At the request of approved importers, the Bank establishes documentary letters of credit through its correspondents in favour of the suppliers abroad. Phuentsholing Main Branch and Thimphu Main Branch are the two authorised branches to issued import letters of credit.
In terms of the new Rules and Procedures for for Imports of authorised goods from Third Countries other than India issued by Ministry of Trade and Industry, the following are the banking procedures and must submit the undernoted required documents by the Importer to the Bank for payment against imports by opening Documentary Letter of Credit or other means of transfers i.e. Electronic Transfer (TTs) or Drafts etc.
- The valid Exchange Control Copy of Import Licence in original along with original copy of the same marked for Importer (which will be returned later after opening of LC duly endoresed by the bank to avoid duplication).
- An application for payment towards imports from third countries in the prescribed form duly filled and signed by the authorised signatory/person of Company/Government Department etc.
- Proforma Invoice issued by the Supplier mentioning description of items, unit price, value, quantity/quality, terms of sales i.e. FOB/CFR/CIF etc., Terms of payment i.e. on at sight / usance basis, mode of shipment, expected date of shipment and its validity and other terms and conditions if any. Proforma Invoice should also contain the name and full address of the seller’s Banker with account No. of the seller.
- Detailed terms and conditions of the proposed LC on the Standard Application and Guarantee Form duly signed by the Proprietor or authorised signatory and stamped with Nu.5/- Judicial Stamp. The terms and conditions of the LC should contain in the application precisely in line with the terms and conditions stipulated in the sales contract or Proforma Invoice to avoid unnecessary correspondences or amendments.
For further information, please contact our nearest branch.