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What is meaning of "Payment against Simple Receipt"  

Answers:51   |   LastAnswerAt:2018.10  

Tariq Mehmood 
Asked at 2011.05.10 02:19:38
We have received an LC from our buyer, In which he mentioned that 30% Payment against simple receipt and 70% Lc at sight,<br/><br/>Could any one tell me the meaning of Payment against simple receipt so that I can get payment after give the simple receipt to our bank, because our bank dont know the meaning of simple receipt.
answer P J Lal  Answered at 2011.05.10 02:19:38

Replying to [pyaray]: Payment against simple receipt. No such thing I have come across during my 30 years of export trading expereince. Just belive what your banker says.
answer 74.117.212.* Answered at 2012.12.03 14:14:17
"Simple receipt aims for a collection of financial documents (most often a bill) by a bank. By this procedure, the exporter sends all the documents representing the goods dispatched (invoices, transport documents, or papers showing the rights of property on the goods directly to the purchaser by drawing up a draft on demand on him which he hands over to his banker for receipt. By this procedure, the purchaser generally pays the exporter directly without waiting to receive the goods."

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