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Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) discontinued by RBI for Trade Credits
Reviewing the guidelines after PNB fraud of Rs.1200+ crores, RBI vide notification dated 13 March 2018 discontinued issuance of LOU/ LOC for Trade Credits for import with immediate effect. That means, the importers will note be able to take buyers credit anymore, which was extended by the foreign lender (including Read more…