In case of ‘Event Reversal’, system will reverse the last version creating event along with the non-version creating events (if any) in between the current version and previous version. This reinstates the contract to the version corresponding to the version of the immediate previous event of the reversed event.

‘REVE’ event is triggered and reverse the associated events, but the contract status is available as ‘Active’. However, you cannot reverse the last event reversal even though it is a version creating event.

This will also reverse the liability entries passed for those particular reversed LC events to ensure that the credit limit that was taken by the Islamic LC is released and is available for future utilization.

You cannot reverse more than one event at the same time or reverse a canceled or closed Islamic LC contract.

When there is only one version available for the contract and if you select ‘Event Reversal’, the system displays an error message and in this case you need to select ‘Contract Reversal’.