{"id":27217,"date":"2021-04-04T07:27:56","date_gmt":"2021-04-04T07:27:56","guid":{"rendered":"https:\/\/scmwizard.com\/?p=27217"},"modified":"2023-10-08T04:55:00","modified_gmt":"2023-10-08T04:55:00","slug":"proforma-invoice-lc","status":"publish","type":"post","link":"https:\/\/scmwizard.com\/proforma-invoice-lc\/","title":{"rendered":"Proforma Invoice in the LC"},"content":{"rendered":"

A Proforma Invoice (PI<\/strong>) is a must document for a Letter of Credit<\/a>.<\/p>\n

This document provides information regarding goods\/services quantity, price, delivery, buyer and seller information, and other details.<\/p>\n

A Proforma Invoice is issued by the seller to the buyer. It should provide sufficient information to the buyer to open the Letter of Credit.<\/p>\n

PI is also required if the buyer needs an Import Permit (IP)<\/strong> for opening LC of any specific goods\/services.<\/p>\n

The bank uses this Proforma Invoice<\/strong> to get the seller (exporter) information and collect the credit report (as regulated by the Central bank).<\/p>\n

Contents in PI<\/strong><\/h2>\n

As I mentioned earlier, it should provide sufficient information to open the LC. These are the information that should be included in the PI:<\/p>\n

    \n
  1. Seller information (Company name, address, contact)<\/li>\n
  2. Buyer information (company name, address, contact)<\/li>\n
  3. Proforma Invoice number<\/li>\n
  4. Date (issue)<\/li>\n
  5. Goods\/service name\/description<\/li>\n
  6. Goods\/service qty.<\/li>\n
  7. Unit price<\/li>\n
  8. Total price<\/li>\n
  9. Delivery period<\/li>\n
  10. Payment term<\/li>\n
  11. Sales\/price term<\/li>\n
  12. Bank details of the seller<\/li>\n
  13. Validity of PI<\/li>\n
  14. HS code<\/a><\/li>\n
  15. Country of origin<\/li>\n
  16. Port of loading<\/li>\n
  17. Port of discharge<\/li>\n
  18. Tolerance<\/li>\n<\/ol>\n

    Additional information may be present. Proforma Invoice is issued on the letterhead of the seller and has their signature on it.<\/p>\n

    Example of Proforma Invoice<\/strong><\/h2>\n

    Here\u2019s the one PI.<\/p>\n

    \"proforma<\/p>\n

    The Proforma Invoice in the LC<\/strong><\/h2>\n

    In F45A (Description of Goods and\/or Services) along with Goods description, the Proforma Invoice number and date are mentioned.<\/p>\n

    \"45a<\/p>\n

    Difference between Commercial Invoice and Proforma Invoice in LC<\/strong><\/h2>\n

    You already knew about PI. This is issued by the buyer before opening the LC.<\/p>\n

    Whereas a Commercial Invoice<\/strong> is another document that is issued after the shipment of goods. It\u2019s a mandatory document for negotiation in the letter of credit. So it\u2019s listed in 46A (Documents required).<\/p>\n

    The Proforma Invoice is based on the agreed qty. as per the contract. But in actuality, the shipment quantity may vary as there\u2019s tolerance allowed in the LC<\/a>.<\/p>\n

    In the Commercial Invoice, actual shipment qty. and value is mentioned.<\/p>\n

    Both Proforma Invoice and Commercial Invoice are presented but one cannot alter the other.<\/p>\n","protected":false},"excerpt":{"rendered":"

    A Proforma Invoice (PI) is a must document for a Letter of Credit. This document provides information regarding goods\/services quantity, price, delivery, buyer and seller […]<\/a><\/p>\n","protected":false},"author":1,"featured_media":27224,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2856],"tags":[],"yoast_head":"\nProforma Invoice in the LC - SCM Wizard<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scmwizard.com\/proforma-invoice-lc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proforma Invoice in the LC - SCM Wizard\" \/>\n<meta property=\"og:description\" content=\"A Proforma Invoice (PI) is a must document for a Letter of Credit. 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