Dear All Friends,
Credit available with any Bank means - Freely Negotiable while credit available with X bank then it should be X Bank or their all branches etc or specific?.
or we can put BIC of their Bank where it is available ?. Please explain me.
Thanking you
Pradip Bhavsar
Nominated Bank
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dholat
- Posts: 69
- Joined: Sun Oct 05, 2008 10:01 pm
Freely Negotiable - idea no more works
the idea of Freely Negotiable exists no more. it should be termed as credit available with any bank by negotiation.
UCP600 says "Branches of a bank in different countries are considered to be separate banks." this also means that Branches of a bank in same country are considered to be same banks. thus if the credit says "available with ICICI bank in india" then you can negotiate the presentation with any bank ICICI bank in india. however it is also possible to restrict the availability with a particular branch. the credit has to mention the fact very clearly then
UCP600 says "Branches of a bank in different countries are considered to be separate banks." this also means that Branches of a bank in same country are considered to be same banks. thus if the credit says "available with ICICI bank in india" then you can negotiate the presentation with any bank ICICI bank in india. however it is also possible to restrict the availability with a particular branch. the credit has to mention the fact very clearly then