President of ICC Bangladesh Mahbubur Rahman urged the professionals for in-depth understanding of the changes that have taken place in the UCP 500, in order to avoid mistakes in documentary credits issued after introduction of UCP 600 in next July.

He was speaking at the workshop on ‘UCP 600-What’s Waiting’ on Tuesday organized by Citibank, N.A., Bangladesh at the MCCI Conference Hall on December 19. The objective of the workshop was to disseminate among the banks the changes that will come into effect with the introduction of UCP 600.

“ …. I would like to draw your kind attention to the fact that discrepancies in the L/Cs are increasingly found to be high. We at ICC Bangladesh, are receiving a lot of complaints from the exporters as well as importers in this regard. I urge upon you to understand all the latest trade tools properly and build your capacity to help ourselves”, Mahbubur Rahman said.

Trade Product and GSS Manager of Citibank, NA, Bangladesh Moinul Huq conducted the workshop. About 100 senior officials from both nationalized and private commercial banks attended the interactive session of the workshop.

Head of Financial Institutions Mahbubur Rahman and other senior officials from Citibank, N.A. were present on the occasion.