Hi,
This is not concerning to L/C. But I need yours favourable help.
Recently, we have a customer from Pakistan suggested to us to sell goods to them on the basis of registration of contracts.
If anybody know about it? Can please explain to me and how does it work.
Thanks & regards,
leechian
Selling Goods To Pakistan On The Basis Of Registration Of Co
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leechiankoh
- Posts: 12
- Joined: Wed May 21, 2008 6:06 am
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shahriar
- Posts: 923
- Joined: Fri May 16, 2008 1:03 am
- First Name: Shahriar
- Last Name: Masum
- Organization: Mutual Trust Bank
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- Location: Bangladesh
Re: Selling Goods To Pakistan On The Basis Of Registration Of Co
dear leechiankoh
to the best of my knowledge, registration of contract means any contract or class of contracts' is to be registered with a concerned organization.
The procedure in Pakistan is used for making imports of goods not subject to authorization of EBP. There is no requirement to open letter of credit.
i dont think that as an exporter you have any duty in this process. The importer will submit a copy of the contract to the bank for registration. the bank will issue a registration certificate then in favor of the importer. when you submit the documents to the bank complying the terms and condition of the contract, the bank will remit the payment.
so registration of contract is basically a exchange control procedure of the central bank and is no different from a URC collection document.
regd
shahriar
to the best of my knowledge, registration of contract means any contract or class of contracts' is to be registered with a concerned organization.
The procedure in Pakistan is used for making imports of goods not subject to authorization of EBP. There is no requirement to open letter of credit.
i dont think that as an exporter you have any duty in this process. The importer will submit a copy of the contract to the bank for registration. the bank will issue a registration certificate then in favor of the importer. when you submit the documents to the bank complying the terms and condition of the contract, the bank will remit the payment.
so registration of contract is basically a exchange control procedure of the central bank and is no different from a URC collection document.
regd
shahriar