Can a UPAS (Usance Payable at Sight) LC be transferred to second beneficiary?
Posted: Thu Jun 22, 2017 12:28 pm
Dear Experts,
I have a situation like this:
Issuing Bank > issues an LC to Bank-A [UPAS provider] who has the "credit available with" under clause 41A. And authorized to transfer Bank-B.
I need the Bank-B to transfer the LC to first beneficiary. Can Bank-B do this transfer?
Q-1: Is it necessary for Bank-B to have "Credit Available with"?
Q-2: If the Credit is made available with Bank-B, will the Bank-A still be able to provide UPAS facility?
Thanks in advance.
Regards, Awal
I have a situation like this:
Issuing Bank > issues an LC to Bank-A [UPAS provider] who has the "credit available with" under clause 41A. And authorized to transfer Bank-B.
I need the Bank-B to transfer the LC to first beneficiary. Can Bank-B do this transfer?
Q-1: Is it necessary for Bank-B to have "Credit Available with"?
Q-2: If the Credit is made available with Bank-B, will the Bank-A still be able to provide UPAS facility?
Thanks in advance.
Regards, Awal