Banking
This query is : Resolved
Nikhil Kaushik
(Expert)
14 June 2014
functionally both are pretty alike each other.
In international markets specially US, institutions do not recognise Guarantees. They will only accept SBLCs and as such the rules ISP98 came about. Guarantees are issued in accordance with URDG758 and SBLCs may be issued under ISP98 or UCP600.
from indian perspective, we use SBLC for our foreign/outside india guarantee obligations whereas guarantee is predominantly domestic instrument
In international markets specially US, institutions do not recognise Guarantees. They will only accept SBLCs and as such the rules ISP98 came about. Guarantees are issued in accordance with URDG758 and SBLCs may be issued under ISP98 or UCP600.
from indian perspective, we use SBLC for our foreign/outside india guarantee obligations whereas guarantee is predominantly domestic instrument
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