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Dear all,

A bank issued a discrepancy notice against a presentation on the 5th day. but the transaction reference number was wrongly mentioned and therefore the presenting bank could not identify in time. they inquire with the issuing bank and later the no. was corrected. however meantime the 5th banking day passed way. is the refusal advice valid?

Dear,
This is indeed a very interested issue.
My analysis:
as per sub article 16(d) the issuing bank must provide a discrepancy notice NOT LATER THAN THE CLOSE OF FIFTH BANKING DAY....."
NOW how we treat it as "DISCREPANCY NOTICE GIVEN"
FROM MY POINT OF VIEW WHEN IT WILL RECEIVED BY THE PRESENTER.
IN CASE OF SWIFT:
WHEN IT ACKNOWLEDGED
IN CASE OF MAIL:
IN MOST OF THE LAW, WHEN IT WILL RECEIVED BY THE POSTMAN/COURRIER ETC.
.
iF WE ANALYSIS THE ABOVE FACT WE CAN ASSUME THAT DISCREPANCY NOTICE HAS DULY BEEN SERVED. SO IF THE ENQUIRY GOES BEYOND THE PRESCRIBED PERIOD, I THINK NO PROBLEM.....
REGARDS
NESAR

i agree. the discrepancy notice is ok