Rupnarayan Bose[2]

The ICC Banking Commission’s Opinion to query [TA717rev2] was published in the January-March 2011 issue of the DC Insight. The Banking Commission in its ‘Analysis and conclusion’ stated that, “…A number of these do not reflect good banking practice ….It would not, therefore, be appropriate for ICC to offer any opinion as to whether the assumptions that have been made are correct when some of the examples do not reflect the expectation under the UCP…”. The fact is that these examples, irrespective of whether they reflect “good banking practice” or “the expectations under the UCP”, are well within the existing rules. Hence, in the opinion of this writer, the query deserved a more detailed response. …..(contd….)

[The complete article is available in the book “Beyond Trade Finance” – released on April 13, 2020 – and available as below:

Readers in India, at:

Readers outside India, at: ]


[1] Published in DCInsight, page 18-22, Vol 17 No. 4, October-December 2011.

[2] Home page:; e-mail:

[3] “Does a credit need a ‘place of expiry’?”, Wang Shanlun, DC Insight, Volume 15, No. 3, and “Availability and expiry under Article 6, UCP 600”, Rupnarayan Bose, LCM-Trade Services Update, Volume 12, Issue 3, May–June 2010.

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