of May 3, 2005 No. 24130/711
Present the Accounting department of National Bank of the Republic of Kazakhstan submits you for use in work recommendations about accounting of transactions with documentary credits.
The procedure for carrying out transactions with letters of credit is regulated by Rules of carrying out transactions with documentary credits by the banks of the Republic of Kazakhstan approved by the resolution of Board of National Bank of the Republic of Kazakhstan of 25.04.00 No. 178. Account of transactions with letters of credit is kept depending on what role is played by bank in transaction with documentary credits and what are determined conditions of the letter of credit.
In these recommendations the following concepts are used:
The advising bank - the bank authorized by emitting bank on transfer to the beneficiary of the letter of credit and/or changes to it without obligations from its party.
The beneficiary according to the documentary credit - person in whose advantage the emitting bank opens the letter of credit. Usually beneficiary is the export seller of goods or services which are subject of the international treaty of purchase and sale.
The performing bank - the bank authorized by emitting bank to accept, to check documents and to perform the letter of credit subject to its terms and conditions.
The import letter of credit - the obligation issued by emitting bank on behalf of the importer (buyer) or from own name to pay to the seller (beneficiary) the cost of acquired goods and services if conditions of the documentary credit are complied.
The paid letter of credit - the letter of credit when which opening the prikazodatel of the letter of credit (client) makes available to emitting bank the amount of money (covering) equal to the amount of the letter of credit, for the term of its action with condition of possible use of this money for payment for the letter of credit.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.