Uncategorized CODES USED IN FIELD 77B MT 734 By Mr Old Man Posted on April 3, 2014 1 min read 2 0 9,376 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION Dear Mr. Old Man, I see that the following codes can be used in Field 77B of MT 734: /HOLD/, /NOTIFY/, /PREVINST/ and /RETURN/. Would you kindly explain to me in which cases the above codes are used? Thank you in advance. Best regards, LNAT ————– ANSWER Hi, Those codes are used in Field 77B of MT 734 to inform the presenter of the disposal of documents. /HOLD/ Documents held at your disposal /NOTIFY/ Documents held until the issuing bank receives a waiver from the applicant and agrees to accept it, or receives further instructions from the presenter prior to agreeing to accept a waiver. /PREVINST/ Acting in accordance with instructions previously received from the presenter. /RETURN/ Documents being returned to you. Note: Any code must be used between slashes and appear at the beginning of a line, e.g., 77B: /HOLD/ Hope it helps. Kind regards, Mr. Old Man P/s: For questions regarding the use of SWIFT messages, you can google answers.
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?