Tuesday, October 16, 2018

Published Articles - A List

    Some of the articles are available on this blogpost site. The others are available on request.
    (Update of this list is pending)
    1. An Analysis of Article 1, UCP 600 LCM-TSU, October-December 2014, and Indian Engineering Exports, Journal of EEPC India, Vol 7, Issue No. 4, July 2014
    2. An enigma called draft: DC Insight, Vol 19 No. 4. October-December 2013
    3. Some random thoughts on the UCP: LC Monitor - Trade Services Update, Denmark, Special Edition, January 2011.
    4. Do LCs have expiry dates?DC Insight, July-Sept. 2013 (scheduled)
    5. Pre-payment, honour and bills of exchange: Financial & Trade (under The State Administration of Foreign Exchange), China, March 2013.
    6. Tolerance in quantity, amount etc. LCM-Trade Services Update, Volume 15, Issue 1, January - February 2013.
    7. Wanted: A more positive Article 15: DC Insight (ICC, Paris Publication), Vol. 18, No. 2, October-December 2012.
    8. Article 12, UCP 600 - a critical analysis, DC Insight (ICC, Paris Publication), Vol. 18, No. 2, April-June 2012.
      [The above article "Article 12...) re-printed in the "2013 Annual Review of International Banking Law & Practice", The Institute of International Banking Law & Practice, INC., UK]
    9. A critical analysis of ICC TA 717 rev2 (Place of availability, if different from LC's place of expiry: explained) DCInsight, page 18-22, Vol 17 No. 4, October-December 2011.
    10. Nominated bank and the UCP: DC Insight (published by the International Chamber of Commerce, Paris), Volume 17, No. 1, Jan-March 2011.
    11. Places of availability and expiry under Article 6, UCP 600, LC Monitor - Trade Services Update, Denmark
    12. Nominated Bank and UCP 600: DC Insight (an International Chamber of Commerce, Paris publication), Vol. 16, No. ?, 2010
    13. Negotiation and the law of contracts: DC Insight (an International Chamber of Commerce, Paris publication), Vol. 16, No. 2, April-June 2010
    14. The Recruitment Paradox-Why good people are difficult to find: Indian Engineering Exports (Monthly magazine of the EEPC India), Volume 2, Issue #10, January 2010
    15. Audit – Who Bells the Cat?: Indian Engineering Exports (monthly magazine of the Engineering Export Promotion Council), Calcutta, India, Volume 2, Issue  8, November 2009
    16. One year on: Revisiting the roots of the global financial crisis: Indian Engineering Exports (monthly magazine of the Engineering Export Promotion Council), Calcutta, India, Volume 2, Issue 7, October 2009
    17. Re-defining Negotiation: LC Monitor-Trade Services Update, Volume 11, Issue 4, July–August 2009.
    18. Rishi Rajnarain Bose – A Tribute: Serialised from 2008-2009 in Brahmo Sammilan Barta, Monthly Bulletin of Brahmo Sammilan Samaj, Calcutta.

      [Now available in book form, with the genealogical chart of the Mahinagar Bose family traced back to 300+ years.]
    19. Let documents work for you: Indian Engineering Exports (Monthly magazine of the Engineering Export Promotion Council), Calcutta, India, Vol.1, Issue No.7, March 2009
    20. About import, export and methods of payment; Indian Engineering Exports (Monthly magazine of the Engineering Export Promotion Council), Calcutta, India, October-November 2008
    21. Managing MoneyThe More things Change, the More they Remain the Same; Monthly Economic Review, Indian Chamber of Commerce, Calcutta, India, October 2008,
    22. Risks in International Trade; Indian Engineering Exports (Monthly magazine of the Engineering Export Promotion Council), Calcutta, India, September 2008
    23. Solving the Restricted LC and Document Negotiation Puzzle; Indian Engineering Exports (Monthly magazine of the Engineering Export Promotion Council), Calcutta, India, August 2008
    24. UCP 600 and its Implications on Documentary Credit Operations, Indian Engineering Exports (Monthly magazine of the Engineering Export Promotion Council), Calcutta, India, June 2008
    25. East Africa (Uganda, Kenya and Tanzania), Times Travel – East and beyond; an annual publication of The Times of India Group - 2008 issue
    26. The origin of 'core banking' in India: The story behind how, why and where it all began; (2006)
    27. Kelkar Recommendations - What is the True Litmus Test? The Hindu Business Line, Chennai, India, 11–January-2003
    28. In Banking it Pays to Make Haste, Slowly, The Hindu Business Line, Chennai, India, 17–Dec-2002
    29. The LC: Principles and International Practices; The Ugandan Banker (Journal of the Uganda Institute of Bankers), Kampala, Uganda, Volume 9, No. 4, December 2001
    30. Profitable investors, The New Vision, Kampala, Uganda, 6-Sept-2001
    31. Managing your cash, The New Vision, Kampala, Uganda, 23–August-2001
    32. Why Forex Dealings are Crucial in Business; The Daily Nation, Nairobi, Kenya, 22-August-2000
    33. Hedging Your Risks in Money Market; The Daily Nation, Nairobi, Kenya, 15–August-2000
    34. When the Expert is in Charge, Firm Wins; The Daily Nation, Nairobi, Kenya, 8-August-2000
    35. Change of Law Will Help Boost Banking; The Daily Nation, Nairobi, Kenya, 25-July-2000
    36. Role of Various Markets in Trade; The Daily Nation, Nairobi, Kenya, 18-July-2000
    37. Forward Contracts Could Help Cut Risks; The Daily Nation, Nairobi, Kenya, 4-July-2000
    38. Bank’s Role in Funding the Export Business; The Daily Nation, Nairobi, Kenya, 20-June-2000
    39. Advice on the Use of a Letter of Credit, The Daily Nation, Nairobi, Kenya, 13-Jun-2000
    40. How to Gainfully Use Letters of Credit; The Daily Nation, Nairobi, Kenya, 6-June-2000
    41. The Clearing System: Some Suggestions; The Standard, Nairobi, Kenya, 10-October-1998
    42. The Changing Face of NBFCs; The Business Standard, Bombay, India, 8-January-1998
    43. Supervising NBFCs - Great Expectations, The Financial Express, Bombay, India, 7-October-1977
    44. Banks: the Vital Long-Term View, The Financial Express, Bombay, India, 25-September-1997
    45. Is NBFC a four-letter word? Business Standard - Money Manager (Expert Options), 5-August-1997
    46. SEBI and The Traffic Cop, The Economic Times, Bombay, India, 2-March-1997
    47. New Horizons in Financial Services, ICFAI’s second anniversary special issue on the occasion of the Asia Pacific Analysts’ Conference, New Delhi (by invitation), December 1996
    48. Non-banking to Commercial Banking, The Economic Times, Bombay, India, 15-Nov-1996
    49. The Empire Strikes Back, The Economic Times, Bombay, India, 12-Oct-1996 and 19-Oct-1996
    50. NBFC 2001 - The Road Ahead, The Economic Times, Bombay, India, 15-Sept-1996 and 22-Sept-1996
    51. The liquidity crunch and all that...! The Economic Times, Bombay, India, 26-May-1996,
    52. Quo Vadis, NBFC? Business Standard (Money Manager), Bombay, India, 7-March-1996
      [This article was the first to predict the demise of NBFIs in India as they had been.]
    53. In Defence of an Intermediary, Business Standard, Bombay, India, 7-March-1996
    54. Legal, Accounting, and Tax Aspects of Leasing in India, Leasing Year Book (1995-96) of the Association of Leasing and Financial Services of India (ALFS), Bombay, India

    On-going and Past Associations

    The following are the organisations who were kind enough to provide me with opportunities to pursue my passion as a speaker, Some are still with me, even to this day. Thank you, all.


    ·      Allahabad Bank
    ·      Bank of New York Mellon, Bombay
    ·      Bengal Chamber of Commerce & Industry, Kolkata
    ·      Bharatiya Reserve Bank Note Mudran (P) Ltd., Bangalore
    ·      Cochin Chamber of Commerce & Industry
    ·      EEPC India (Engineering Export Promotion Council), Regional Office, Kolkata
    ·      Enterprise Development Institute, Kolkata
    ·      Ethiopia Textile Development Institute, Addis Ababa
    ·      Federation of Indian Exporters' Organisation (FIEO)
    ·      ICICI Bank Ltd.
    ·      Handicraft Export Promotion Council, Kolkata
    ·      Indian Chamber of Commerce, Calcutta
    ·      Indian Institute of Foreign Trade (IIFT), Kolkata Campus
    ·      MATS Business School, Belgaum
    ·      McNally Bharat Limited, Calcutta (Management Development programme under IIFT)
    ·      Fresenius Kabi Oncology Ltd., Kalyani (MDP on Intl. Trade, under IIFT)
    ·      National Institute of Bank Management, Pune
    ·      Praxis Business School, Calcutta
    ·      Reserve Bank of India (RBI), Kolkata Regional Office
    ·      State Bank of India
    ·      United Bank of India
    ·      United Commercial Bank
    ·      University of Goa, Goa
    ·      Visa Comtrade Ltd.
    ·      Wolters Kluwer India Pvt. Ltd.,                                      and many others…..

    Tuesday, October 02, 2018

    Making SWIFT changes

    While browsing through the wide world of the web, I chanced upon several documents released by SWIFT over the last couple of years. One of the documents that I was happy to locate, and read from the first page to the last, was called “SWIFT Standards - Category 7 - Documentary Credits and Guarantees - For Standards MT November 2018-2019. Message Reference Guide. Advance information”. The document was dated 26 February 2016. Just what I’d love to preserve and have ready at hand on my computer. Of course, I read the document with considerable interest. My reaction, observations or suggestions, call it as you may, are based on this document and are as follows:

    The first point I wish to draw the attention of SWIFT to, and my pet grouse, is with regard to MT700 Fields 31D and 41a. I had written about it before. Nothing has happened, not yet; there’s no reaction from SWIFT. I am still hoping that SWIFT, in its wisdom, will some day respond in a positive manner, and agree to delete “…and Place of Expiry” from its definition of Field 31D. The requirement to mention “place” here is a duplication and should have been dropped long ago, for Field 41a serves the purpose with regard to ‘place where LC is available’ quite nicely. The unwarranted definition of MT700 Field 31D continues to cause unnecessary confusion. My blog, https://rnbose.blogspot.com/2017/09/availability-and-expiry-under-article-6.html, will convince you of the reasons why I want the definition of Field 31D modified immediately.

    The next issue is with regard to the placement of Incoterms rules in MT700. The ‘Definition’ against Field 45A states, “This field contains a description of the goods and/or services”. The “Usage rules” that follows stipulates that, “Terms such as FOB, CIF, etc. should be specified in this field.”

    More often than not, the required Incoterms rule is placed immediately after the amount (e.g. USD50,000 CIF Singapore Incoterms 2010). So, why not append the chosen Incoterm rule to the amount under Fields 32B or 39B? Wouldn’t that make more sense?

    My next point is about “Format Specifications”. The column titled “Status” (say, in MT700) displays choices limited to M (=Mandatory) or O (=Optional). The footnote too reiterates this. However, against “Presence” under “Field Specifications” the requirement is stated to be M, O or one of the four “C”s. Incidentally, the “MT 700 Network Validated Rules” provides four variations for ‘C’ viz., C1, C2, C3 and C4 (interpretations provided in the SWIFT document). Why this anomaly? In my opinion, the ‘Status’ column – instead of limiting itself to, and erroneously mentioning throughout the SWIFT documents, only M or O – should be modified to reflect the actual options accurately. In other words, wherever the “Status” is for any of the Cs – C1 to C4 – to be applied, this Field should display accordingly.

    Those who are familiar with the ICC document UCP 500 may remember the completely illogical, ungrammatical and arbitrary use of capitalization throughout that document. It was frustrating. This was corrected in UCP 600. SWIFT, however, appears to continue to suffer from the same malady even to this day. All over the document one would find words starting with capital letters anywhere, everywhere, often mid-sentence, for no rhyme or reason, English grammar be damned! Check the narrations under ‘MT Name’ or ‘Field Name’ and you will forget what you learnt at school.

    Finally, a brief suggestion about ‘MT 707 Amendment to a Documentary Credit’. Fields 33B and 39C are about “Increase of Documentary Credit Amount” and “Decrease of Documentary Credit Amount” respectively. While this is OK as far as it goes, I would have preferred a somewhat expanded format that went something like the one below:
    • Increase/decrease: from amount -
    • Increase/decrease: by amount -
    • Increase/decrease: to amount -
    OR
    • Original amount:
    • Amount increased/decreased by:
    • Amended amount:
    The presence of the information in the above format in an amendment advice would help to ensure continuity and accuracy, especially where amounts were concerned. If the beneficiary missed an amendment, he would be alerted immediately. The above would also give completeness to the message, especially where amount was concerned.

    Incidentally, could someone please explain why certain alpha-suffixes - like in 31D, 47A, 43P, 42P, 44A, 45A, 49G, 49H, 71D etc. – are in capital, but the likes of 41a, 53a, 57a, 58a have their suffixes in small type? If there is some deep significance attached to it, I would love to be enlightened.

    And, by the way, any overwhelming reason why the European way of marking decimals (comma instead of a decimal point) should be imposed on the rest of the world? I should think that ‘decimal points’ are there to denote decimals, aren’t they?

    The note contained on the title page is encouraging. It says, “This document contains advance information on the Category 7 Documentary Credits and Guarantees which is due for release in 2018 and 2019. The messages are still under review and changes are likely to take place.” It also states that, “The final documentation will be available in December 2017, when the Standards Release Guide 2018 is published.” I do not have the final documentation in my hands. But I hope that the necessary improvement as outlined above have been carried out. If not, I sincerely hope those at SWIFT HQ responsible for the revision of message standards will take a close look at the foregoing and do the needful.