Legal Question in Banking Law in India
Is it against Indian banking law to have the beneficiary of an LC be some one other then the seller in the contract? The seller is a coal mine in Columbia and the beneficiary account is their trust attorneys in America.
Also are transferable LCs not allowed in India?
Asked on 2/23/11, 4:44 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
The beneficiary of an LC has to be named by the Bank. It can be somebody nominated by the seller. Transferable LCs. are allowed in India.
Answered on 2/23/11, 7:28 pm
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