Answer-Usance bills drawn under Import LC should be retired ____

An LC on whichusance bills are drawn is an acceptance credit or time credit. The bills drawn on the various dates will be honoured on their maturity i.e. the due date under such LC.

Question

Usance bills drawn under Import LC should be retired ____

A 10 days from the date of receipt of the bill

B on due date

C last day of the month in which the licence expires

D on presentation

E 5 days from the date of receipt of the bill

Practice Next

More Financial Management Questions

The 15th Finance Commission in India has recommended a significant increase in the share of tax revenues allocated to state governments. This is aimed at e...
XYZ Corporation is financed by 30% equity and 70% by debt. The company has an after-tax cost of debt of 9% and the beta of shares in XYZ is 2. The risk-fre...
Which leadership theory emphasizes that leaders are born, not made, and that their leadership qualities are inherent?
Why is clear communication considered a conflict prevention strategy?
In the Altman Z Score model, a company with a Z Score of 1.7 is classified in the financial distress zone. If a company’s Z Score increases from 1.7 to 2.9...
Which of the following Statements regarding the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PM-JAY) is not True?
Under the Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), what is the guarantee cover tenure for working capital facilities?
Which of the following statements about the filing of a shelf prospectus is accurate according to the provisions of the Companies Act?
A Cash Credit or Overdraft account can be considered as out of order if:
Contingent liabilities are recorded in:

Relevant for Exams:

Hey! Ask a query

Usance bills drawn under Import LC should be retired ____

Detailed Solution

More Financial Management Questions

Relevant for Exams:

Hey! Ask a query

Please Register/Login