Inward
Documentary Collection is bills received from our branches
or other banks in Malaysia/ outside Malaysia with instruction
to:
a)
Obtain payment/ acceptance from buyer,
or
b)
Deliver documents to buyer against
payment (D/P), or
c)
Deliver documents against acceptance
and/ or to obtain payment on maturity date
Salient features of IDC
Generally, IDC
will be accompanied by either Sight Bills of Exchange
for Documents Against Payment (D/P) or Usance Bills
of Exchange for Documents against Acceptance (D/A) drawn
on the buyer
In case of D/P
buyer will have to effect the payment before documents
can be released to him
For D/A, documents
can be released upon buyer's accepting and acknowledging
on the Bills Of Exchange. By doing that the buyer acknowledged
his legal obligation to pay the face value of the Bills
of Exchange upon maturity
Financing is
also available for eligible customers