How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
Stung by the massive letter of credit scandal committed against Punjab National Bank (Feb 2018 DCW 44), India’s central bank, the Reserve Bank of India (RBI), has joined forces with a consortium of Indian banks to run a blockchain-based pilot project based on trade financing. A priority area of the project is to combat the tampering of documents and misuse of LCs.
The project will be driven by the Reserve Bank Innovation Hub (RBIH) which was set up in March 2022 as a wholly owned subsidiary of the RBI to serve as a catalyst for innovations in the Fintech sector.
Overall, the project aims to integrate blockchain technology into India’s Core Banking System (CBS). The pilot which will test application of the technology before it becomes established practice has begun with banks running blockchain-backed systems to issue digital LCs, according to The Economic Times.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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