{"id":27489,"date":"2022-04-19T05:37:14","date_gmt":"2022-04-19T05:37:14","guid":{"rendered":"https:\/\/scmwizard.com\/?p=27489"},"modified":"2022-06-05T07:49:04","modified_gmt":"2022-06-05T07:49:04","slug":"field-40e-applicable-rules-lc","status":"publish","type":"post","link":"https:\/\/scmwizard.com\/field-40e-applicable-rules-lc\/","title":{"rendered":"Field 40E: Applicable Rules in Letter of Credit"},"content":{"rendered":"

F<\/b><\/strong>40E<\/b><\/strong>: <\/b><\/strong>Applicable rules <\/b><\/strong>are a mandatory field in MT700 SWIFT message.<\/a><\/p>\n

This field specifies the rules which is followed by this LC is issued.<\/p>\n

This rule must be mentioned by the issuing bank because it\u2019s a mandatory field.<\/p>\n

There are a few rules from which the applicable rules to be mentioned in this field by following codes:<\/p>\n

EUCP LATEST VERSION<\/b><\/strong><\/p>\n

The credit is subject to the version of the Supplement of the \u00a0ICC Uniform Customs and Practice for Documentary Credits for Electronic presentations, International Chamber of \u00a0Commerce, Paris, France, which is in effect on the date of issue.\u00a0<\/b><\/strong><\/p>\n

EUCPURR LATEST VERSION<\/b><\/strong><\/p>\n

The credit is subject to the version of the Supplement of the ICC Uniform Customs and Practice for Documentary Credits for Electronic Presentations, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the \u00a0Uniform Rules for Bank-to-Bank Reimbursements, \u00a0International Chamber of Commerce, Paris, France, which is in effect on the date of issue.<\/p>\n

OTHR<\/b><\/strong><\/p>\n

The credit is subject to another set of rules, or the credit is not subject to the version of the rules that is in effect on the date of issue, these must be specified in Narrative (2nd subfield).<\/p>\n

UCP LATEST VERSION <\/b><\/strong><\/p>\n

The credit is subject to the version of the ICC Uniform \u00a0Customs and Practice for Documentary Credits, International \u00a0Chamber of Commerce, Paris, France, which is in effect on the date of issue.<\/p>\n

UCPURR LATEST VERSION<\/b><\/strong><\/p>\n

The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International \u00a0Chamber of Commerce, Paris, France, which is in effect on the date of issue. The reimbursement is subject to the version of the Uniform Rules for Bank-to-Bank Reimbursements under documentary credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue.<\/p><\/blockquote>\n

According to\u00a0<\/b><\/strong>SWIFT<\/b><\/strong><\/a><\/p>\n

“This field specifies the rules the credit is subject to.”<\/p><\/blockquote>\n

Note: in the case of \u201cOTHR\u201d the Narrative is allowed to mention which rule is applied here.<\/p>\n

Let\u2019s see an example:<\/b><\/strong><\/p>\n

Here I’ll show 2 different rules in different LCs’<\/p>\n

\"UCP<\/p>\n

In this LC the applicable rules are UCP Latest version<\/strong>. The latest version is UCP600<\/strong><\/a> which was published in 2007.<\/p>\n

\"UCPURR<\/p>\n

In this LC the applicable rules are <\/span>UCPURR Latest version<\/strong>. That means both UCP and URR are applicable. The latest version is UCP600 and <\/span>URR725<\/a>.<\/span><\/p>\n

If a Reimbursement bank<\/a> is involved then UCPURR is applicable. Note that not all confirmed LC or UPAS LC<\/a> may not involve reimbursement banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

F40E: Applicable rules are a mandatory field in MT700 SWIFT message. This field specifies the rules which is followed by this LC is issued. This […]<\/a><\/p>\n","protected":false},"author":1,"featured_media":27506,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2856],"tags":[],"yoast_head":"\nField 40E: Applicable Rules in Letter of Credit - SCM Wizard<\/title>\n<meta name=\"description\" content=\"Field 40E: Applicable rules is a mandatory field in MT700 SWIFT message of Letter of credit. 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