BNK601 Banking Laws & Practices Assignments No.01 Solution and Discussion Fall 2013 Due Date: February 13, 2014
SEMESTER FALL 2013
BANKING LAWS AND PRACTICES (BNK601) ASSIGNMENT NO.01
DUE DATE: FEBRUARY 13, 2014
MARKS: 20
Learning Objectives:
The learning objective of this assignment is to introduce the students with the procedure of opening letter of credit and implement them in real world scenario.
Assignment Question:
Mr. Ali is the owner of a textile unit and wants to import latest textile machinery from USA, in order to increase the productive capacity of this unit with more efficiency. However Mr. Joen, the exporter in USA, is worried about the risks associated with international trade and therefore insists Mr. Ali to open Letter of Credit in this regard. Keeping in view of this scenario, you are required to explain the complete procedure of opening a letter of credit by explaining the role and responsibilities of various parties involved in a letter of credit.
IMPORTANT:
24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
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