ICC India Seminars on UCP 600 in Practice- Implementation and issues
January 21 – 31, 2008, New Delhi, Mumbai, Kolkata, Bangalore, & Chennai

ICC India, in association with ABN AMRO Bank, organised five Seminars on "UCP 600 in Practice - Implementations and Issues" from January 21 to 31, 2008 in New Delhi, Mumbai, Kolkota, Bangalore and Chennai. These programmes were attended by bankers, corporates, lawyers and consultants in all the five centers.

Mr. Gary Collyer, Technical Advisor to ICC Banking Commission, led the seminars. 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, he was chair of the Working Group for the revision of the UCP500. Editor of six ICC opinions 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.

The seminars were designed to review articles of UCP600 as also understand the changes made in UCP 600 as compared to UCP 500.

 

 

Mr. Gary Collyer, Technical Advisor, ICC Banking Commission addressing the participants at the ICC India ABN AMRO Seminar on "UCP 600 in Practice - Implementation and Issues" on January 21, 2008 in New Delhi

The training programs were addressed by Mr. Ashok Ummat, Executive Director, ICC India at New Delhi & Kolkota; Mr Suresh A Kotak, Past President, ICC India in Mumbai; Mr. S S Patil, President, Federation of Karnatka Chamber of Commerce and Industry in Bangalore; and Mr P Murari, Adviser to President, FICCI, in Chennai. From ABN AMRO Bank, Ms. Ranjana Mirchandani, Head of Transaction Banking Sales - Commercial -SME and Consumer - India; Mr. Ramesh Ganesan, Executive Director, Transaction Banking, India; Mr Ravikumar Tirumalai, Vice President, Head-Transaction Banking Sales, Mid Markets; Mr. Robinder Sodhi, Head-Corporate Clients, South India; and Mr Nimesh Karwanyun, Head Transaction Banking Sales-India, addressed the participants at the inaugural session in New Delhi, Mumbai, Kolkota, Bangalore 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.

Mr Gary Collyer in his presentation explained the various provision of UCP 600 and answered queries from the participants on problems being faced by them in their day-to-day operations. Since the rules come into effect from July 1, 2007, Mr Collyer felt that it might take some more time for letters of credit to be drawn up as per UCP 600. The interim period should be used by the bankers to understand the new rules, create the required infrastructure for implementing the rules and educating their customers of essentials of changes in rules and how they can get the best out of this trade payment instrument.