Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
In an effort to boost protection of the country’s dwindling foreign reserves, the government has directed all importers to secure permission from Pakistan’s federal finance ministry for the opening of LCs. The move was taken to supplement State Bank of Pakistan (SBP) restrictions which cover only 15% of the country’s imports.
