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Customs - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

If a banker issues a bank guarantee without taking 100% cash ...

Customs

May 19, 2016

If a banker issues a bank guarantee without taking 100% cash security in respect thereof, then such banker is extending a credit facility out of public money. If such a bank guarantee is invoked, then the public money stands to be jeopardized. Such a scenario is not healthy. A private party should not be allowed to do its business on the strength of public money. - HC

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