NEW NORMS ON LETTER OF CREDIT
As per Reserve Bank of India (RBI) banks
can now negotiate a Letter of Credit (LC)
where the negotiation of bills drawn
under LC is restricted to a particular
bank, and the beneficiary of the LC is not
a constituent of that bank.The LC can be
negotiated subject to the condition that the
proceeds will be remitted to the regular
banker of the beneficiary.
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