What is Field 32B: Currency Code, Amount?
Field 40E: Applicable Rules is a field in MT 700 swift message that is used to indicate the rules that governs the letter of credit.
This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.
This field contains the currency code and amount of the documentary credit.
Currency must be a valid ISO 4217 currency code.
The integer part of Amount must contain at least one digit. The decimal comma ‘,’ is mandatory and is included in the maximum length. The number of digits following the comma must not exceed the maximum number allowed for the specified currency.
A commercial invoice must be made out in the same currency as the credit.
The insurance document must indicate the amount of insurance coverage and be in the same currency as the credit.
The words “about” or “approximately” used in connection with the amount of the credit or the quantity or the unit price stated in the credit are to be construed as allowing a tolerance not to exceed 10% more or 10% less than the amount, the quantity or the unit price to which they refer.
Field 32B: Currency Code, Amount:
Special information relative to the amount of the credit must be specified in field 39A Percentage Credit Amount Tolerance, field 39B Maximum Credit Amount or field 39C Additional Amounts Covered