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KARACHI, Oct 30: The rules for documentary credit have been changed after 13 years and the ICC has approved the change. By a unanimous vote of 91 to 0, the ICC Banking Commission approved UCP 600 (Uniform Customs and Practice) for documentary credits. UCP 600 are ICC’s revised rules on documentary credits. The revision will come into effect on July 1, 2007.
This is the first revision of rules since 1993. The UCP remain the most successful set of private rules of trade ever developed.
The ICC Pakistan Banking Commission has been participating regularly at the deliberations of the ICC working group, says a press release.
