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iBusiness Trade - How to Apply for a Letter of Credit (LC) Amendment? Print

To apply for a Letter of Credit (LC) Amendment on the iBusiness Trade Module, follow these steps:

Step 1: To locate the Letter of Credit (LC) Amendment Application Form on iBusiness Trade Module

  • Click on Trade & Guarantees >> Import - Transact >> Initiate LC Amendment

Step 2: Tips and Guidance on Filling the LC Amendment Application

  • System displays all the LCs which were opened earlier on behalf of the Company
  • LCs which have expired before 12 months from the current date will not be available in this list
  • User can select the LC, which needs to be amended

Step 3: Initiating the LC Amendment

  • Click on “Initiate Amendment” to proceed with amendment request

  • System displays the Applicant & Beneficiary details under the section “LC Information”

Step 4: Submitting the LC Amendment

  • Click on “Initiate Amendment” to proceed with amendment request

Field NameRemarks
Issue Date
System displays the LC issue date
Old Expiry DateSystem displays the current Expiry date of the LC
New Expiry DateUser can enter the new expiry date (will be part of the LC amendment)
LC Amount Increase / DecreaseUser to select whether the LC amount needs to increased / decreased
Increase / Decrease AmountUser to input the amount, to be increased / decreased
Old LC AmountSystem displays the current LC amount
New LC AmountSystem calculates and displays the new LC amount, based on increase/decrease mentioned above
Old Tolerance

System displays the current Tolerance information mentioned in the LC

New ToleranceUser to enter new tolerance information, if required
Old Shipment Date

System displays the current shipment date (Latest Shipment Date)

New Shipment DateUser to enter to new latest shipment date
Shipment FromSystem displays the current value from the LC details
Shipment ToSystem displays the current value from the LC details
Amendment Charges to be Paid byChoose from the dropdown "Applicant", "Beneficiary" or "Others". In case of “Others”, provide details

Free text field to incorporate, other required amendments

Charge AccountChoose from the dropdown values, for charging amendment charges
AttachmentsOption to attach the documents
Uploaded DocumentsOption to view the documents attached

  • Select "Initiate", this will navigate to the next screen
  • Once Initiated, the transaction will move to approver queue for approval
  • Upon successful authorization, transaction will be submitted to bank for processing.

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