Hi Participants,
.
Can a draft be drawn on Reimbursing Bank with/without Reimbursement Undertaking?
.
Regards.
Draft drawn on Reimbursing Bank
-
- Posts: 56
- Joined: Sat Jun 20, 2009 3:01 pm
- First Name: Hafizur
- Last Name: Rahman
- Organization: Southeast Bank Ltd
- Filter: Two Plus Two =: 4
- Location: Dhaka
- shahriar
- Posts: 923
- Joined: Fri May 16, 2008 1:03 am
- First Name: Shahriar
- Last Name: Masum
- Organization: Mutual Trust Bank
- Filter: Two Plus Two =: 4
- Location: Bangladesh
yes its possible
yes, a draft can be drawn on the reimbursing bank as per URR725 which as per article 2 says
c. "Reimbursement authorization" means an instruction or authorization, independent of the credit, issued by an issuing bank
to a reimbursing bank to reimburse a claiming bank or, if so requested by the issuing bank, to accept and pay a time draft drawn on the reimbursing bank.