Paper Title
LETTERS OF CREDIT CHALLENGES & FINANCIAL LOSS FACED BY EXPORTERS IN THE FORM OF DOCUMENTARY DISCREPANCIES
Article Identifiers
Registration ID: IJNRD_186774
Published ID: IJNRD2301334
: http://doi.one/10.1729/Journal.32845
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Keywords
Documentary letters of credit, fraud, international trade, risk management, LC discrepancies, Beneficiary, Applicant.
Abstract
Abstract— There is no doubt about the risky nature of international trade. Such risk can be conceptualized as country risk, transportation risk, customer risk, etc. Documentary Letters of Credit (LC) have been used as a payment method in international business for many centuries to reduce the risk of the trade, primarily when parties are located in different countries and do not have precise information about the financial standing of each other. In such occasions, LC will reduce the risk of a trade by shifting payment obligation from the buyer to the bank as a legal entity in return for the presentation of complying documents with terms of credit by the seller. Familiarity with the legal nature and different legal frameworks which govern the international operation of documentary letters of credit can facilitate the process of international trade for business people and boost national economies. However, a lack of knowledge about them can impose huge losses on international traders. The situation will be more complicated when we understand that many internationally recognized legal frameworks can affect the operation of LC. They are frequently updated to address technological and economic developments in the global market. In this paper, the author tries to address issues associated with documentary LC.
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How To Cite (APA)
Apeksha Garg (January-2023). LETTERS OF CREDIT CHALLENGES & FINANCIAL LOSS FACED BY EXPORTERS IN THE FORM OF DOCUMENTARY DISCREPANCIES. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(1), d303-d309. http://doi.one/10.1729/Journal.32845
Issue
Volume 8 Issue 1, January-2023
Pages : d303-d309
Other Publication Details
Paper Reg. ID: IJNRD_186774
Published Paper Id: IJNRD2301334
Research Area: Management
Author Type: Indian Author
Country: Indore, Indore, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2301334.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2301334
Crossref DOI: http://doi.one/10.1729/Journal.32845
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