED WITH.WE HEREBY DECLARE THAT WE HAVE THE
NECESSARYPOWER AND AUTHORITY (AND HAVE OBTAINED CORPORATE, REGULATORY
AND OTHER APPROVALS, IF ANY REQUIRED) TO ISSUE THIS SBLC ANDTO MAKE PAYMENTS
HEREUNDER..
WE HEREBY UNDERTAKE TO PAY ON DEMAND TO YOUR ACCOUNT NUMBERXXXXXXXX FUNDING BANK
BANK NAME AND BRANCH, (S.W.I.F.T) CODE XXXXXXX) BENEFICIARY SWIFT CODE UBINAEAD ANY
AMOUNT UP TO BUTNOT EXCEEDING THE 'SUM' UPON RECEIPT BY US OF YOUR FIRST
AUTHENTICATED SWIFT DEMAND, MARKED AS DRAWN UNDER THIS SBLC, REQUESTING PAYMENT OF
AN AMOUNT NOT EXCEEDING THE 'SUM' PLUSINTEREST AT APPLICABLE 3 MONTHS LIBOR PLUS XX BPS
AND OTHER CHARGES OF USD XXX STATING THAT THE OBLIGATION OF THEBORROWER UNDER THE
TRADE TRANSACTION HAS FALLEN DUE .
WE HEREBY AGREE THAT PAYMENT WILL BE MADE IMMEDIATELY ONRECEIPT OF FIRST DEMAND FROM
YOUR REPRESENTING UNPAIDINDEBTNESS DUE OR OWING UNDER THIS SBLC WITHOUT ANY
CONTESTATION, PROTEST OR DELAY ON OUR PART OR ANY OTHERPARTY, AND WITHOUT ANY
DEDUCTIONS OR WITHHOLDING CHARGES OF ANY KIND NOW OR HEREAFTER IMPOSED, LEVIED,
COLLECTED OR, WITHHELD.
.
WE WILL RELY ENTIRELY ON ANY DEMAND OR NOTICE AS PRESENTED TO US BY YOU AND HAVE NO
RESPONSIBILITY, DISCRETION OR OBLIGATION TO INVESTIGATE OR SATISFY OURSELVES AS TO THE
AUTHENTICITY OR CORRECTNESS OF THE MATTERS STATED IN ADEMAND, NOTICE OR OTHER
DOCUMENT.

THIS SBLC EXPIRES ON 10.02.2020 (HEREINAFTER THE 'EXPIRYDATE') AND ALL DRAWINGS UNDER THIS
MUST BE MADE ON THEDATE OF EXPIRY.
.
WE ENGAGE WITH YOU THAT DRAFT(S) DRAWN OR DEMANDS FOR PAYMENT VIA AUTHENTICATED
S.W.I.F.T UNDER AND INCOMPLIANCE WITH TERMS OF THIS SBLC SHALL BE DULY HONOREDON DUE
PRESENTATION TO US BEFORE THE CLAIM EXPIRY DATE.
.
THIS SBLC IS SUBJECT TO URDG 758 THIS SBLC SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OFINDIA.
.
WE HEREBY AGREE TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATEAND FEDERAL COURT SITTING
IN THE STATE OF INDIA. WE ALSO AGREE TO SERVICE BY REGISTERED MAIL OR COURIER OF ANY
PROCEEDING IN SUCH INDIAN COURTS (REGARDLESS OF THE REQUIREMENT OF THE HAGUE
CONVENTION).
.
FIND BELOW DETAILS OF THE UNDERLYING TRADE TRANSACTION FOR WHICH THIS SBLC IS ISSUED.
.
1.NAME AND COMPLETE ADDRESS OF IMPORTER/APPLICANT:

2.BUSINESS ACTIVITY:
3.NAME AND COMPLETE ADDRESS OF EXPORTER:
4.DESCRIPTION OF GOODS IMPORTED:
5.WHETHER CAPITAL GOODS: NO
6.COUNTRY OF ORIGIN OF GOODS:
7.SHIPMENT FROM (PORT AND COUNTRY):
8.SHIPMENT TO (PORT AND COUNTRY): NHAVA SHEVA ,INDIA
9.NAME OF SHIPPING COMPANY/ AIRLINE:
10.NAME OF THE VESSEL:
11.NUMBER AND DATE OF BL/AWB: DATED:
12.NUMBER AND DATE OF INVOICE: DATED:
13.DISBURSEMENT AMOUNT: USD 110,000.00
14.PRICING/ INTEREST: 3 MONTH LIBOR+ XX BPS
15.OTHER CHARGES: USDXX
16.MATURITY DATE/ REPAYMENT DATE: 10FEB 2020
17.BANK REFERENCE NO: XXXXXXXXXXX DATED: 08.11.19
.
WE HEREBY CONFIRM:
A. ALL THE DOCUMENTS AS PER INDIAN LAW (RBI/FEMA/ ANY OTHER
REGULATORY AUTHORITIES IN INDIA) ARE OBTAINED FROM THE
IMPORTERS AND SHALL MAKE AVAILABLE TO YOU AND/OR YOUR
AUTHORIZED REPRESENTATIVES FOR YOUR EXAMINATION/VERIFICATION.
ALL APPLICABLE RBI/FEMA / ANY OTHER REGULATORY AUTHORITIES IN
INDIA GUIDELINES WITH REGARDS TO THIS TRANSACTION HAVE BEEN
COMPLIED WITH.
B. WE, ICICI BANK LTD, THE SBLC ISSUING BANK, HAVING OUR HEAD
OFFICE/REGISTERED OFFICE AT VASHI BRANCH HEREBY VERIFY AND
CONFIRM THAT WE HAVE TAKEN ALL KYC (KNOW YOUR CUSTOMER),
DOCUMENTS FROM OUR CUSTOMER,NAME OF IMPORTER (HEREINAFTER REFERRED TO AS THE
BORROWER), AS REQUIRED
BY LAW AND HAVE SATISFIED OURSELVES TO THE GENUINENESS OF THE
DOCUMENTS THUS PROVIDE. WE ALSO CONFIRM THAT THE TRADE
TRANSACTION PURPORTED TO BE CARRIED OUT BY THE BORROWER IS
GENUINE.WE HAVE ALSO VERIFIED THE OPERATING CYCLE OF THE
BORROWER AND HAVE SCREENED THE OFAC,SANCTION/FEMA GUIDELINES.
C. WE HAVE IN PLACE KYC PROCEDURES IN FORCE TO ESTABLISH DUE
DILIGENCE OF THIS TRANSACTION. WE HAVE ON RECORD FULL DETAILS
OF OUR CUSTOMERS BUSINESS, ADDRESS/ES,VOLUME AND RANGE OF
TRANSACTIONS AND OUR CUSTOMER IDENTIFICATION PROCEDURES ARE
IN LINE WITH THE FINANCIAL ACTION TASK FORCE (FATF) STANDARD.
THE ACCOUNT IS IN STANDARD CATEGORY AND NECESSARY APPROVAL
FOR ISSUANCE OF THIS TRADE CREDIT IS IN PLACE.
D. THE TRANSACTIONS/FUNDS TRANSFERS EMANATING FROM US HAVE
BEEN SCRUTINIZED FROM MONEY LAUNDERING POINT OF VIEW.
E. OUR LIABILITY UNDER THIS SBLC SHALL NOT EXCEED THE CEILING
OF LIBOR PLUS 250 BPS P.A.
.
REGARDS,
FOR ICICI BANK LTD

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