In order to import goods or parts from abroad, one must do LC through the bank. It is through this LC that suppliers import

If you want to do LC, first of all you have to pay VAT of your company. Then you have to go to the bank

LC process for importing goods or parts. Such as what product, how much price,

Collect the indent of the product you will bring (Suppose you bring 15 tons of newsprint paper from Korea.

Collect LCA (Letter of Credit Application) form from the bank, fill it as per indent / PI and submit

At first you have to deposit the whole money in the bank. Suppose the LC value is  20,000.

the LC should be opened with 10-20% margin. You have to give some other documents

All papers of your company (Trade License, TIN, VRAT, IRC), 3/4 copies of Indent / PI.

The bank will then give you a copy of the LC, along with the bank credit report of the supplier company

the insurance cover note (any insurance company will take the fee by showing the indent).

Will send the original to the supplier abroad. LC process for importing goods or parts