Acceptance Credit

Acceptance Credit :

When a credit stipulates that drafts are to be drawn at a certain usance i.e payable after a certain number of days / months after sight, it is regarded as a acceptance credit - the undertaking to accept, guaranteeing payment of such draft at maturity being given by a bank. A bank may grant this facility to a exporter whereby it agrees to accept bills drawn by him against specific shipment of goods. The bills drawn on the overseas buyers together with the document of title, are handed to the bank and at the same time an additional bill is draw on the bank itself under the acceptance credit granted by it.

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