Manikandan Narayanan
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Articles
Recent activity by Manikandan Narayanan-
Loans
An amount that is in the form of debt given out by a financial organization to another firm or an individual in exchange for the future repayment of the same amount along with interest over a perio...
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Advances
What are Advances and how this is handled in the System? 'Advances' are the source of financing provided by the banks to the companies, to meet their short-term requirements. Advances are a credit ...
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Demand Guarantees and Standby letters of credit
An independent undertaking by a bank (hereafter named ‘Guarantor’). The Guarantor becomes obligated to pay an amount, specified in the Guarantee, provided the terms of its Guarantee are complied wi...
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Re-Opening closed Import Collection
There is a Possibility to reactivate a previously closed import collection contract in the System in order to process other transactions. To Re-open a Import Collection contract, BCTROP transact...
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Closing Import Collection
The Created import collection contract can be closed at any time for several reasons. To Close an existing Import Collection contract, BCTCAN transaction is used. Select it from the menu item[I...
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Main parties in a documentary credit transaction
The applicant for a documentary credit is the buyer that asks its bank to issue the credit. An applicant is not a party to a documentary credit. Issuing bank − The bank acting for the applicant by...
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Documentary credits
Documentary credits are very often used to settle the payment obligation of a buyer and, in the context of an issuing bank, may be defined as:an irrevocable undertaking given by a bank whereby it u...
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Promissory notes?
A promissory note is also a negotiable instrument, similar to a bill of exchange, except that there are only two parties. A 'Promissory note' is an unconditional promise in writing made by one pe...
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Bill of exchange or Draft
The bill of exchange − or ‘draft’ as it is more commonly referred to − is a convenient method of collecting debts internationally, with a special status recognized in many jurisdictions. A 'bill ...
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Release of Goods under Import Collections
The imported goods are under the control of mainly three parties; The customs department of importing country, the carrier of goods and the custodian of cargo. The imported goods at customs bonded ...