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Roll-over of a discounting transaction - where bills presented under LC have been discounted and on maturity, the discounting bank rolls over maturity based on extension of LC expiry date and the due date of the Bill of Exchange(Draft). This practice is becoming common in India. Several companies setting up greenfield projects are financing the projects using bill discounting rather than high cost term loans. Banks are also assisting in structuring this financing by even agreeing to open 3 year Usance LC's, where the draft is drawn up for 180/360 days and then rolled over again for further periods. Is this legally allowed, and why should Beneficiary facilitiate this, as beneficiary is required to unnecessary provide documents for facilitating this financing arrangement.
Can anybody throw light ?

This question is of my interest too.
Did you find this transaction correct, plz advise.

I am coming up with a similar transaction, which could help.

Regards, Murali