Circulars
Cir No. 38 / M-3 / 2022
| Cir No. 38 / M-3 / 2022 | 9th November 2022 |
TO ALL MEMBERS OF THE ASSOCIATION:
Dear Sir,
We would like to inform you that International Chamber of Commerce India, ( ICC India) New Delhi is organising a Free Webinar on “Handling Letters of Credit from Non Banking Entities in MT 710 Format” on Wednesday, 23rd November 2022 at 3.00 P.M.
This Webinar aims to exclusively address the Issues and Precautions to be taken by Indian Exporters on their receiving Letters of Credit (L/C) from unknown non banking agencies. In these transactions, it is getting noticed that after shipping the goods and presenting the documents, payments are not forthcoming. In most cases, Indian Exporters Banks are also not able to communicate directly with the agencies which had issued such Letters of Credit.
We are forwarding herewith an Email of ICC India which will be interested to the Exporter Members. Members who are Interested may register and participate in this Webinar.
Renowned Expert in International Trade and Finance – Mr. K Parameswaranwill be leading this webinar. Please click here https://bit.ly/3g7GdQcto register for the webinar.
We are sure that this webinar will be very useful to all the concerned.
For further information related to the Program, Registration, etc. please feel free to reach out to Mr Utpal Kant, on Mobile: 9810826430 and/or over E- mail at utpal.kant@iccindiaonline.org
Thanking you,
Yours truly,
P. Chandrasekharan
Senior Director & Secretary
From:iccindia=iccindiaonline.org@ficci.comOn Behalf Of ICC India
Sent:11 November 2022 17:11
Dear Colleagues,
We are pleased to share that ICC India is organising a free webinaron ‘Handling Letters of Credit from Non-Banking Entities in MT 710 Format’ on Wednesday, 23 November 2022 at 3:00 hrs (IST).
It has been observed that many of the Indian exporters are receiving letters of credit (LC) from unknown non-banking agencies. In these transactions, it is getting noticed that after shipping the goods and presenting the documents payments are not forthcoming. In most of the cases, Indian exporters’ banks are also not able to communicate directly with the agencies which had issued such letters of credit.
In one of the reported incidences, one exporter from India exported materials worth USD 160,000 under one such letter of credit and they could not get the payment. Even the exporters bank could not establish contact with the LC issuing entity after negotiating the documents.
Against this backdrop, this webinar aims to exclusively address the issues and the precautions to be taken by Indian exporters in such transactions with illustrations. We also invite bankers to participate in this webinar so that they can properly advise their clients in handling such letters of credit.
Informatively, last year, ICC India and FEDAI had jointly issued a guidance note on documentary credits issued by non-banking entities through MT 710. Please click hereto access the note.
Schedule of contents:
- Difference between the Letter of credit formats – MT 700 and MT 710
- Identifying the impact of the terms and conditions in MT 710 format
- Precaution to be taken while handling such Letters of credit in MT 710 format.
Speaker: Renowned expert in International Trade and Finance – Mr. K Parameswaranwill be leading this webinar. I am sure his knowledge and insight will be of great value to the participants.
I am writing to invite you to join us at this webinar as well as nominate concerned officials from your organization to participate. Please click hereto register for the webinar.
We feel that this webinar will be very useful to all the concerned with the trade finance and so request to kindly share the webinar information with all the stakeholders – individuals and organizations – to enable wider participation.
For further information related to the program, registration, etc. please feel free to reach out to my colleague, Utpal Kant, on mobile: 9810826430 and/or over email at utpal.kant@iccindiaonline.org
We look forward to your participation.
Best regards,
Imran Khan| Executive Director
International Chamber of Commerce India | Federation House, Tansen Marg, New Delhi 110 001
T+91 11 2348 7375| E iccindia@iccindiaonline.org| W www.iccindiaonline.org
