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.

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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

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Union Bank of India SO

Bank of Maharashtra (Forex Officer)

Usance bills drawn under Import LC should be retired

Solution

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