Dear Friends,
.
When we as Remitting banks or Negotiating banks receive bills of exchange under LC bills/ Doc Colln bills which states ".... pay to the order of (our bank) USD...." in the text of the bill of exchnage which is drawn on the drawee/Issuing bank, we endorse the B/Exch as "Pay to the order of any bank, banker or trust Company".
.
Would appreciate if I could have your expert opinion/explanations on the actual meaning/implication of the endorsement.
.
Thanks a Ton!
.
Regards
Raj
Endorsement of Bill of Exchange
-
RAJESH.S
- Posts: 6
- Joined: Sat Aug 27, 2011 7:36 pm
- First Name: RAJ
- Last Name: S
- Organization: BANK
- Filter: Two Plus Two =: 4
-
ponnuss
- Posts: 1
- Joined: Thu Jan 05, 2012 5:07 pm
- First Name: PONNUSAMY
- Last Name: SELVAGANAPATHY
- Organization: OFSS
- Filter: Two Plus Two =: 4
- Location: INDIA
Endorsement on Bill of Exchange
Dear Rajesh
There is no need for Bill of Exchange if it is under LC. It has been a clear guideline that LCs should not be issued with condition that it is available by Drafts drawn on the applicant.
However endorsement as suggested by you does not seem to be a problem at all.
You will get more response if your raise this in 'Linked-in' forum on 'Trade Finance'.
Regards
There is no need for Bill of Exchange if it is under LC. It has been a clear guideline that LCs should not be issued with condition that it is available by Drafts drawn on the applicant.
However endorsement as suggested by you does not seem to be a problem at all.
You will get more response if your raise this in 'Linked-in' forum on 'Trade Finance'.
Regards