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RBI to stop granting Letters of Undertaking

RBI to stop granting Letters of Undertaking

After the Punjab National Bank scam, Reserve Bank of India has taken the decision of discontinuing Letters of Undertaking by banks that are used for trade credits for imports in India. The decision will come into force with immediate effect. RBI will still issue Letters of Credit and Bank Guarantees for trade credits to compliance with the provisions. This rule can be hard on the importers of the country.

read more at Times Now

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