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.
Tel. 228888/228903-20
BANK OF ZAMBIA
P.O. Box 30080 Lusaka
10101
September 28, 1995
C B CIRCULAR NO. 8/95
TO : ALL COMMERCIAL BANKS
Dear Sirs,
RE: NEW PROCEDURES IN ISSUANCE OF SGS CLEAN REPORT OF FINDINGS
Further to CB Circular No. 18/94 you are hereby advised that with effect from September, 1995, SGS will now issue a security sticker to be placed on the original invoices and this will replace the requirement for the original Clean Report of Findings for the negotiation of Letter of Credit.
This applies to imports from South Africa and the following countries:-
Belgium, Netherlands, Japan, Germany, Kenya, United Kingdom, India, USA, France and Singapore.
Please inform your clients to include the following clause in the Letter of Credit;
"A copy or photocopy of the Commercial Invoice bearing an original label affixed by SGS Geneva or its authorized affiliates and agents confirming the number and date of the corresponding Clean Report of Findings"
Yours faithfully,
DR S MUSOKOTWANE
DIRECTOR - FINANCIAL MARKETS
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