All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
SEA-WAY
BILL
Uniform Customs and Practice
for Documentary Credit (1993 – Revision) – International
Chamber of Commerce Document No.500-permits acceptance of
"Sea-way Bill" in case relative letter of credit
so envisages.
2. Enquiries have been received
whether this documents can be used in lieu of Bill of Leading
in the country’s import/export trade. The matter has
been examined by us. The seaway bill is neither a document
of title to the cargo nor is it a negotiable document. The
consignees can take the delivery of the goods simply by
establishing to the carrier that they are consignees as
mentioned in the document. It has, therefore, been decided
that negotiation of documents against import letters of
credit/remittances against imports into the country on the
basis of seaway Bill will not be allowed. However, it has
been decided to permit negotiation of export documents/transmission
of the export documents abroad by the Authorized Dealers
on the basis of sea-way Bill only in cases where the export
is being made against advance payments received or against
an irrevocable Letter of Credit opened/confirmed by a reputable
bank abroad envisaging payment to the Pakistani exporters
on the basis of the said document instead of Bill of Lading.