LCAF-Letter of Credit Authorization Form

LCAF stands for Letter of Credit Authorization Form. It is mainly application for permission for opening LC as well as importing of goods into Bangladesh and remittance there against. So it is used for opening LC, releasing goods and remittance there against.

Bank should ensure while issuing LCAF:
Valid Import Registration Certificate (IRC)
Renewal of IRC
Item to be imported is eligible as per IPO (Import Policy Order)

Purpose of LCAF:
Allowing imports, releasing goods and remittance there against.

There are five copies in each set of  LCAF., The use of each copy are:
Original-For Exchange monitoring purpose: For opening LC and for effecting remittances
Duplicate-Custom purpose: For releasing goods
Triplicate and Quardruplicate- For controlling agency (will be send to the CCI&E along with LC copy)
Quintuplicate - Office copy