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 Name | Remarks |
| Issue Date | System displays the LC issue date |
| Old Expiry Date | System displays the current Expiry date of the LC |
| New Expiry Date | User can enter the new expiry date (will be part of the LC amendment) |
| LC Amount Increase / Decrease | User to select whether the LC amount needs to increased / decreased |
| Increase / Decrease Amount | User to input the amount, to be increased / decreased |
| Old LC Amount | System displays the current LC amount |
| New LC Amount | System 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 Tolerance | User to enter new tolerance information, if required |
| Old Shipment Date | System displays the current shipment date (Latest Shipment Date) |
| New Shipment Date | User to enter to new latest shipment date |
| Shipment From | System displays the current value from the LC details |
| Shipment To | System displays the current value from the LC details |
| Amendment Charges to be Paid by | Choose from the dropdown "Applicant", "Beneficiary" or "Others". In case of “Others”, provide details |
| Narrative | Free text field to incorporate, other required amendments |
| Charge Account | Choose from the dropdown values, for charging amendment charges |
| Attachments | Option to attach the documents |
| Uploaded Documents | Option 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.