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LC Available with by Payment

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Wed, 03/16/2016 - 02:52
Navaid
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Joined: 03/16/2016
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Dear All,

We have received LC from our buyer which field 41A says availabe with JP Morgan Bank in Mumbai By Payment.

Please let me know if we can submit docs. directly to JP Morgan Bank in Mumbai without routing docs. through our bankers.

Can JP Morgan Bank make the payment on receipt of our documents?

Please advise urgently.

Regards

Navaid

 

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Thu, 03/17/2016 - 06:23
#1
BIB
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Joined: 03/15/2016
Being nominated bank we

Being nominated bank we regularly receive documents from the beneficiaries directly. We just write request to the beneficiary's bank asking them to confirm that no more documents were presented from the beneficiaty to them and asking to give us payment instructions. We don't pay to the beneficiary directly considering the l/c bank-to-bank operation. So we pay to the beneficiary's bank for further crediting to the beneficiary's account.

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Fri, 03/18/2016 - 05:07
#2
Navaid
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Joined: 03/16/2016
Actually we approached JP

Actually we approached JP Morgan asking whether they can accept our docs. directly without going through our banker.

And they suggested, we should route the docs. through our banker since they cannot determine the authenticity of benificiary untill docs. are received from our banker. 

 

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