eUCP: The Future of Digital LCs in India

Figure: eUCP was first introduced in the year 2002 supporting UCP500.

The ICC’s eUCP (electronic UCP) revolutionizes trade finance by allowing digital documents under letters of credit (LCs) presentations, a boon for Indian exporters and across the world. Unlike UCP 600, eUCP supports electronic documents, cutting processing time by 60%.

• For example, e-Bills of Lading reduce paperwork delays. In 2024, 20% more firms adopted technologies driven by blockchain; mainly by the fintech platforms. To leverage eUCP, specify it in LC terms and use secure digital platforms. Risks include cybersecurity threats, so ensure robust encryption. eUCP is the future of India and the World, once the Indian law and all the countries' amend their laws.