10+ Indiraa Foods Interview Questions and Answers

The field for bank to bank instructions in MT700 is 47A.

• Field 47A is used for bank to bank instructions in MT700.

• It is an optional field that can be used to provide additional instructions to the beneficiary bank.

• Examples of instructions that can be included in this field are payment terms, shipping instructions, and other special instructions.

• The format of the instructions should be agreed upon between the banks involved in the transaction.

Basic documents required for LC issuance

• Commercial invoice

• Bill of lading

• Packing list

• Insurance certificate

• Certificate of origin

• Proforma invoice

• Purchase order

• Letter of credit application

• Beneficiary certificate

Yes, MT734 can be sent for the second time with additional discrepancies.

• MT734 is a message type used in banking for the issuance of a letter of credit.

• It can be sent multiple times with additional discrepancies until the issuing bank accepts the discrepancies.

• However, it is important to ensure that the discrepancies are genuine and not fabricated.

• Sending multiple MT734s can delay the process and may result in additional charges.

• It is advisable to consult with the issuing ban...read more

Incoterms 2020 has some new rules and changes compared to Incoterms 2010.

• Incoterms 2020 has introduced a new Incoterm called DPU (Delivered at Place Unloaded)

• Incoterms 2020 has changed the level of insurance required for CIF (Cost, Insurance and Freight) and CIP (Carriage and Insurance Paid To)

• Incoterms 2020 has clarified the responsibilities of buyers and sellers in relation to security-related requirements

• Incoterms 2020 has updated the FCA (Free Carrier) rule to allow for b...read more

Check points in LC application and contract ensure compliance with terms and conditions.

• Check points are specific milestones or events that must be met or completed during the LC application and contract process.

• They ensure that all parties involved are complying with the terms and conditions of the LC.

• Examples of check points include submission of required documents, verification of information, and confirmation of payment.

• Check points help to minimize risk and ensure a smoo...read more

Check points for LC issuance from compliance perspective

• Verify the authenticity of the LC application and supporting documents

• Ensure compliance with local and international laws and regulations

• Conduct due diligence on the parties involved in the transaction

• Verify the accuracy of the LC terms and conditions

• Ensure proper documentation and record keeping

• Monitor and report any suspicious activities or transactions

An insurance policy/certificate can be signed by the insured, the insurer, and a licensed agent or broker.

• The insured is the person or entity purchasing the insurance policy/certificate.

• The insurer is the company providing the insurance coverage.

• A licensed agent or broker can also sign the policy/certificate on behalf of the insured or insurer.

• The signature of all parties involved is necessary to make the policy/certificate legally binding.

• For example, if John purchases a car...read more

Field 43T in MT700 is used for the bank's reference number.

• Field 43T is an optional field in MT700.

• It is used by the bank to assign a reference number to the transaction.

• The reference number can be used by the bank to track the transaction.

• The format of the reference number is not specified in the MT700 standard.

• The reference number can be alphanumeric and can have a maximum length of 16 characters.

There are 11 incoterms in total.

• Incoterms are international commercial terms used in international trade.

• They define the responsibilities of the buyer and seller in terms of transportation, insurance, and customs clearance.

• Examples of incoterms include FOB, CIF, EXW, and DDP.

• The latest version of incoterms is Incoterms 2020, which replaced Incoterms 2010.