SBLC/LC MYTH AND TRUTH

Hi Guys,

This posting is surely not to offend those who are already performing fine in  this field ( and I am sure all of you will accept that this form only the 5% of the total Performers). In my personal experience and experiences heard from many of them in India and across the Globe, only Tales of Sorrow, Cheating is more.

MYTH -1 - Anybody and Everybody can take Financial Instruments.

TRUTH 1 - What I have realized is it is only for those Companies, who are already into some business, have past business financials, growing year on year, and need this for their genuine business transactions. Definitely it is not for those who just somehow want to get funds, without any intention of even paying back right from day one. 

MYTH - 2 - Anybody without knowing even the full form of  a SBLC or related jargons of the Industry, feel that they can issue, in Values, that are unimaginable for a common man and count the number of '0' after the Million.

TRUTH - 2 More than 95% of them are consultants, who just create email ids, and many of them do not even have a company email id, all of them on Yahoo or Gmail or any such free website. There is no clear address for correspondence or communication. Many of these consultants collect Dollars/ Euros/ Pound ranging from 10000 to 100000 and it vanishes in thin air.

MYTH 3 - If a company has all the qualifications, can they get it.

TRUTH 3 - No, because unless and until they do not have a line of credit or bank comfort letter from their bankers, it is just sheer waste of time. Many a times the clients or consultants are so hungry that they create Bank comfort letter sitting at their desk top and they do a beautiful job than the bank itself.

MYTH 4 - If I have a couple of dollars, I can get an instrument as big as even 100 Mil.

TRUTH 4 - Your dollar vanishes and you are shown dream as a Mirage in the desert and you do not know whether to take action against the one who cheated you or wait or you are too busy chasing the next person.

I feel that the genuine Providers/ Consultants/ Mediators/ Partners, should proudly put up on their website the complete details, their communication address, tel nos etc and we should start weeding out bad elements. It may be worthwhile to share openly the names of the person or organisation, which has duped people.

It took me more than 6 months to understand the so called TRADE SECRETS, and it is not a great secret, and we have already delivered very small instruments and felt that it is much safer to stay in a smaller value business, until and unless you do really have the genuine providers.

I am sure this posting may be offensive to many of them (only it will be for those who have cheated others) and surely for the genuine peformers, this will be an acceptance of their hard work.