MT 700: (6) Field 40E: Applicable Rules
Format
| Option E | 30x[/35x] | (Applicable Rules)(Narrative) |
Presence
Mandatory
Definition
This field specifies the rules the credit is subject to.
Codes
One of the following codes must be used in Applicable Rules (Error code(s): T59)
| EUCP LATEST VERSION | 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. |
| EUCPURR LATEST VERSION | 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 Uniform Rules for Bank-to-Bank Reimbursements, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. |
| ISP LATEST VERSION | The standby letter of credit is subject to the version of the ICC International Standby Practices, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. |
| OTHR | The credit is subject to any other rules. |
| UCP LATEST VERSION | The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, Paris, France, which is in effect on the date of issue. |
| UCPURR LATEST VERSION | The credit is subject to the version of the ICC Uniform Customs and Practice for Documentary Credits, International Chamber 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. |
Network Validated Rules
Subfield 2 of field 40E, that is, “/”35x, is only allowed when subfield 1 of this field consists of OTHR (Error code(s): D81).
MT 700: (9) Field 50: Applicant
Format
| 4*35x | (Name and Address) |
Presence
Mandatory
Definition
This field specifies the party on behalf of which the documentary credit is being issued.
MT 700: (11) Field 32B: Currency Code, Amount
Format
| Option B | 3!a15d | (Currency)(Amount) |
Presence
Mandatory
Definition
This field contains the currency code and amount of the documentary credit.
Network Validated Rules
Currency must be a valid ISO 4217 currency code (Error code(s): T52).
The integer part of Amount must contain at least one digit. The decimal comma ‘,’ is mandatory and is included in the maximum length. The number of digits following the comma must not exceed the maximum number allowed for the specified currency (Error code(s): C03, T40, T43).
Usage Rules
Special information relative to the amount of the credit must be specified in field 39A Percentage Credit Amount Tolerance, field 39B Maximum Credit Amount or field 39C Additional Amounts Covered.
MT 700: (15) Field 41a: Available With … By …
Format
| Option A | 4!a2!a2!c[3!c] 14x | (Identifier Code) (Code) |
| Option D | 4*35x 14x | (Name and Address) (Code) |
Presence
Mandatory
Definition
This field identifies the bank with which the credit is available (the place for presentation) and an indication of how the credit is available.
Codes
In option A or D, Code must contain one of the following codes (Error code(s): T68)
| BY ACCEPTANCE | |
| BY DEF PAYMENT | |
| BY MIXED PYMT | |
| BY NEGOTIATION | |
| BY PAYMENT |
Network Validated Rules
Identifier Code must be a registered financial institution BIC (Error code(s): T27, T28, T29, T45).
Identifier Code must be a financial institution BIC. This error code applies to all types of BICs referenced in a FIN message including connected BICs, non-connected BICs, Masters, Synonyms, Live destinations and Test & Training destinations (Error code(s): C05).
Usage Rules
For credits subject to eUCP:
- If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in field 47A and not in this field.
- If presentation of only electronic records is allowed, the place for presentation of the electronic records (that is, the electronic address to which presentation must be made) must be specified in field 47A and not in this field.
If the credit is to be freely negotiable by any bank, option D must be used with the phrase Any bank in … (city or country). If the credit is to be freely negotiable by any bank anywhere in the world, an indication of country is not required.
When Code contains either BY DEF PAYMENT or BY MIXED PYMT, the specific details of the payment terms must be specified in field 42P and 42M respectively.
When Code contains BY PAYMENT, this should be understood to mean payment at sight.
MT 700: (33) Field 49: Confirmation Instructions
Format
| 7!x | (Instruction) |
Presence
Mandatory
Definition
This field contains confirmation instructions for the Receiver.
Codes
One of the following codes must be used (Error code(s): T67):
| CONFIRM | The Receiver is requested to confirm the credit |
| MAY ADD | The Receiver may add its confirmation to the credit |
| WITHOUT | The Receiver is not requested to confirm the credit |
Maryam's Blog 