Avsnitt
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Role of Advising Bank
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Saknas det avsnitt?
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Confirming Bank Undertaking
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Article 7 States that issuing Bank is irrevocably bound to honor the credit
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ARTICLE 6 OF UCP 600 PLACE EXPIRY AND AVAILABLE
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Article 5 states: “Banks deal with documents and not with goods, services or performance to which the documents may relate.
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LC in nature is separate transaction.
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Article 3 provides various interpretations for applying rules of UCP 600
Usage of terms like "from" and "after", "on or about" "beginning"," middle" "end" of a month, "first half" and "second half" of a month have been defined in this article.
Also this article clarifies that Branches of a bank in different countries are treated as different Banks for the purpose of Documentary Credit -
Article 2 defnes Banking day . IT IS a day on which a bank is regularly open for performance
An important aspect of this definition lies in the use of the word ‘regularly’.
IF A bank were TO BE open FROM MONDAY TO Saturday for a half or full day to perform the handling of documentary credits, THEN SUCH SATURDAY would BE countED as a banking day UNDER UCP
Thanking you. TAKE CARE. STAY SAFE.
Good bye -
UCP” stands for Uniform Customs and Practice for Documentary credits.
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The Government of India has changed its foreign direct investment policy ("FDI Policy") pursuant to a Press Note No. 3 (2020 Series) dated April 17, 2020, (the "Press Note"). The Press Note seeks to curb "opportunistic takeovers/acquisitions of Indian companies" due to the current COVID-19 pandemic.
