Regulatory Alerts1995-01-01
Bank of Zambia Circular 8/1995: New Procedures for SGS Clean Report of Findings
The Bank of Zambia mandates that effective September 1995, commercial banks must accept SGS security stickers affixed to original invoices in lieu of original Clean Report of Findings for Letter of Credit negotiations. This procedural change applies to imports originating from South Africa, Belgium, the Netherlands, Japan, Germany, Kenya, the United Kingdom, India, the United States, France, and Singapore. Banks are required to instruct their clients to incorporate a specific clause into their Letters of Credit authorizing the acceptance of commercial invoices bearing the original SGS label that confirms the corresponding report details.
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