Question 1

What are the required documents for trade transaction?

Accepted Answer

Sales contract/PI, filled application form, BI BI NI as applicable, and any additional documents required by regulatory authority.

Question 2

Who is eligible for trade transaction?

Accepted Answer

All legal entities are eligible for trade transactions.

Question 3

Is Exim code required for all trade-based transactions?

Accepted Answer

Yes, Exim code is required for all trade-based transactions.

Question 4

Is the online LC/BG system secure?

Accepted Answer

Yes, it uses dual authentication and meets high-security standards.

Question 5

In which currency does Global IME Bank issue LC?

Accepted Answer

In any currency where the Bank maintains a nostro account, subject to regulations.

Question 6

Can we apply for LC or Bank Guarantee online?

Accepted Answer

Yes, both LC and BG applications can be submitted online through the bank&rsquo;s portal.

Question 7

Who can apply for a Bank Guarantee?

Accepted Answer

Any business involved in contracts, tenders, goods supply, credit purchases, advance payments, licensing, EXIM, court matters, or international bidding.

Question 8

Can joint venture firms apply for Bank Guarantee?

Accepted Answer

Yes, both local and international joint venture firms can apply.

Question 9

How can the beneficiary verify a Bank Guarantee?

Accepted Answer

They can verify the bank guarantee through the Global IME Bank website.

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Online LC & BG

Now apply for Letter of Credit (LC) and Bank Guarantee (BG) as per your business requirement, completely online through our secure and reliable portal.

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Frequently Asked Questions