we were importing scrap from peru and we were working on LC.but after some days we had doubt on our exporter and that doubt proved true.we told bank to stop payment but bank denied to stop payment.
and we were ready to pay interest too for delay.and after 2 days we got some proof from SGS department that provided documents were forged documents and now bank is not taking any responsibility.
what i should do?
and bank had received message from foreign bank that"we have told our exporter about this and we are seeking receipt from them,and will update you once we receive receipt"
but in next 2 days our bank said that payment has been released and we can't help you out.
what steps shoul i take?
It depends on the terms of LC, whether it is irrevocable. Better cosult a practicing advocate of your region.
