Jayanta Bandyopadhyay 28 May 2022
SBI issues LC to our Germany exporter. Purchase/ Negotiation.
Vendor's bank is forcing Indian importer and bank to release payment based on scan docs and thereafter they will release original shipping docs.
SBI mention it being unrealistic in view of docs not getting released even after payment.
Kindly guide us.
Kishor Mehta (CEO) 28 May 2022
Payment should not be released against scanned documents. In the matter of monetary transactions only original documents are valid for payment.
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