Business

LC with ‘Nil Margin’ for permit holders from Pan Asia Bank

Responding to the recent lifting of restrictions on opening of Letter of Credits (LCs) for importation of motor vehicles under permits on concessionary terms from 1 May 2019, Pan Asia Bank was one of the first to offer permit holders the exciting opportunity to open an LC without keeping Margin (Nil Margin), and the entire amount being paid only once the vehicle arrives, the bank said in a statement.

“The ‘Nil Margin’ at the time of opening LCs is a clear advantage for permit holders, coupled with low commission and exchange rates from the bank, which proves to be boon in a climate of rupee volatility.

Customers can even avail of the option of booking forward exchange rates,” the statement added.

Commenting on this unique offer, Pan Asia Bank Senior Manager – Trade Services Indika Liyanage noted: “The bank has extensive experience in assisting vehicle permit holders with a streamlined and hassle-free vehicle import process. The transparency and ethical reputation of the bank goes a long way in positioning us at the forefront of the vehicle permit business. Considering the liquidity squeeze in the market due to weaker general economic performance, our offer establishes their LC against Nil Margin, which is a once-in-a-lifetime chance. More importantly, majority of the leading vehicle importers do their banking transactions with us. In addition, Pan Asia Bank offers superior customer service, which is appreciated by permit holders who are more often than not high-ranking government officials and senior professionals accustomed to superior service standards.”

Yet another reason for permit holders to select Pan Asia is that the bank issues LCs in quick time and with minimum documentation, so that customers can expedite the vehicle importation process.

Customers can also take advantage of leasing options for the vehicles they import, with flexible repayment options to suit their inflow of funds from the bank. Adding further value, Pan Asia Bank grants them a valuable Pan Asia Bank credit card with no joining fee, with the first year annual fee waived off.