Draft Not Presented. Is It A Discrepancy?
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Goody
- Posts: 80
- Joined: Sat Dec 01, 2012 11:56 pm
- First Name: Chithra
- Last Name: Suresh
- Organization: PVT
- Filter: Two Plus Two =: 4
- Location: Bahrain
Draft Not Presented. Is It A Discrepancy?
We are the advising bank. The LC is sight negotiation. The issuing bank in 742 c stated Draft drawn at issuing bank. No draft was enclosed. The issuing bank considered this as discrepancy, is it correct?
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Old Stories
H Pal,
presentation of draft is not mandatory, as it is not requested in field 46 MT700.
IMHO it represents a receipt of the money only,having not a specific meaning.
Please ask the issuing to quote the UCP 600 article on which the discrepancy is based.
Other comments appreciated
Ciao
PS Suggestion is to provide a correct draft, but only to avoid correspondance between banks.
presentation of draft is not mandatory, as it is not requested in field 46 MT700.
IMHO it represents a receipt of the money only,having not a specific meaning.
Please ask the issuing to quote the UCP 600 article on which the discrepancy is based.
Other comments appreciated
Ciao
PS Suggestion is to provide a correct draft, but only to avoid correspondance between banks.