Financial Daily from THE HINDU group of publications
Thursday, Aug 19, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 19, 2004 |
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Corporate
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Corporate Governance Follow ICC rules, corporates told Our Bureau
Hyderabad , Aug. 18 AN expert in Letters of Credit and international banking practices has asked corporates and bankers to follow the rules set by ICC (International Chamber of Commerce) to avoid discrepancies. "Even a small mistake in trade transactions could lead to either delayed payments or non-receipt of payments," Mr K. Parameswaran said addressing a daylong international seminar on `Letters of Credit in international trade' here on Tuesday. He asked corporates to follow the ICC rules in letter and spirit, a FICCI press release said here on Wednesday. The seminar was organised by the Indian chapter of Paris-based International Chamber of Commerce (ICC) in association with the Federation of Indian Chambers of Commerce and Industry (FICCI - AP). Mr Amitabha Guha, Managing Director of State Bank of Hyderabad, highlighted the need for correct understanding, interpretation and application of the rules by corporates and bankers in trade transactions. "This will help avoid chances of disputes," he said. Mr Sudhir Sanghi, Co-Chairman of FICCI (AP), asked corporates, bankers and lawyers to come forward with their suggestions on UCP (Uniform Customs and Practice), the codified rules formulated by ICC.
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