What is 44B in letter of credit?

What is 44B in letter of credit?

Field 44B: Place of Final Destination/Place of Delivery Field 44B: Place of Final Destination/For Transportation to …/Place of Delivery is a field in MT 700 swift message type that is used to specify the final destination or place of delivery to be indicated on the transport document.

What is MT700 in banking?

MT 700 is a special swift message type that is used by issuing banks when issuing a letter of credit. MT 700 message is sent by the issuing bank to the advising bank. It is used to indicate the terms and conditions of a documentary credit which has been originated by the Sender (issuing bank).

What is field in LC?

Documentary Credit (D/C) is also called Letter of Credit (L/C). If filed 31C has not been listed, then the Issue Date of the L/C is the date of sending SWIFT message. Field:31D Date And Place Of Expiry (Mandatory) The date the letter of credit expires.

What is field 58a in MT700?

There is a new Field 58a “Requested Confirmation Party”. As indicated earlier, this field is to be completed when the code CONFIRM or MAY ADD is inserted in field 49 AND field 57a ‘Second Advising Bank’ is completed. If field 57a is not completed, the instruction in field 49 will apply to the receiving bank.

What is percentage credit amount tolerance in LC?

Field 39A: Percentage Credit Amount Tolerance is a field in MT 700 swift message type that is used to specify the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount. This is an optional field.

What is clause 31D in LC?

Field 31D: Date and Place of Expiry is a field in MT 700 swift message that is used to indicate the date and place of expiry of the letter of credit. This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.

What is field 31e in LC?

This field specifies the date of the original issue of the documentary credit, that is, the date on which the issuing bank considers the credit as being issued.

What is field 53a in LC?

What is 53a: Reimbursing Bank? Field 53a: Reimbursing Bank is a field in MT 700 swift message type that specify the name of the bank which has been authorized by the Sender to reimburse drawings under the documentary credit. This may be a branch of the Sender or the Receiver, or an entirely different bank.

What is latest date of shipment in LC?

Latest Shipment Date – The last date by which the shipment of the goods has to take place. This date should not be earlier than the Issue Date of the LC or later than the expiry date. If you modify the latest shipment date, the system will recalculate the shipment days on confirmation of the amendment.

What is field 44B in MT 700 Swift?

What is Field 44B: Place of Final Destination/Place of Delivery? Field 44B: Place of Final Destination/For Transportation to …/Place of Delivery is a field in MT 700 swift message type that is used to specify the final destination or place of delivery to be indicated on the transport document. This is an optional field.

Which is correct field 44A or field 44B?

This process can be aided significantly by the incorporation of SWIFT fields 44A, E, F and B into LC application forms. The correct completion of these fields, by the applicant and/or the issuing bank, will identify the suitable form of transport document e.g.

What does MT 700 stand for in Swift?

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. MT 700 message is sent by the issuing bank to the advising bank.

What are the rules for using MT 700?

USAGE RULES: For credits subject to eUCP: If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (ie, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in field 47A and not in this field.