XYZ is a big exporter from Chennai exporting sea food to various countries. They had a contract with one Japanese Company for the export of cuttle fish. The importer appointed a inspecting agency in Chennai who will inspect the goods before packing. The inspection agency inspected the goods and certified that the goods are as per the export order. But there was mistake in typing in the bill attached to the LC. The Goods reached Japan but the importer did not release the payment because the description of goods specified in the bill differ from the export order. The Bank in India received the information from the importer and it did not inform the exporter for 6 months. In the meantime since the exporter got the money by discounting the bill, he did not follow up the matter. To his shock Bank debited the bill amount from his account and gave a letter after 6 months. We advised the exporter that there is definitely a negligent and deficient service done by the bank and we filed a consumer Complaint. Bank took a stand that they informed the exporter orally, which was disbelieved by the National Consumer Commission and ordered the Bank to pay the entire bill amount with interest from the date of the application. Get more information about Legally Effective Letters of Credit (LC) and how to deal with a discrepant L/C under UCPDC 600
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