15. Verify the Letter of Credit application form to ensure whether they are properly filled and stamped.Report to the RBI (Reserve Bank of India) if the bill of entry is not received.Sell the imported goods, only after getting permission from ITC authorities.Keep one copy of shipping documents, invoice and other papers for future inspection by the custom inspector or the Reserve Bank of India.
- Issue the Letter of Credit if the customer doesn’t have IEC number.
- Open LC without proper transport documents.
- Allow advance payment without proper documentation.
- Forward the documents to third party without permission from the importer.
- Import prohibited or restricted items without import license.
- Allow direct remittance of import bills beyond the limit and without EC copy of bill of entry.
- Open revolving LC without safety clause.
- Amendments to the Letter of Credit for import of those items which is either restricted or prohibited.
- Allow import documents received under collection paid without verifying importers line of business and financial standing.
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