Dear Experts,
''Lc available with nominated bank is also available with issuing bank''.
If issuing bank receives documents directly from the beneficiary what are the points to be checked in addition to normal standard banking practice. I have listed below(two) but i am not sure that these to be checked
1. KYC of the beneficiary.
2. We need to check with presenting bank as to know whether any presentations have been made under this letter of credit by the beneficiary and if any outstanding charges yet to paid by the beneficiary to presenting bank.
Regards
Dinesh
What To Do When Documents Presented Directly To Issuing Bank
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- mohiuddin
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Lot of risk involved
Dear,
Its happened some time for save cost by the beneficiary.
.
But here some risk involved, like:
If lost documents in transit beneficiary’s future very uncertain. i.e. payment.
If found any discrepancy, how notice to the beneficiary by the issuing bank and how settle.
Of course you check with nominated bank/confirming bank (if any)
and all other is as per LC, UCP, ISBP, etc.
regards
Mohiddin
Its happened some time for save cost by the beneficiary.
.
But here some risk involved, like:
If lost documents in transit beneficiary’s future very uncertain. i.e. payment.
If found any discrepancy, how notice to the beneficiary by the issuing bank and how settle.
Of course you check with nominated bank/confirming bank (if any)
and all other is as per LC, UCP, ISBP, etc.
regards
Mohiddin
-
- Posts: 727
- Joined: Sat Oct 15, 2011 12:27 pm
- First Name: Dinesh Kumar
- Last Name: ...
- Organization: Chrome
- Filter: Two Plus Two =: 4
- Location: PU
Lot of risk involved
Dear mohiuddin
Thanks..
Regards
Dinesh
Thanks..
Regards
Dinesh