Latest news with #LettersofCredit
Fibre2Fashion
27-05-2025
- Business
- Fibre2Fashion
India's loom QCO faces industry pushback ahead of deadline
India is set to implement the Quality Control Order (QCO) for weaving machines (looms), their assemblies, sub-assemblies, components, and all types of embroidery machinery from August 28, 2025, following the expiry of a one-year gestation period. Just three months ahead of implementation, the Southern Gujarat Chamber of Commerce and Industry (SGCCI) has demanded the removal of the QCO. It is worth noting that a notification was issued on August 28, 2024, regarding the implementation of the QCO on textile and embroidery machines and their components. The government had provided a one-year period for the industry to make the necessary preparations. India plans to enforce QCO on weaving and embroidery machines from August 28, 2025. The SGCCI has urged the government to withdraw the QCO, citing heavy reliance on imported machinery and potential financial losses. SGCCI argues that the regulation could hinder the textile sector's growth and technological advancement, particularly as India targets a $350 billion market by 2030. Recently, SGCCI vice president Ashok Jirawala and former president Ashish Gujarati presented the matter in a meeting with India's Minister for Heavy Industries, H D Kumaraswamy, and joint secretary Vijay Mittal in New Delhi. They pleaded for the removal of the QCO. The meeting was convened by the Ministry of Heavy Industries and attended by various industry organisations. SGCCI has formally urged the central government to remove the QCO from textile machinery, citing concerns about its potential impact on the sector's growth and technological progress. SGCCI representatives argued that India's current textile market is valued at $165 billion and is projected to reach $350 billion by 2030. To achieve this target, the industry will need approximately 4.5 lakh high-speed weaving machines, requiring an estimated investment of $15 billion. As several of these machines are not manufactured in India, imports are essential. SGCCI also noted that embroidery technology evolves rapidly, with machinery often needing upgrades every two to three years. Since many advanced machines are not produced domestically, Indian entrepreneurs rely heavily on imports. They, therefore, emphasised the need to exclude embroidery machinery from QCO regulations. Gujarati told Fibre2Fashion , 'Such textile machinery imports are essential as several types of machines are not manufactured locally. We are heavily dependent on imported machines. A large number of textile units have opened Letters of Credit (LCs) and booked machines from abroad. If the QCO is not removed and comes into effect on August 28, 2025, the imported machinery will be held at ports, resulting in significant financial losses. Furthermore, banks may hesitate to finance such ventures, potentially slowing industrial growth.' Gujarati further informed that following the presentation, Kumaraswamy and the joint secretary of the ministry responded positively and assured that the concerns of the user industry would be considered. Fibre2Fashion News Desk (KUL)
Time Business News
11-05-2025
- Business
- Time Business News
Helping Agents and Brokers Secure Standby Letters of Credit (SBLCS) to Close Complex Global Deals
Toronto, Canada – As cross-border trade, infrastructure, and energy deals grow in complexity, Standby Letters of Credit (SBLCS) have become essential instruments for brokers and agents seeking to close transactions and prove financial strength on behalf of their clients. GTFSolutions (GTFS), a premier Canadian financial services firm, has become a trusted partner in structuring, issuing, and delivering SBLCS worldwide through Tier 1 and Tier 2 banking channels. Whether facilitating a $100 million real estate development, enabling a long-term fuel supply contract, or supporting a massive infrastructure bid, brokers and agents face one consistent barrier: the lack of credible financial guarantees that satisfy global counterparties. GTFS helps overcome that barrier by guiding brokers through a fast, legal, and compliant process to secure SBLCS that command respect and results. Bridging the Trust Gap with Globally Recognized SBLCS 'Every serious deal involves risk, and SBLCSS are how we mitigate it,' said Alexander Jean-Baptiste, CEO of GTFS. 'We help brokers and agents transform promising opportunities into bankable, fund-ready transactions.' GTFS issues both bank-issued SBLCS and collateral-backed SBLCS for clients in energy, commodities, aviation, construction, shipping, and real estate. These SBLCS are delivered via SWIFT MT760 and adhere to UCP 600 and URDG 758 standards, ensuring compliance with international trade law and acceptance by counterparties globally. Case Study 1: GTFS Secures SBLC for Oil Deal in the Gulf In late 2024, a Nigerian intermediary approached GTFS on behalf of a buyer negotiating a crude oil supply contract with a UAE-based refinery. The seller demanded a confirmed SBLC from a European or North American bank—something the buyer's local bank could not deliver. GTFS evaluated the transaction, onboarded the client with one of its partner institutions, and arranged a $50 million SBLC, issued within 72 hours after funds were secured via escrow. The SBLC gave the refinery the confidence to release the allocation and begin shipment. 'The entire deal hinged on the SBLC, and GTFS delivered,' said the agent. 'Their team understood the urgency, navigated compliance, and secured our client's credibility.' Case Study 2: Real Estate Acquisition in Spain Made Possible with GTFS SBLC An American commercial real estate firm sought to acquire a historic property in Madrid but faced intense competition. The seller required a bank instrument to confirm financial capability before entering exclusive negotiations. GTFS structured and delivered a $22 million SBLC, which the seller's legal counsel and bank accepted. The client won the bid and proceeded to closing within 30 days. 'This was the edge our client needed. The SBLC from GTFS made the difference between being taken seriously and being left behind,' said the buyer's agent. How GTFS Helps Brokers Secure SBLCS for Clients GTFS specializes in making a complex process simple. The firm's turnkey SBLC issuance support includes: KYC and compliance onboarding Instrument structuring based on transaction type Draft preparation for SBLC text (UCP 600 / URDG 758 compliant) Escrow and blocked funds arrangements SWIFT MT760 delivery via partner banks Proof of readiness letters for initial negotiations 'Brokers trust GTFS because we do more than issue documents—we close gaps and create confidence,' said Sophia Brar, CFO of GTFS. 'An SBLC from GTFS isn't just a piece of paper—it's a key that unlocks the deal.' Who Needs SBLCS? SBLCS serve as financial guarantees that can be used to: Guarantee payment in international trade deals Secure performance obligations in construction or infrastructure projects Assure lease or purchase payments in real estate transactions Replace cash deposits or escrow requirements Support tenders and bid bonds for government contracts Because SBLCS are irrevocable, bank-issued guarantees provide unmatched assurance in high-stakes transactions, and GTFS helps make them accessible. Trusted SBLC Channels Through Global Banks GTFS maintains active relationships with issuing banks in Canada, Switzerland, Germany, Hong Kong, Singapore, the UAE, and the U.K. Through these partnerships, the firm ensures brokers can offer their clients: Tier 1 SBLCs from globally recognized banks Tier 2 options with faster processing and lower costs Collateral-backed SBLCs for clients without strong credit ratings All instruments are issued under regulated conditions and follow international anti-money laundering (AML) and know-your-client (KYC) protocols. Broker Support Program: Closing Deals and Earning Commissions GTFS's Broker Assistance Program is designed for agents and brokers who regularly support clients in global trade and finance. The program includes: Commission-based compensation White-labeled financial documents NDA protection for agent-client relationships Priority instrument processing Training and compliance briefings 'Brokers are our partners, not just clients,' said Willard Dunne, Head of Operations. 'We succeed together by building trust—one deal, one SBLC at a time.' Contact GTFS to Secure SBLCs for Your Clients Today If you're an agent or broker working with buyers or sellers in high-value international transactions, GTFS can help you issue the Standby Letter of Credit that validates your deal and earns trust from both parties. 📞 1-888-305-9992 📧 info@ 🌐 🔗 Social Media: About GTFSolutions GTFSolutions is a Canadian-based financial services provider specializing in international financial instruments, including Standby Letters of Credit, SWIFT messaging, Proof of Funds, Comfort Letters, and Escrow services. GTFS helps brokers and agents navigate complex international deals with speed, integrity, and legal compliance, serving clients across real estate, oil and gas, commodities, aviation, and infrastructure sectors. TIME BUSINESS NEWS
Business Recorder
08-05-2025
- Business
- Business Recorder
Energy generation: Leading coal trader says imports are crucial
ISLAMABAD: A leading coal importer has cautioned that local coal reserves are limited in quantity and quality, making imports crucial for maintaining efficient production and energy generation. Talking to Business Recorder on Wednesday, Syed Mustafa Ahmed, Director at Awan Trading Co (Pvt) Ltd (ATCL), one of Pakistan's leading coal importers, mentioned that they have played a crucial role in ensuring a steady coal supply for power plants, cement factories, and the textile industry. 'With rising energy demands, industries such as cement, steel, and textiles, along with coal-fired power plants, rely heavily on a consistent and high-quality coal supply', he said. Coal procurement: PRCA voices its reservations about Nepra panel's findings 'Any attempt to create unnecessary controversy over the longterm agreements of coal supply to Chinese companies can shake investor confidence and halt future investments in Pakistan's energy sector,' he stressed. Pakistan faces major challenges in securing coal imports due to an ongoing economic crisis, bank refusal to open Letters of Credit (LCs), and a depreciating rupee that drives up costs. Poor infrastructure and storage further disrupt supply chains. Environmental concerns and pressure to shift to cleaner energy also add to the complexity. High import tariffs, regulatory fees, and policy instability make coal expensive and deter investment. Coal power plants lack emission control technology, while inadequate transport oversight and regulated tariffs reduce profitability. CM says Thar coal most affordable source of power generation To ensure steady supply and economic stability, the government needs to streamline regulations, upgrade port facilities, and strengthen the coal transport network. Commenting on the adoption of local coal, he emphasised the necessity of imported coal over local coal, citing quality, efficiency, and supply reliability as key factors. 'Pakistan's local coal has high sulfur and moisture content, making it less suitable for large-scale industrial and power sector use.' He further stressed that currently local coal reserves/production are not sufficient to meet the country's growing energy demands, making imports essential to sustain industrial operations and power generation. In the calendar year 2022, ATCL imported 1,072,000 metric tons of coal. This figure decreased slightly to 990,000 metric tons in 2023 but saw a significant rise to 1,992,000 metric tons in 2024. Despite fluctuations in import volumes, company has consistently demonstrated its commitment as a responsible taxpayer, contributing over Rs27 billion to the national treasury in the past two years. Copyright Business Recorder, 2025
New Indian Express
02-05-2025
- New Indian Express
67-year-old Singapore citizen arrested in Rs 10 crore international timber fraud in Delhi
NEW DELHI: A 67-year-old Singapore citizen, Mukesh Gupta, was arrested in connection with a Rs 10 crore international fraud involving the supply of timber from New Zealand to India, police said on Wednesday. Gupta, an OCI (Overseas Citizen of India) cardholder, was accused of duping M/s Chaudhary Timber Industries Pvt. Ltd. (CTIPL). The case was registered in July 2022 following CTIPL's complaint, which stated that Gupta, representing M/s Amrose Singapore Pte. Ltd., had entered into an agreement to supply timber. However, forged Bills of Lading and fake shipping documents were submitted to the bank, leading to the release of Rs 10 crore, despite no shipment taking place. According to Additional CP (EOW) Amrutha Guguloth, investigations confirmed the BLs were fake through verification with the ship owner, agent, and insurer. Gupta had evaded questioning citing medical issues but was finally arrested on April 22. He was found to have fabricated documents and misused company names and seals to fraudulently secure payments against Letters of Credit.
The Print
01-05-2025
- Business
- The Print
Singapore based Indian held in Rs 10 crore international trade scam
According to the complaint, the firm had entered into an agreement with Gupta's company for timber imports from New Zealand and made payments through Letters of Credit (LC). However, the shipment never arrived, police said in a statement. The accused, Mukesh Gupta, Managing Director of a private limited company was arrested on April 22 following a complaint filed by a Delhi-based firm for defrauding them in a timber import deal. New Delhi, May 1 (PTI) The Economic Offences Wing (EOW) of the Delhi Police has arrested a 67-year-old Singapore citizen for his alleged involvement in the case of Rs 10 crore international trade fraud involving forged shipping documents, an official said Thursday. Investigations revealed that Gupta submitted forged Bills of Lading (BLs) and fabricated shipping documents to a bank in Singapore which forwarded them to the bank located in Connaught Place. Acting on these fraudulent papers, the bank released around Rs 10 crore, despite no cargo being shipped, the statement read. Teams verified the documents with shipment agencies, all of whom denied any such shipment. The ship named in the documents had not carried any such consignment to India, confirming the BLs were completely fictitious, it said. The fake documents were seized from the bank's branch and formed a crucial part of the evidence. Gupta had repeatedly evaded investigation by citing health issues, but he joined the probe and was taken into custody, read the statement. Following his arrest, Gupta was remanded to one day of police custody on April 29. During interrogation, he provided vague and misleading responses and was subsequently remanded to judicial custody until May 14. He was confronted by representatives from the shipping firm, who confirmed that their company's name and seal had been used fraudulently. The accused's modus operandi involved forging BLs, invoices, and insurance documents using the names of legitimate international entities to obtain illicit funds against LCs, without delivering any goods. The EOW has officially notified the High Commission of Singapore in Delhi about his arrest as per diplomatic protocol. Further investigation into the case is ongoing, the statement added. PTI BM BM HIG HIG This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
