Export Letter of Credit Payment

[ahmad72]

We have made export consignment through LC. There are three banks involved my Bank , Issuing bank and internediary bank. The issuing bank has send MT 740 authorized intermediary bank to reimburse payment . The interediary bank , we have come to know , in a territory in which there are accute shortage of US $ and he hold several payments and no transferring it to beneficiaries.

Now what course of action should as a beneficiary we take to recover our amount in time .

[picant]

Hi Pal,

issuing bank is liable for it. Contact said bank and ask for paymnt.
Let us know.
Ciao