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.
The Reserve Bank of India (central bank) has assessed an INR 1.25 crore (USD 153,000) penalty against Zoroastrian Co-operative Bank, Mumbai. In a November 2022 press release announcing its action, RBI said the bank had failed to comply with RBI directions on ‘Discounting of Bills by UCBs – Restricted Letters of Credit (LC)’ and related Rules provisions when it discounted accommodation bills under LCs without establishing the genuineness of underlying transactions/ documents and failed to preserve records in good order for a period of eight years
