UCPDC 600-Uniform Customs and Practice for Documentary Credits 600 ( UCPDC ) UCPDC 600 Bangla UCPDC ARTICLE 1 Application of UCP The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600 (“UCP”) are rules that apply to any documentary credit (“credit”) (including to the extent to which they may be applicable, […]
Read MoreCanara Bank Canara Bank Canara Bank is one of the largest public sector banks owned by the Government of India. Its headquarter is in Bengaluru. It was established at Mangalore in 1906( by Ammembal Subba Rao Pai). It is one of the oldest public sector banks in the country. The government nationalized the bank […]
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Characteristics of a Bank Characteristics of a Bank is given step by step 1. Dealing in Money Bank is a financial institution which deals with other people’s money i.e. money given by depositors. 2. Individual/ Company/ Firm A bank is a person or firm or a company. A banking company means a company where the […]
Read MoreUCPDC ARTICLE 8-9 ARTICLE 8:Confirming Bank Undertaking. a Provided that the stipulated documents are presented to the issuing bank or to any other nominated bank and that they constitute a complying presentation, the confirming bank must: i. honour, if the credit is available by a) sight payment, deferred payment or acceptance with the confirming bank; […]
Read MoreUCPDC Article 5-7 ARTICLE 5 : Documents V. Goods, Services or Performance Banks deal with documents and not with goods, services or performance to which the credit may relate. ARTICLE 6 : Availability, Expiry Date and Place for presentation a. A credit must state the bank with which it is available or whether it is […]
Read MoreUCPDC ARTICLE 4 UCPDC ARTICLE 4 CREDITS V. CONTRACTS: a. A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the […]
Read MoreUCPDC ARTICLE 3: INTERPRETATIONS For the purpose of these rules: Where applicable, words in the singular include the plural and in the plural include the singular. A credit is irrevocable even if there is no indication to that effect. A document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any other mechanical or […]
Read MoreRiba- Its Economic Rationale and Implications By Dr. Abdel-Rahman Yousri Ahmad Director General Institute of Islamic University Pakistan Introduction The word “Riba”, in Arabic language, literally means an “increment’ or addition”. In Islamic Fiqh the term riba has a special meaning. Riba is an unjustified increment in borrowing or lending money, paid in kind or […]
Read MoreUCPDC Article 2: Definition For the purpose of these rules: Advising bank means the bank that advises the credit at the request of the issuing bank.Applicant means the party on whose request the credit is issued. Banking day means a day on which a bank is regularly open at the place at which an act […]
Read MoreAnalysis of Financial Statements At the time a borrower, especially a businessmen or an industrialist, approaches a banker with a credit proposal, the banker investigates into all aspects of the borrower’s business and also about his personal character, capacity and capital. In this task of financial appraisal of the credit proposal and the evaluation of […]
Read MoreWhat do you mean inflation, features of inflation and types of inflation Inflation means a substantial and rapid increase in the general price level which causes a decline in the purchasing power of money.Inflation is statistically measured in terms of percentage increase in the price index per unit time (usually a year or a month). […]
Read MoreUCPDC 600 ARTICLE 36-39 ARTICLE 36 : Force Majeure A bank assumes no liability or responsibility for the consequences arising out of the interruption of its business by Acts of God, riots, civil commotions, insurrections, wars, acts of terrorism or by any strikes or lockouts or any other causes beyond its control. A bank will […]
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UCPDC 600 ARTICLE 31-35 ARTICLE 31 : Partial Drawings or Shipments a. Partial drawings or shipments are allowed. b. A presentation consisting of more than one set of transport documents Evidencing shipment commencing on the same means of conveyance and for the same journey, provided they indicate the same destination, will not be regarded as […]
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UCPDC 600 ARTICLE 25-30 ARTICLE 25: Courier Receipt, Post Receipt or Certificate of Posting A courier receipt, however named, evidencing receipt of goods for transport, must appear to: i. indicate the name of the courier service and be stamped of signed by the named courier service at the place from which the credit states the […]
Read MoreUCPDC 600 ARTICLE 24 ARTICLE 24: Road, Rail or Inland Waterway Transport Documents A road, rail or inland waterway transport document, however named, must appear to: i. indicate the name of the carrier and: • be signed by the carrier or a named agent for or on behalf of the carrier, or • indicate receipt […]
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