Role of Advising Bank

Non negotiable

Confirming Bank Undertaking

Article 7 States that issuing Bank is irrevocably bound to honor the credit

ARTICLE 6 OF UCP 600 PLACE EXPIRY AND AVAILABLE

Article 5 states: “Banks deal with documents and not with goods, services or performance to which the documents may relate.

LC in nature is separate transaction.

Article 3 provides various interpretations for applying rules of UCP 600 Usage of terms like "from" and "after", "on or about" "beginning"," middle" "end" of a month, "first half" and "second half" of a month have been defined in this article. Also this article clarifies that Branches of a bank in different countries are treated as different Banks for the purpose of Documentary Credit

Article 2 defnes Banking day . IT IS a day on which a bank is regularly open for performance An important aspect of this definition lies in the use of the word ‘regularly’. IF A bank were TO BE open FROM MONDAY TO Saturday for a half or full day to perform the handling of documentary credits, THEN SUCH SATURDAY would BE countED as a banking day UNDER UCP Thanking you. TAKE CARE. STAY SAFE. Good bye

UCP” stands for Uniform Customs and Practice for Documentary credits.

The Government of India has changed its foreign direct investment policy ("FDI Policy") pursuant to a Press Note No. 3 (2020 Series) dated April 17, 2020, (the "Press Note"). The Press Note seeks to curb "opportunistic takeovers/acquisitions of Indian companies" due to the current COVID-19 pandemic.