Hi Expets
Is Bill of Exchange a Commercial Document ? and bank raise any descripancy in BE ?
Rgds
Shad
Yes bank can raise a discrepancy in Bills of exchange.
Bank can pick the discrepancy as folows:
1)Tenor
2)Amount in words differ from amount in figures
3)Improper Drawee
4)Improper Drawer
5)Not signed and dated
6)Incorrect LC number.
If BE is not drawn correctly i.e. according to LC terms, the issuing/nominated bank might raise a discrepancy (for example due date is stated as '60 days after b/l date' instead of '60 days after b/l date, b/l being dated xxyyzzzz')
BOE is a financial dox
Yes bank can raise a discrepancy in Bills of exchange.
Bank can pick the discrepancy as folows:
1)Tenor
2)Amount in words differ from amount in figures
3)Improper Drawee
4)Improper Drawer
5)Not signed and dated
6)Incorrect LC number.
Raising a discrepancy under BE
If BE is not drawn correctly i.e. according to LC terms, the issuing/nominated bank might raise a discrepancy (for example due date is stated as '60 days after b/l date' instead of '60 days after b/l date, b/l being dated xxyyzzzz')