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November 2015

Federal Board of Revenue, Pakistan, to launch online verification of LCs to curb under-invoicing
22/11/2015
The Federal Board of Revenue (FBR) is all set to launch a mechanism for the online verification of letters of credit (LCs) with the banks to curb money-laundering and under-invoicing, official sources said on Friday...
At what place is a debt under a letter of credit situated?
09/11/2015
Debt under a letter of credit is situated in the place where payment is to be made...
Egypt's Banque Misr and National Bank of Egypt provide $800m to cover imports
04/11/2015
3 November - Egypt's top two state banks have provided clients with over $800 million over the past three working days to release goods held up at ports due to a dollar crisis that is hindering imports, Banque Misr's chairman told Al-Arabiya TV on Tuesday...

Recent News

Achieving inclusive AI - a paper issued by ICC 08/07/2025

With AI becoming more and more involved with trade finance, the ICC has issued the following paper...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

Could you please advise if the presentation is discrepant or not? A standby subject to ISP98 has the following clause: Beneficiary can claim under the standby by presenting a statement of default certifying the applicant has not paid invoices within 60days after shipment date including invoice no.123. The beneficiary presents a statement of default certifying the applicant has not paid invoices within 60 days after shipment date including invoice no.123. And an invoice no.123. The thing is the invoice no. 123 is not addressed to the standby LC but another named entity. The issuer refused due to the invoice not being made out in the name of the standby applicant. The issuer believes there are two kinds of document required under this standby. However, the beneficiary argued that the standby only requires the statement of default with the certified content quoting exactly as per standby term. And sending invoice no.123 is only for reference, if applicable. Please advise.