IIBF Trade Finance Practice Questions - IIBF Certificate Examination In International Trade Finance (India) Exam

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Under the ICC UCP 600 rules, if a Letter of Credit (LC) does not explicitly state whether it is revocable or irrevocable, how is it treated?

It is deemed to be revocable. It is deemed to be irrevocable. It is invalid and cannot be processed. It requires a mandatory amendment from the issuing bank to be operative.

Correct Answer:

It is deemed to be irrevocable.

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