Maturity Date Calculation
Posted: Sun Mar 19, 2017 10:40 pm
Dear All Altruist !
Please help me for finding the maturity date the following question --
Documents presented on 30 September under a credit available by deferred payment at 60 days after bill of lading dated 23 September are found to be discrepant. A valid rejection notice is issued by the nominated bank and the issuing bank's acceptance sought at the beneficiary’s request. The issuing bank's acceptance of documents is received by the nominated bank on 10 October. What is the latest possible maturity date?
My Choice was 09 December which is Incorrect.
The correct answer given is 22 November.
But I don't understand why it is 22 November. ISBP 745 Paragraph B5(b) iii states "when the drawee bank is a bank other than the issuing bank and it has provided a notice of refusal, at the latest 60 days after the date of the acceptance advice of the issuing bank." So from my understanding calculation starts from 10 October.
Please help.
Regards,
Shafique
Please help me for finding the maturity date the following question --
Documents presented on 30 September under a credit available by deferred payment at 60 days after bill of lading dated 23 September are found to be discrepant. A valid rejection notice is issued by the nominated bank and the issuing bank's acceptance sought at the beneficiary’s request. The issuing bank's acceptance of documents is received by the nominated bank on 10 October. What is the latest possible maturity date?
My Choice was 09 December which is Incorrect.
The correct answer given is 22 November.
But I don't understand why it is 22 November. ISBP 745 Paragraph B5(b) iii states "when the drawee bank is a bank other than the issuing bank and it has provided a notice of refusal, at the latest 60 days after the date of the acceptance advice of the issuing bank." So from my understanding calculation starts from 10 October.
Please help.
Regards,
Shafique