RECENT
ACTIVITIES
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RECENT
ACTIVITIES
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ICC
India Seminars on understanding THE UCP600
The
seminars were led by Mr. Gary Collyer, Technical Advisor to ICC Banking
Commission. Since November 1996, Mr. Collyer has been the technical
adviser to the International Chamber of Commerce, where he has been
instrumental in providing various opinions related to ICC rules and
the deployment of the e-UCP. In his ICC role, Mr. Collyer has been
chair of the ICC Working Group for the development of the ISP98 and
the strategy for a revision of UCP500 and a member of the ICC Working
Groups for the development and revision of URR525, URC522 and e-UCP.
More recently,
The seminars were designed to update Indian businesses and bankers about the use of the new UCP rules, UCP600, that will come into force from July 1, 2007. The training programs were addressed by Mr. Ashok Ummat, Executive Director, ICC India at New Delhi, Mr Suresh A Kotak, President, ICC India in Mumbai and Dr V L Dutt, Past President, ICC India, in Chennai. From ABN AMRO Bank, Mr Nimesh Karwanyun, Head Transaction Banking Sales India; Mr Brijesh Mehra, Country Corporate & Investment Bank Head and Mr Ravikumar Tirumalai, Vice President, Head-Transaction Banking Sales, Mid Markets addressed the participants at the inaugural session in New Delhi, Mumbai and Chennai respectively. It was emphasized that one of the core tasks of the ICC was to make it easier for companies in different countries to trade with each other, thus contributing to the expansion of international commerce. The means included ICC rules for the conduct of trade and payments, of which the Uniform Customs and Practices for Documentary Credits were at the forefront. ICC India continuously endeavoured to create awareness about rules for documentary credits, collection operations, standbys and their applicability to trade transactions, as also the steps that need to be taken to avoid delays and disputes. The
recent seminars
Mr
Gary Collyer in his presentation stated that ICC Banking Commission
in its meeting of October 2006 voted for the new rules for governing
letters of credit, UCP600, which was unanimously approved and it would
be effective from 1st July 2007. UCP600 had quite a few new provisions
which banks and businesses needed to know. These, inter alia, included
a leaner set of rules, with 39 articles rather than UCP 500's 49;
a new section of "definitions", containing terms such as
"honour" and "negotiation"; a replacement of the
term "reasonable time" with a definite number of days, for
examining and determining compliance of documents, an expanded description
of "original documents", changed practice for notice of
refusal and re-drafted transport articles.
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ICC
India, in association with ABN AMRO Bank, organised three Seminars
on "Understanding the UCP600" from January 15 to 19, 2007
in New Delhi, Mumbai and Chennai. The programs were attended by bankers,
corporates, lawyers and consultants in all the three centers. 
he
was chair of the Working Group for the revision of the UCP500. Editor
of six ICC opinion publications, he is also an editorial board member
of Documentary Credit Insight and Documentary Credit World. He is
also a regular speaker at ICC and other external seminars on a global
basis.
assumed
special significance when ICC had come out with a new set of rules,
UCP600, for governing letters of credit. The participants were informed
that ICC India and its Task Force on Banking has had over the past
three years actively participated in the revision process and put
forth the views of the Indian businesses and bankers to the ICC Banking
Commission. 