¨Issued by shipping company
¨It should be submitted to negotiating bank with in 21 days from date of shipment other wise It will become stale.
Various types of Bill of Lading
Clean Bill of lading : ØNot contain any adverse clause. ØAs per UCPDC, Bank will not clause bill of Lading. Ø
¨Freight paid/collect Bill of lading ¨ ¨Claused Bill of lading : It contain a clause from the shipping company indicating the defective condition of goods of package. ¨
¨Shipped on board Bill of lading : goods loaded on the ship. ¨
¨Short-form Bill of lading : in which details term and condition are not mentioned. ¨
¨Direct Bill of lading
¨Through Bill of lading
¨Stale Bill of lading
¨Charter party Bill of lading
¨Steamship Bill of lading
¨Container Bill of lading
¨House/Forwarding agent Bill of lading
¨Third party Bill of lading ¨
Negotiable Bill of lading
¨Combined Bill of lading
Other ICC Rules
¨ISBP : ¨International Standard Banking Practices. The current version of ISBP-745 was released in April 2013.
¨URR : ¨Uniform Rules for Bank to Bank Reimbursement. The current version URR-725 came into effect from October 1,2008. ¨URC : ¨Uniform Rules for Collection. The current version is URC-522. ¨
Crystalisation of Foreign Currency
For Exports : ¨If demand bill not realized within 30 days after transit period and usance bill from due date should be reversed on 30th day by converting the foreign currency liability into rupees at TT selling rates. However FEDAI has given discretion to banks to decide the number of days for converting the F/C liability in rupee.
For Imports : ¨On receipt of documents from nominated bank, the issuing bank is required to make payment immediately for sight LC and on due date in case of usance LC. If there is delay, the bank converts foreign currency liability into rupee liability maximum within 10 days from due date at bill selling rate or forward rate, if booked.