Issuing Bank Sent A Refusal Notice On 6th Banking Day

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samrat
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Issuing Bank Sent A Refusal Notice On 6th Banking Day

Post by samrat » Mon Sep 07, 2015 7:29 pm

Bank A from Germany Issued a Confirmed Sight LC ,advised through Benificiery's Bank - B in India
Benificiery Exported as per Lc terms presented the documents to Bank-B , Bank B inturn forwarded the documents to
Issuing Bank -A, Issuing Bank -A , sent a Refusal notice on 4th Banking Day followed by date of presentation to Bank B high lighting Discrepancies to Bank -B , Now Benificery resubmitted corrected Documents and Same was presented to issuing Bank - A , issuing Bank _A again sent a Refusal notice on 6th Banking Day after Banking Hours followed by date of presentation to Bank B stating late presentation ( here period of presentation is 15 days and Lc was valid for another 1 month.) Now Bank - B sent a swift Message highlighting Article 16 F of UCP 600 and claimed payment.
Issuing Bank - A has not replied for the Swift message Till Now it is 5th Banking day from the date of swift which was sent by Bank -B. Pls advice what should we do as benificery

Best regards
Santhosh

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picant
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Something not clear

Post by picant » Tue Sep 08, 2015 11:10 am

Hi Pal,

which bank confirmed the l/c, where it was available ? If presentation has to be made to the advising bank or not?
6 days are not correct, but if there is a nominated bank, this has 5 days and issuing bank 5 days too.
Let me know.
Ciao

samrat
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Post by samrat » Tue Sep 08, 2015 12:41 pm

Issuing Bank has confirmed the LC , Available with Issuing Bank by payment, Presentation was made to Issuing Bank.
A

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gegeeee
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???????????

Post by gegeeee » Wed Sep 16, 2015 12:40 pm

it is out of reason for issuing bank to confirm LC. I guess issuing bank issued LC, another bank confirmed and advised through Bank B in India.

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