1 수입신용장 업무 #1 1. 수입신용장 발행 2. 신용장 조건변경 3. L/G 발행 (1) 수입신용장 업무 Flow (2) 수입신용장 발행신청 (3) 신청서류의 검토 (4) 수입신용장 발행 (1) 조건변경의 요건 (2) 조건변경 신청의 접수 (3) 계정처리 (1) L/G 의 개념 (2) L/G 발행신청서의 접수 (3) L/G 발행 (1) 운송서류 접수 (2) 서류 심사 및 하자서류의 처리 (3) 운송서류 인도 및 결제 Import Operation 1. Issuing Import L/C 2. L/C 조건변경 3. Issuing L/G (1) Flow of Import L/C Operation (2) Import L/C Issue Application (3) Examination of Application Form (4) Issuing Import L/C (1)Conditions of 조건변경 (2) Accepting 조건변경 Application (3) Account Handling (1) Concept of L/G (2) Accepting L/G Issue Application Form (3) Issuing L/G 4. Accepting and Settling Transport Document (1) Accepting Transport Document (2) Document Examination and Handling of Discrepant Documents (3) Delivering Transport Document and Settlement of Import bill (1) Conditions of L/C Amendment 2)Accepting L/C amendment application 2. L/C amendment

2 1. 수입신용장 발행 (1) 수입신용장 업무 Flow (2) 수입신용장 발행신청 (3) 신청서류의 검토 (4) 수입신용장 발행 1. Issuing Import L/C (1) Flow of Import L/C Operation Issue L/C Forward Transport Documents Advise L/CShip the Goods Accept and Examine Transport Documents Negotiation by the Negotiating Bank Present Transport Documents Settle and honour to overseas bank Exchange with the goods 취소불능 화환신용장 발행신청서 보험서류 ( 수입상이 부보해야 하는 가격조건으로 EXW, FCA, FAS, FOB, CFR, CPT) 기타 필요서류 #2 ++ ◆ Receive L/C Issue Application Form and Presented Documents Irrevocable Documentary L/C Issue Application Insurance Documents (Price terms such as: EXW, FCA, FAS, FOB, CFR, CPT) Other Required Documents ※ Collected documents at point of new transaction contract ▷ Foreign exchange transaction contract ▷ Deliver bank loan transaction basic agreement ▷ Juridical person registration book and article of incorporation ▷ Copy of Business Registration certificate ▷ Report on seals and nameplates A certificate of seal impression ++ (2) Import L/C Issue Application 1) Examination of general items (3) Examination of Application Form Confirm of the approval of bank’s guarantee Examine Insurance Documents Examine Irrevocable Documentary L/C Issue Application Form - In case of price term that importer need to cover insurance ▷ Confirming the applicant - Confirm the authenticity of the applicant and each item written on the application form ▷ Examine the written items on L/C issue application form - Confirm the authenticity of the contents written on the application form - Restrict immoderate details and confirm appropriate detail explanation on documents - If there is any ambiguous expression or conditions, you have to ask the applicant for amendment

3 2) Examining L/C Issue Application Form ◆ Confirm Each Mentioned Items ▷ Expiry Date and Location ▷ Indication on how-to-use L/C ▷ Exact Information of Applicant and Beneficiary : Name, Firm Name, Exact Address, ZIP Code, etc,. ▷ Confirm the L/C amount ▷ Confirm the Settlement Terms ▷ Confirm Installment Shipment and Transshipment.  Document presentation location & expiry date must be indicated  In case of frely negotiation L/C, purchase location do not have to be mentioned  Expiry date is set as 5-10 days after shipping data  Expiry date location indication is designated according to how to use L/C Available with …………by…………………  sight payment L/C  deferred payment L/C  acceptance L/C  negotiation L/C Put as allowed or not allowed ▷ Indicate Loading Port and discharging Port ▷ Indication on Final Lading Date It may be described port, airport, or geographical area It should be written precisely according to the price term and a mode of transportation  Invoice  Transport Documents  Insurance Policy or Insurance Certificate  Packing List  Other Documents Name of product, standards, quantity, unit price, money, provenance, price terms If the product details are complicated : “details as per offer No. XXXX” - This credit is transferable. - Shipment on deck allowed. - Forwarder’s B/L acceptable. -Usance drafts must be negotiated at sight basis and acceptance commissions and discount charges are for buyer’s account It is general to set the date considering delivery time. Should be before L/C expiry date ▷ Confirm Mentioned Items on Required Documents ▷ Confirm the Mentioned Items on Product Details ▷ Examine Special Conditions ▷ Indication on commission payer ▷ Indication on document presentation period Give attention expression on the Allowance for L/C amount and guarantee

4 Ballot Foreign Payment GuaranteeEndow L/C No. sending L/C by SWIFT 3) Designate Advising Bank 해당은행을 선정 영업점에서 당행 본지점을 우선 선정 신청인이 통지은행을 지정한 경우 신청인이 통지은행을 지정하지 않은 경우 Select the bank If the applicant designated advising bank If the applicant did not designate advising bank First select an overseas branch of our bank located in the exporting country. 4) Choose a Settlement Bank 상환방식의 신용장 개설 당행 본지점 또는 예치환거래은행을 결제은행으로 선정 Reimbursement Authorization 발송 당행 본지점 또는 예치환거래은행 앞으로 MT 740 발송 Forward MT 740 to the oversea’s branch or depositary bank as a settlement bank Open Reimbursement L/C Forward Reimbursement Authorization Select our oversea’s branch or depositary bank as a settlement bank (4) Issuing Import L/C 1) Issuing Import L/C and sending L/C (Credit) Import L/C outstanding a/c XXX 2) 수입보증금의 징수 적립통화 적립시기 적립금액 신용장 표시통화 2) Collecting Import G uarantee Deposit L/C Currency - Sight L/C: on the LG issing date - Usance L/C: on expected Maturity Date ▷ At point of L/C issue  According to conditions designated by the authorized personal  If deficiency within 10% range is allowed, commission is collected ▷ At point of L/G issue  equivalent amount of import bill Expected Maturity Date? L/G issue date + Usance import period Accumulated Currency Accumulation Time of Import guarantee deposit ▷ At point of L/C issue : According to conditions designated for settlement of import L/C by authorized personal. ▷ At point of L/G issue Import guarantee deposit accumulation

5 2) 수입보증금의 징수 L/G 발행시 수입보증금 적립면제 2) Collecting Import G uarantee Deposit Import Deposit Accumulation Exemption at L/G issue Releasing of Import Deposit ▷ If the import money is planned to be settled through loan or overseas loan ▷ If government, government related investment firm, or municipality is directly importing As per loan policy, you receive guarantee commission calculated by a special interest rate of the bank when approves waiver of import guarantee deposit. ▷ Releasing time and reason If transaction is settled properly If payment becomes unnecessary due to unrealization of import or L/C cancellation. 3) Receiving Related Commissions 신용장발행 수수료 L/C Issue Commission Charging Periods L/C Expiry date from issue date. In case of usance L/C, until maturity date Collection Method : Every 3 months, monthly revaluation Precharging is possible if head of branch approve it Formula : L/C issue charge x interest rate xX (1~3months/ 3) ▷ Charging and managing Term Charge  Money to be charged : Unsettled amount left on the commission collection date  Charging interest rate : Terms & Conditions of each office  Charging period : Next day after expiry date  Delay charge : If the commission is not paid until due date  Managing Charging date : Charging date of each L/C’s ‘Term Charge’, id est, L/C issue commission must be managed Postage and Telex/SWIFT Charge 2. 신용장 조건변경 #1 수익자 개설은행확인은행 합의 Beneficiary Issuing BankConfirming Bank Consensus partial approval on a L/C amendment is impossible, beneficiary is considered to approve the L/C amendment if he presented documents according to amended L/C condition for transports documents purchase (1) Conditions of L/C Amendment 2. 신용장 조건변경 2.L/C amendment 취소불능 화환신용장 조건변경신청서 변경된 매매계약서 기타 필요한 서류 + + (2)amendment application Irrevocable Documentary L/C Amendment Application Form Changed Sales Contract Other Required Documents

6 3. Issuing L/G (1). Concept of L/G L/G A letter of guarantee from issuing bank that guarantees presentation of the original copy of transport documents towards shipping company and also various problems that can be caused during delivery so that importer can claim the goods before transport documents arrive : Letter of Guarantee) (2) Accepting L/G Issue Application Form 지급보증 기표 ( 증액 또는 감액 ) 수입보증금 추가적립 여부 검토 관련수수료의 징수 (3) Account Handling check out the payment guarantee from loan officer Execution of payment guarantee (increase or decrease) Consideration on accumulation of additional import guarantee deposit Charging Related Commission Increase in L/C amount, Amendment, expire date etc. 신청서류의 접수 L/G 발행신청의 심사 ▷ L/G Issue Application Form ▷ Copy of B/L or Original Copy of Airway Bill ▷ Copy of Invoice ▶ Decision Limit of L/G issue Operation Do not need an approval for extra guarantee because you have already received approval on guarantee at point of L/C issue. Accepting L/G Issue Application Form Examination of L/G issue application. ▶ Examination of application form You cannot file claim even if there are discrepencies in documents arrived to issuing bank if L/G is already established. so you must examine the L/G issue application form whether it corresponds with L/C conditions Because payment guarantee is two, default risk is one 지급보증 계정처리 발행단위 Account Handling for guarantee (1). L/G 의 개념 (2) L/G 발행신청서의 접수 (3) L/G 발행 Debit) Import L/C Issue outstanding Credit ) Acceptance for L/G (3) Issuing L/G ▷ Issued in B/L or AWB unit ▷ Partial Issue on single B/L(AWB) : In case of BWT(Bonded Warehouse Transaction), Partial issuing is possible Issue Unit

7 4. Accepting and Settling Transport Document (1) Accepting Transport Document Handling Acceptance Operation ◆ Confirming whether they are original or copy - If the documents are delivered at once or the first of the two accepted document is considered as original copy, and it should be accepted - Among two delivered sets, the latter one is considered as a duplicate and should be filed and kept ◆ Confirm the L/C number and copy of L/C whether it has been issued from the branch ◆ Confirm whether discrepancy and other special matters are written on the cover or not ◆ Examine the import transport documents ◆ Accept import transport documents through computation ◆ Notify importer that the import transport documents have arrived 1) 서류심사의 일반적 원칙 ◆ Cover Letter ▷ 첨부서류의 종류 및 통수 ▷ 지급, 인수, 매입은행 이름 ▷ 신용장 번호, 어음금액 ▷ 대금결제 방법 ▷ 수수료 ▷ 신용장불일치내용 및 서류처리에 관한 지시 2) 개별운송서류의 심사 ※ ‘ 일치하는 제시 ’ : 신용장 조건과 UCP 600, ISBP 에 따른 제시 (1) 운송서류 접수 (2) 서류 심사 및 하자서류의 처리 (3) 운송서류 인도 및 결제 1) General Principle of Document Examination ◆ Cover Letter ▷ Kind and number of attached documents ▷ Name of payment, accepting, negotiating bank ▷ L/C number, B/E amount ▷ Settlement method ▷ Commission ▷ Details of L/C discrepency and instruction on document handling ◆ Acceptance condition of B/E and Transport Documents : ※ ‘ Complying Presentation ’ : Presentation that corresponds to L/C condition, UCP 600, and ISBP Examine whether it is and ‘ complying presentation ’ or not A ‘ not complying presentation ’ is considered as not sufficing the L/C condition (2) Examination of individual transport document. Refer to document examination list for bill of exchange and other various transport documents. (2) Document Examination and Handling of Discrepant Documents

8 3) Handling Discrepant Transport Document Discrepant Transport Document Handling Defected Transport Document ▷ document that has been classified as ‘discrepancy’ through document examination ▷ document that discrepancies have been expressed on the cover letter. ◆ Transport document acceptance : register whether it has discrepancy or not while computation ◆ Notify importer about discrepancy ▷ Confirm the consent of the importer in writing through Arrival notice of Transport document Inquiry on discrepant Transport document ▷ Even if the importer is willing to pay for the goods, if the credit status of importer is severely damaged and settlement is ambiguous, bank can advise a refusal notice on its own decision ◆ Advice of refusal notice on discrepant transport document ▷ If bank decided to advise ‘refusal notice’ on the discrepant transport document, it has to follow the procedures of advise of refusal. ◆ Accepting discrepant transport document ▷ If bank decided to accept the discrepant transport document, it has to receive on consent from importer and collect discrepancy commission from the other bank 4) How to advise a refusal notice ◆ Acceptance a refusal notice must be made within 5 business days following the day of presentation ◆ Without delay, by Telecommunication, and if it is impossible, by other swift methods ◆ Indicate each discrepancy that can be reason for refusal ◆ The fact that the bank refuses settlement or purchase ◆ And indicate current status of documents whether it is being returned or kept, then notify it ◆ In case of reimbursement L/C, if the L/C money has been debited – claim for L/C amount and interest Losing issuing bank’s right to return transport document with a refusal notice ◆ When issuing bank could not advise a refusal notice according to its procedure. ◆ When the documents have not been stored or returned for the presenter (e.g.: When the importer claims goods in advance after getting L/G issued from shipping company) 1) 결제 및 인수 ㅇ Sight L/C : 서류도착일 익일로부터 5 영업일이내 (6 영업일에 대지급 ) ㅇ Usance L/C : 만기일 ( 익영업일에 대지급 ) 대금 결제 기한 일람불 수입환어음 결제 Sight L/C : Within 5 business days after arrival date of documents ( if the importer cannot settle L/C amount, bank has to pay for it on 6 th business day) Usance L/C : Until maturity Date ( if the importer cannot settle L/C amount, bank has to pay for it on the next business date) Settlement Period Settlement of Sight Import B/E ▷ Account Handling (Debit) Import L/C issue account (Credit) Import L/C issue 1) Settlement and Acceptance (3) Deli v ering Transport Document and Settlement of Import bill

9 ▷ 수수료 및 이자의 징수 ㅇ 수입어음 결제환가료 - 개념 : 상환은행에서 선차기후 수입상이 결제시까지의 자금부담에 대한 수수료 : 4 일째부터 결제일 전일까지의 환가료 추가징수 운송서류 접수일로부터 3 영업일내 결제 : 표준추심일수 해당 환가료 4 일째이후 결제시 e.g.) ▷ Charging Commissions and Interest Exchange Commission for Import Bill Reimbursement - Concept : Commission for the expense of issuing bank paid by reimbursement bank in which the import amount is debited from our overseas account in advance : Additional collection for exchange commission charged through 4 th date until settlement date : Exchange commission for standard collection date Discrepancy Fee -In case of settling an L/C amount but transport document does not correspond to L/C conditions - In case of domestic branch, bank charges about USD$80 from the beneficiary by deducting it from settlement amount. Settle within 3 business days from accepting transport document Settle after 4 business days 1) Settlement and Acceptance Acceptance Action of promise by drawee or 3rd party person of usance bill of exchange to settle the payment on the maturity date. Acceptance and Settlement of Usance Import B/E ▷ Account Handling at point of Acceptance (Contingent Liabilities converted into Determinate Obligation) ㅇ Shipper's Usance (Credit) Acceptance for L/C ㅇ Banker's Usance (Accpeting Bank : Overseas branch office of own bank) ( Debit) Docmestic import usance(Banker's usance) ( Credit ) Inter – office A/C (Borrowed) ㅇ Banker's Usance (Accpeting Bank : Foreign bank or other foreign exchange bank) ( Debit ) Docmestic import usance(Banker's usance) ( Credit ) Other foreign exchange Bank A/C (Borrowed) ▷ Charging Commissions and Interest ㅇ Acceptance commission charging period : Until maturity date from acceptance date (Every 3 months) ㅇ Shipper's Usance : Charging Acceptance Commission (Must return import L/C issue commission that has been already received) ㅇ Banker's Usance - Charging Acceptance Commission (Return import L/C issue commission that has been already received) - Transfer Acceptance Commission and Discount notified from the other bank to ‘ suspense foreign exchange account’ and charge from a customer. - Charging exchange commission : From the notified date of other bank to 4th business date, charge normal exchange commission. For more delay, additional delay charge must be collected

10 2) 운송서류의 인도 Sight L/C ◆ 은행이 도래한 운송서류를 심사 ◆ 운송서류수령증을 징구한 후 운송서류 인도 ◆ 수입상은 만기일에 수입대금 결제 Usance L/C 2) Delivery of transport document. ◆ Hand over one original of transport document if L/C amount and other commissions are all settled ◆ Collect receipt certificate of transport document acceptance – confirm name, seal, signature of the applicant ◆ In case of B/L, If a bill of lading is made out ‘to order of bank’, bank has to endorse it before handing ◆ Bank examines arrived documents ◆ Deliver transport documents after collecting certificate of transport document acceptance ◆ Importer settles payment on ‘ maturity date ’