Business Standard

SME: 'Due date of sight bill should be counted from date of presentation'

What a firm seeking supplies from abroad on credit should do in case there is an error in the contractual documents

digital payments
Premium

TNC Rajagopalan
Q. We had contracted with an overseas party for supply of certain goods on 90 days’ credit. By mistake, he sent the documents payable at sight through banking channels on collection basis. Later, he arranged with his bank (the remitting bank) to send a SWIFT-authenticated message to our bank (the collecting bank), changing the tenure to 90 days. Can our bank act on such an instruction or ask for a bill of exchange at 90 days’ sight, and if our customer does send such a bill of exchange through his bank, will the due date be 90 days from the

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in