|
|
 |
| Letters of Credit | | A Letter of Credit is a written undertaking given by a Bank to a seller (local or foreign) to the effect that the Issuing Bank will pay the seller a certain amount stipulated in the credit, provided that the seller complies with the terms and conditions of the Letter of Credit.
Foreign Letters of Credit facility is specifically for the import of merchandise from foreign or overseas suppliers. This facility is not to be utilized for establishment of Domestic Letters of Credit.
Domestic Letters of Credit facility is for the purpose of purchasing merchandise from local suppliers. | | | | | | | | | | | | | | |
|
