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Interest

Collection guideline indicates that if interest should be received and the drawee declines to pay such interest, the presenting bank may convey the document(s) against payment or acceptance. Where such interest is to be received, the collection indicates the interest rate and period and calculation of interest.

Where it indicates the collection process interest may not be waived and drawee refuses such interest to pay the presenting bank not deliver the documents and not liable for any consequences for delay in documents delivery. When interest payment is refused the presenting bank must inform by tele-transmission or by different quick means immediately the bank from which the collection direction was received.

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