The closure of the Export Letter of Credit happens when the LC is fully utilized or no more drawings or presentations are expected.
The bank user is allowed to book off / close the Export L/C registered in RIVO.
The close option will be available in the context menu if the status of Export LC is 'Issued' or 'Amended' or 'Advised' or 'Amendment Advised' or 'Cancellation Requested' and there is no Doc Presentation transaction created under the deal. This option is also available with the status of the Export LC in 'Doc Settled', 'Doc Rejected', or 'Deal Balance is 0'.
In case of multiple drawings or presentations, the "Close" option will be available only when all the drawing statuses are either 'Doc Settled' or 'Doc Rejected'.
After clicking on the Close option, a new pop-up window will open to enter the 'Closure Reason'.
The status of the deal is now updated as 'Closed'.
The deal balance now shows as zero (0') after the Export L/C is closed.
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