If the LC value date is not available in the incoming MT742, the system automatically computes the maturity date based on the parameter days maintained in ‘Bills and Collections Product Preference screen. The message MT742 is considered to be received as of the branch date. The system will then add the number of parameter days to the receipt date and derive the maturity date of the Bill.

If the value date is available in MT742, the system extracts it from 34A and considers that as the maturity date of the Bill. In case Bill is marked for auto liquidation, the system uses the maturity date as the liquidation date as well. However, you can modify the liquidation date of the Bill.

Once a bill is created successfully, the system generates REIM_PRE_ADV as part of INIT event.

If the value date mentioned in MT742 is the current system date or a date in the past, automatic liquidation will not take place. The Bill is liquidated as part of EOD processes.

However, manually liquidate the Bill if required.

In the case of manual input of Bills contract for MT742 received through any media, you need to choose the LC contract from the system manually. If the LC is not available in the system, you have to generate MTN99 for claiming and issuing banks manually.

During manual liquidation of a bills contract, if the funds are insufficient, the system displays an override based on which the system user has to decide whether to go ahead with liquidation or not.