Letter Of Credit To India And Indicated In Field 49 That It Should Be Confirmed

mschurmann00 · Post by **mschurmann00** » Sat Sep 16, 2017 6:10 pm

Good Morning,
I recently had a client that issued a letter of credit to India and indicated in field 49 that it should be confirmed. The difference compared to other letters of credit was that he insisted that field 41 should state 'Any Bank in India'. Is this viable at all? And does this abide by UCP600? We always functioned under the impression that it was mandatory to indicate a 'nominated bank' in field 41 in these cases.
Can anyone clarify this doubt?
Thanks
mschurmann00

picant · Post by **picant** » Sun Sep 17, 2017 12:16 am

Hi Pal,

I think that any bank in India is correct even in the case of confirmation.
Art 8 is quite clear, naturally is the confirming bank that may decide to require
amendment to field 41.
Ciao

cristiand969 · Post by **cristiand969** » Sun Sep 17, 2017 2:31 am

As per swift rules, the confirmation is addressed to receiver of msg not to any bank, unless expressly specified

mschurmann00 · Post by **mschurmann00** » Sun Sep 17, 2017 3:37 am

Thanks for the replies

picant · Post by **picant** » Sun Sep 17, 2017 3:41 am

Hi Pals.

I understood that the credit will be available by payment with any bank in India.
Confirming bank is the bank that receive MT700:

saikumar1208 · Post by **saikumar1208** » Sun Sep 17, 2017 11:10 am

Normally the confirming bank would be the advising bank that advises the credit. Credit available with any bank indicates that documents to be presented to any bank. Even though credit available with any bank confirmation can be added by a particular bank

Letter Of Credit To India And Indicated In Field 49 That It Should Be Confirmed

Letter Of Credit To India And Indicated In Field 49 That It Should Be Confirmed

Re: Field 41 / mandatory indication

Re: Field 41 / mandatory indication

Re: Field 41 / mandatory indication

Re: Field 41 / mandatory indication

Re: Field 41 / mandatory indication