Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
According to figures released by Bangladesh Bank, the country’s central bank, settlement of import LCs jumped nearly 50% to USD 60.57 billion during the period of July 2021 to March 2022, compared to USD 40.48b for the same nine-month stretch one year ago.
Meanwhile, LC openings measured over the same time frames grew 46% to USD 68.36b from USD 46.81b.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
