Why is it important to present the documents under LC to the nominated bank?
Why is it important to present the documents under LC to the nominated bank?
1. It is the bank with which the LC is available and is authtorised by issuing bank to honour or negotiate a complying presentation under LC.
2. As a beneficiary, if you are able to present the documents to the nominated bank on or before the expiry date for presentation, your job is over if the place of expiry of LC is your country. Issuing bank has to honour the complying presentation even if they receive the documents after the expiry date of LC.
3. If the tenor of LC is usance, available by deferred payment undertaking or acceptance, the nominated bank may prepay or purchase a draft accepted or a deferred payment undertaking incurred by that nominated bank and can give you the amount before the due date.
4. If a nominated bank determines that a presentation is complying and forwards the documents to the issuing bank, an issuing bank must honour or negotiate, or reimburse that nominated bank, even when the documents have been lost in transit between the nominated bank and the issuing bank.
About Speaker:- Isaac Tudu is an ex-banker with India’s largest Banks i.e. ICICI Bank and State Bank of India having more than 25 years of banking experience in Trade Finance and Credit with ICC certifications like CDCS, CSDG & CITF etc.
Isaac’s Vision: To create a financial world where SMEs are well conversant with Trade Finance without any ambiguity. Isaac’s Mission:
To help 100,000 SMEs to achieve their Sales & Business Growth drastically by enabling them through the "Hassle-Free Trade Finance" Online Programme.
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