What is 42C in letter of credit?
Table of Contents
What is 42C in letter of credit?
What is Field 42C: Drafts at? Field 42C: Drafts at is a field in MT 700 swift message type that is used to to specify the tenor of drafts to be drawn under the documentary credit. This is an optional field. This field specifies the tenor of drafts to be drawn under the documentary credit.
What is Clause 78 in letter of credit?
Field 78: Instructions to the Paying/Accepting/Negotiating Bank is a field in MT 700 swift message type that specify instructions to the paying, accepting or negotiating bank. It may also indicate if pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required.
What are the fields in letter of credit?
Terms
| Fields | Description |
|---|---|
| Issuance | Select the issuance from the list. |
| Advice Method | Select the advice method from the list. |
| Drafts At | Select the draft at entry from the list. For example, select 60 Days. |
| Presentation Terms | Select the presentation terms from the list. For example, select By Payment. This field is a required field. |
What is MT700 format?
MT 700 is a special swift message type that is used by issuing banks when issuing a letter of credit. An issuing bank sends the terms and conditions of the documentary credit with a MT 700 Issue of a Documentary Credit swift message type.
What is 41 A in LC?
41A – This is mentioned where the nominated bank is identified by BIC (Bank Identified Code) AKA Swift code. In the above example, the nominated bank SWIFT code is mentioned. That means the beneficiary has to submit the documents in that bank to get the payment.
What is fi BIC in LC?
Applicant’s bank is the drawee of the drafts and identified by FI/ BIC, which means Financial Institute / Bank Identification Code. Bank’s SWIFT code is mentioned in this field to identify the drawee.
What is field 31E in LC?
:31E. Maturity Date. :32B. Currency / Amount. The currency and value of the Credit.
What is tolerance in LC?
Banks have always allowed a tolerance of plus or minus five percent for the quantity of the goods. However, the tolerance does not apply if the LC states that the quantity cannot be exceeded or reduced or if it states a number of units required. Under no circumstances can the value of the LC be exceeded.
What is Field 79 in a SWIFT message?
DEFINITION. This field contains a narrative description of the original message, or single transaction within a multiple message, which will enable the Receiver to positively identify the message or transaction to be cancelled.
What is Neft 70 field?
Field 70 : Purpose of Remittance is mentioned in the wire transfer message sent by the remitting bank.
What is field 39a in letter of credit?
This field specifies the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount.
What is R41 and r42 in RTGS?
RTGS Transactions At present, an RTGS customer transaction that is returned to the originating bank, is treated as an inter bank transaction. Thus, an R 41 message format, when returned, comes back to the originating bank as an R 42 message format.
