how to calculate maturity date

honey · Post by **honey** » Wed Mar 03, 2010 6:56 pm

hi

I have a doubt with maturity calculation in case of 60 days after sight

docs presented on 10 th jan
checked on 11th jan
docs returned (after refusal notice) on 15th jan

beneficary represent docs on 18th jan
docs accepted by issuing bank on 20 th jan

pay term is 60 days after sight

based on this from what date should i calculate maturity date?

pls guide me in detail if possible

kapilbd · Post by **kapilbd** » Wed Mar 03, 2010 10:29 pm

Hi,

Calculation from the date of issuang bank acceptance i e 20th Jan.

Regards
kapil

shahriar · Post by **shahriar** » Wed Mar 03, 2010 11:57 pm

the following ISBP quote should help

46. For drafts drawn "at XXX days sight", the maturity date is established as follows:

b. in the case of non-complying documents where the drawee bank has provided a notice of refusal and subsequent approval, at the latest XXX days after the date of acceptance of the draft by the drawee bank.

that means you have to calculate from 21st

ldt5205 · Post by **ldt5205** » Thu Mar 04, 2010 8:29 am

IT seems sth different from case 46B.
The ben represented docs on 18th jan,which is complying.So 46a should apply to determine the maturity date.So the maturity date should be 19th mar,60days from 18th jan.

shahriar · Post by **shahriar** » Thu Mar 04, 2010 9:07 am

dear idt, thanks!! i just missed the representation factor.

you are of course correct.

Jackie · Post by **Jackie** » Fri Mar 05, 2010 9:17 pm

I agree too with the last post.
Thanks Jackie