Dear experters
We have established documentary letter of credit on CHINA based benefeciary(ABC) for Importing Raw materials.
Terms :drafts at 60 days usance.The Beneficiary bank negotiated the documents , where as The bill os Exchange has drawn
by the Drawer(ABC) on Us (XYZ BANK).I t reads
On due date pay to order of M/s ABC.....LTD and endoresed by the Drawer it self .(There is no Negotiating Bank's Name)
In this BOE 1.Drawer & Payee :ABC
2. Drawee::XYZ Bank.
1.Whether the Bill of Exchange is in Order..?
Please explain.
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