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Restricted Letter Of Credit for Pakistan

Restricted Letter Of Credit Template for Pakistan

A Restricted Letter of Credit under Pakistani law is a specialized banking instrument that provides a secure method of payment in international trade transactions while incorporating specific restrictions on negotiation, presentation, or payment. This document is governed by Pakistani banking regulations, including the Banking Companies Ordinance 1962 and Foreign Exchange Regulation Act 1947, while also adhering to international standards such as UCP 600. It contains detailed specifications about the transaction, including payment terms, document requirements, and specific restrictions that limit where or how the letter of credit can be negotiated or paid.

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What is a Restricted Letter Of Credit?

The Restricted Letter of Credit is a crucial document in international trade finance, particularly when parties need to implement specific limitations on the negotiation or payment process. This specialized instrument, governed by Pakistani law and international banking practices, provides a secure payment mechanism while incorporating restrictions that can limit the negotiation to specific banks or geographical locations. The document is typically used when the applicant (buyer) or issuing bank wants to maintain greater control over where and how the letter of credit can be negotiated, ensuring compliance with local regulations and minimizing risks. It includes comprehensive details about the transaction, parties involved, required documentation, and specific restrictions, while ensuring compliance with both Pakistani banking regulations and international standards such as UCP 600.

What sections should be included in a Restricted Letter Of Credit?

1. Issuing Bank Details: Complete details of the issuing bank including name, branch, and contact information

2. Reference Number: Unique LC reference number and date of issuance

3. Beneficiary Information: Full name and address of the beneficiary (seller/exporter)

4. Applicant Information: Full name and address of the applicant (buyer/importer)

5. Credit Amount: Currency and amount of the letter of credit

6. Form of Credit: Specification that this is a restricted letter of credit and its basic characteristics

7. Available With/By: Details of how and where the credit is available (payment, acceptance, or negotiation)

8. Expiry Date: Clear statement of expiry date and place

9. Restriction Clauses: Specific restrictions on negotiation, acceptance, or payment

10. Required Documents: List of documents required for presentation

11. Shipment Terms: Details of shipment including latest shipment date and partial shipments

12. Presentation Period: Time period for document presentation after shipment

13. Bank Authorization: Official signatures and stamps of the issuing bank

What sections are optional to include in a Restricted Letter Of Credit?

1. Transfer Restrictions: Used when specific transfer limitations need to be imposed on the LC

2. Special Payment Conditions: Include when there are specific conditions for payment release

3. Islamic Banking Compliance: Required when the LC needs to comply with Islamic banking principles

4. Confirmation Instructions: Include when confirmation from another bank is required

5. Red Clause: Used when advance payment provisions are included

6. Force Majeure Provisions: Include when specific force majeure conditions need to be addressed

7. Amendment Procedures: Include when specific amendment procedures need to be outlined

What schedules should be included in a Restricted Letter Of Credit?

1. Schedule A - Commercial Invoice Requirements: Detailed requirements for the format and content of commercial invoices

2. Schedule B - Transport Document Requirements: Specific requirements for bills of lading or other transport documents

3. Schedule C - Insurance Document Requirements: Details of required insurance documentation

4. Appendix 1 - Authorized Negotiating Banks: List of banks authorized to negotiate the LC

5. Appendix 2 - Restricted Territories: List of geographical restrictions for negotiation or shipment

6. Appendix 3 - Document Presentation Checklist: Checklist for required documents and their specifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Pakistan

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions


































Clauses

























Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Import/Export

Shipping and Logistics

Commodities Trading

Retail

Wholesale

Agriculture

Textile

Mining

Oil and Gas

Relevant Teams

Trade Finance

International Banking

Corporate Banking

Treasury

Risk Management

Compliance

Legal

Operations

Documentary Credits

International Trade Operations

Relevant Roles

Trade Finance Manager

International Banking Officer

Chief Financial Officer

Finance Director

Import/Export Manager

Treasury Manager

Banking Compliance Officer

Documentary Credits Specialist

Trade Operations Manager

Risk Management Officer

Letter of Credit Specialist

International Trade Specialist

Banking Relationship Manager

Corporate Banking Manager

Industries








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