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BSI presents the following services to the exporters of goods and services from Iran for the purpose of development of the country's exports and Iranian exporters' presence in the

BSI presents the following services to the exporters of goods and services from Iran for the purpose of development of the country's exports and Iranian exporters' presence in the global markets and also to strengthen the country's business balance :

1. Export Letters of Credit
2. Presentation of advisory services to the exporters .

Export Documentary Letters of Credit

After necessary negotiations with the buyers of the goods , exporters arrange for conclusion of a sale contract and present their proforma invoice to the buyers. The buyer , observing internal regulations of the country of destination , arranges for opening a letter of credit in favour of the Iranian seller , through one of the reputable foreign banks or Iranian banks' foreign branches . The Iranian bank takes the following measures after receipt of the LC .

1. Reviews the status of the LC opening bank
2. Advises the LC to the beneficiary (seller) and acknowledges receipt of the LC to the correspondent .
3. Advises the next issued amendments to the beneficiary .
4. Advises seller's opinion to the correspondent regarding acceptance or not acceptance of the LC or issued amendments .
5. Obtains commissions from buyer or seller according to the FX services tariff of the bank and LC conditions .
6. Receives the required shipment documents from the exporter of goods and services .
7. Reviews the documents and checks them according to the LC conditions and advises possible discrepancies to the seller for reconciliation .
8. Draws up the bank's schedule and forwards shipment documents to the correspondent bank through express post .
9. Follows up and collects FX proceeds of the documents from correspondent .
10. Credits the proceeds to the exporter's FX account .
11. Buys the FX amount resulted from export of the goods at current rate and credits the IRR equivalent to the exporter's account if requested by the applicant .
12. Issues confirmation to be delivered to Iran Export Development Centre and /or Ministry of Commerce if requested by the applicant .

Validity and Conditions of the Export LC

The applicant should exactly control the conditions of the LC according to the issued contract and pro-forma invoice and advise this bank of the possible discrepancies to be amended . In case of compliance of the LC with terms and conditions of the contract and proforma invoice , the exporter should prepare shipping documents and other required documents and present them to the FX branch of the bank .
If the exporter doesn’t accept the conditions of the LC, the bank should be informed of that in order to advise the correspondent bank of non acceptance of the documents so that the correspondent bank can advise the buyer .
The bank , forwards the received documents together with the provided schedule to the correspondent bank and arranges for crediting the exporter’s account , in foreign exchange or IRR equivalent ( according to the exporter’s request ), after receiving the proceeds .

Commission of the presented services

The bank receives commissions, according to the bank’s tariff for the FX services , for the following operations :

1. Advising of the LC and relative amendments to the beneficiary/ exporter
2. Cancellation of the LC
3. Negotiation of the documents and payment of the amount of the LC
4. Forwarding the received LC, upon exporter’s request , to other banks, inside and outside of the country , for advising of the LC or negotiation of the documents .
5. Reimbursement of the LC

Governing rules over export letters of credits

Duties and responsibilities of the parties of documentary letters of credit are subject to the International Commercial terms ( INCOTERMS) and Uniforms Customs and Practice for documentary letters of credit ( UCP) unless otherwise is stipulated in the LC .

Issuing Letter of Assignment

The exporter , requests the bank to issue a letter of assignment to confirm transfer of all his rights to another supplier or seller in case fails to supply and export the goods. In this respect, the bank arranges for issuing a letter of assignment in favour of the second seller or supplier after investigation and obtaining relative commissions . In this confirmation , the exporter assigns his rights to others in respect of all or part of the LC .

Export Facilities

This bank, presents export facilities ,in accordance with the issued instructions , before and after the export of the goods as follows :

1. The required IRR facilities , before and after the export of the goods
2. FX facilities

For more information on the manner of presentation of IRR facilities , the customers can refer to this bank’s branches and in respect of export FX facilities and discount of export documents refer to the relative brochure or contact to Export Section of FX Operations Department

This bank with 24 branches , outside of the country and 268 correspondents in Europe , Asia , Africa , America and Australia , declares its readiness to present all necessary advisory services to the exporters, before and after the receipt of the documentary letters of credit .