ICC Law Amendments for Transparency and Adeptness
The amendments in the International Chamber of Commerce (ICC) Regulations will provide more transparency and adeptness to the international commercial transactions,' remarked Kamal P Patnaik, General Manager, Reserve Bank of India, Kochi, while inaugurating a seminar on 'Trade Finance – An Update on ICC Rules – Operational Issues & ICC Banking Commission Decisions, ICC's Dispute Resolution Services, jointly organized by ICC and FICCI in association with State Bank of India in Kochi on 15 May 2018.
'The service offered by the ICC is important in controlling the misconduct of international business. The ICC has been developing a vital role in preventing counterfeit products and fraud and is spreading throughout the international business, including internet governance, data protection, privacy, security, internet coordination, entrepreneurship, research, legal dispute, and dispute,' he added.
Corporate Adviser and prominent expert in International Trade and Finance, K Parameswaran, led the sessions in the seminar series. The seminar series dealt with issues like documentary credit, UCP 600 Rules, ISBP 745, bank guarantees, Amended Sec 28 of Indian Contract Act, ICC Dispute Resolution Services, SWIFT 700, MT 798 and MT 710 Formats. The programme also offered valuable opportunity to the participants to share their experiences and concerns and seek clarifications from the subject expert.
Kamal P Patnaik, General Manager, Reserve Bank of India, Kochi, addressing the seminar.