To check all these information, banks can seek the help of institution like ECGC or International consulting agencies like Dun and Brad street etc. Apart from these things, the bank also looks in to the status report of the prospective buyer, with whom the exporter proposes to do the business. Before making any an allowance for Credit facilities banks need to check the different aspects like product profile, political and economic details about country.
The Quantum of Finance is granted to an exporter against the LC or an expected order. In other cases where the export order is divided between two more than two exporters, pre shipment credit can be shared between them In this case some of the responsibilities of meeting the export requirements have been out sourced to them by the main exporter. However, as an exception, financial institution can also grant credit to a third party manufacturer or supplier of goods who does not have export orders in their own name. Pre shipment credit is only issued to that exporter who has the export order in his own name.
PACKING PRO FUNDING FULL
The confirmed order received from the overseas buyer should reveal the information about the full name and address of the overseas buyer, description quantity and value of goods (FOB or CIF), destination port and the last date of payment. If the item falls under quota system, proper quota allotment proof needs to be submitted. Licence issued by DGFT if the goods to be exported fall under the restricted or canalized category.Firm order or irrevocable L/C or original cable / fax / telex message exchange between the exporter and the buyer.Formal application for release the packing credit with undertaking to the effect that the exporter would be ship the goods within stipulated due date and submit the relevant shipping documents to the banks within prescribed time limit.Packing credit facility can be provided to an exporter on production of the following evidences to the bank:
PACKING PRO FUNDING LICENSE
PACKING PRO FUNDING CODE
Packing Credit Facilities to deemed Exports.Preshipment Credit in Foreign Currency (PCFC).Different Stages of PreShipment Finance.
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