Confirming Bank Require Draft Draw On Issuing Bank
Posted: Wed Feb 26, 2014 11:29 am
LC TERMS.
41D: Axis bank, Singapore by negotiation
Draft on: Axis bank, Singapore
Payment term: 180 days after the date of bill of lading.
Confirming bank: Axis bank
Query: Beneficiary want to fund immediately after comply presentation at counter of confirming bank without recourse.
Confirming bank is telling draft should be drawn on issuing bank instead of Axis Bank, Singapore. Then I will pay fund immediately on without recourse .
1. Q. Is it possible without acceptance of draft drawn on issuing bank, confirming bank can pay to beneficiary without recourse?
2. Q. Why confirming bank is asking amendment draft would be draw on issuing bank instead of confirming bank.
Looking forward to know prompt response.
41D: Axis bank, Singapore by negotiation
Draft on: Axis bank, Singapore
Payment term: 180 days after the date of bill of lading.
Confirming bank: Axis bank
Query: Beneficiary want to fund immediately after comply presentation at counter of confirming bank without recourse.
Confirming bank is telling draft should be drawn on issuing bank instead of Axis Bank, Singapore. Then I will pay fund immediately on without recourse .
1. Q. Is it possible without acceptance of draft drawn on issuing bank, confirming bank can pay to beneficiary without recourse?
2. Q. Why confirming bank is asking amendment draft would be draw on issuing bank instead of confirming bank.
Looking forward to know prompt response.