Difference Between LC Issue Date And Transmit Date

Sudheer · Post by **Sudheer** » Thu Dec 15, 2016 11:11 am

Hi All,

we have received the LC today 15DEC16 but LC issue date is 04JUL16, is there any concern.

if yes (y)
if no (y)

thanks

regards
sudheer

gondem · Post by **gondem** » Thu Dec 15, 2016 7:05 pm

Clearly you should ask the advising bank to find out if there is any typing error. Actually the advising bank should have noticed it before it advises. The LC issue date should be the date when the issuing bank issues the LC.

Sudheer · Post by **Sudheer** » Tue Dec 20, 2016 4:44 pm

hi,

one more question, is there any problem if issuing bank issue an LC on 04JUL16 (due to some reasons they are transmitted to advising bank), later they have has tramistted to advising bank on 15DEC16. but expiry date is 20FEB17.

Why we need to check with issuing bank regarding issue date.

please advise

thank you

abrar · Post by **abrar** » Wed Dec 21, 2016 2:41 am

But nevertheless the LC is still operable

sandeep_mt · Post by **sandeep_mt** » Sat Dec 24, 2016 1:15 am

Its falls under due diligence purview , lc is operative if the lc is not expired.

mandeep · Post by **mandeep** » Tue Dec 27, 2016 12:55 pm

there may be some typing error, you can ask for clarification from LC issuing bank.

Sudheer · Post by **Sudheer** » Wed Dec 28, 2016 11:34 am

Hi All,

We have sent swift to issuing bank for clarification. But we have received reply from issuing bank is that as per applicant request issue date same.

As per my view if issuing bank issue an LC., as a advising bank need to check expiry date not for the issue date.
Because issuing bank can issue the LC at any date and month.

please advise if I am wrong.

thank you.

khaledosama · Post by **khaledosama** » Mon Jan 09, 2017 5:12 pm

regarding issuance date ,
it will cause for the beneficiary not to benefit from 100 % of the validity of the l/c
the question to be asked if the beneficiary is okay with such thing
and if he will be able to issue required documents and meet the l/c terms
if not , he should request an extension of the validity
bet regards

shafi865 · Post by **shafi865** » Sat Feb 25, 2017 12:32 am

Hi,
In MT 700, issue date is not a mandatory field, so in case of not providing the issue date, the transmitting date is deemed to be the issue date.

But in your case, there may be some typing error, you can ask for clarification from LC issuing bank.

Regards,
Shafique