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First European multi-bank BPO
06/06/2014
BP Petrochemicals has completed the first European centric Bank Payment Obligation subject to the URBPO rules. A short press release can be found in the following link:
http://www.gtreview.com/trade-finance/global-trade-review-news/2014/May/BP-agrees-first-European-multi-bank-BPO_11677.shtml
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Latest Question
We issued an unconfirmed Letter of Credit (LC) through EXIM Bank, available with “any bank” in India. The LC was advised to the beneficiary by EXIM Bank. Subsequently, the beneficiary informed EXIM Bank that the LC had been misplaced/lost at their premises. Based on the beneficiary’s Letter of Indemnity, which was accepted by EXIM Bank, the bank issued a Certificate of True Copy (duplicate LC) to the beneficiary. EXIM Bank also requested us, as the Issuing Bank, to accept documents under the said LC only through EXIM Bank and not to accept any presentation from other banking or financial institutions, in order to mitigate the risk of dual negotiation or potential fraudulent use of the lost original LC. However, documents have now been presented through YES Bank. Kindly advise on the way forward.
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