UCP

The ICC Banking Commission met in India for the first time this week, with the revision of ICC's rules on documentary credits the top agenda item.

ICC announced today the publication of a new Guide to the electronic supplement to UCP 500, its universally used rules on documentary credits.

ICC has just published a collection of opinions on its rules governing letters of credit and other essential instruments used in international trade finance. The opinions provide essential guidance on the rules' interpretation.

The new electronic supplement to UCP 500, ICC's universally used rules on letters of credit, came into force at the beginning of this month. The supplement, termed eUCP, contains 12 Articles which, if incorporated into a credit, will rule when there are electronic or part-electronic presentations of documents.

Traders are warned to be aware of fraudulent business offers on the Internet quoting non-existent instruments of ICC. The false references most frequently concern trading in currencies, commodities, gold and financial instruments.