Hello All!

I have a little question, pls clearify as much as you can, Thank you in advance to everyone:

Then, my question is:

One supplier (this the first time we deal with) is asking a payment method trough ILC. I have ever heard about this mean because we usually do LC or TT at goods delivery, so we couldn't give any response. We have asked for more info but probably, because of his bad English, couldn't explain clearly. Then we made some searched in Internet but not found nothing!

 

Pls, can someone explain simply and clearly what is ILC?

 

Tahnk you!!

Ahlam.

Dear Mr.Ahlam,

                             Actually I am hearing about ILC for the first time.ILC stands for International Law Commission.It is not a payment method as per my knowledge.I think as you said in your posting because of his improper english he may have mis-spelled LC as ILC.You can recheck this with him because I have an iota of doubt in this matter.

Thanks and Best Regards,

R.C.Sukhtankar

 Thanks Catalyst that was a good question and a good answer.  Its the first time anyone has ever asked about an Inland Credit.  My first encounter with it was in India oddly enough as it was issued primarily as a back to back L/C where the supplier and broker were both in India and the actual buyer was in Israel.

Ranger

Quoting from [anaiello]:

Hello All!

I have a little question, pls clearify as much as you can, Thank you in advance to everyone:

Then, my question is:

One supplier (this the first time we deal with) is asking a payment method trough ILC. I have ever heard about this mean because we usually do LC or TT at goods delivery, so we couldn't give any response. We have asked for more info but probably, because of his bad English, couldn't explain clearly. Then we made some searched in Internet but not found nothing!

 

Pls, can someone explain simply and clearly what is ILC?

 

Tahnk you!!

Ahlam.

 

Is it short for Irrevocable L/C?

Quoting from [anaiello]:

Hello All!

I have a little question, pls clearify as much as you can, Thank you in advance to everyone:

Then, my question is:

One supplier (this the first time we deal with) is asking a payment method trough ILC. I have ever heard about this mean because we usually do LC or TT at goods delivery, so we couldn't give any response. We have asked for more info but probably, because of his bad English, couldn't explain clearly. Then we made some searched in Internet but not found nothing! Pls, can someone explain simply and clearly what is ILC?  

Tahnk you!! Ahlam.

ILC does not mean irrevocable LC. It is the acronym for Inland Letter of Credit. As explained in the earlier answer to this question, all LCs where both the applicant and the beneficiary reside in the same country are known as Inland LCs (referred as ILC). The term can also be applied to back-to-back LCs if those LCs originate and are utilised within the same country.