Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsBANKING AND MONETARY POLICY2 Marks
Question
What is letter of credit?
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Answer
A letter issued by bank acting as a mediating agent for payment between exporter $($in India$)$ and importer $($in foreign country$)$ especially when the parties are unknown to each other is called-…$]\ [$Underwriting is a detailed credit analysis by the bank before granting a loan to an individual or to a company. This analysis is done based on the information provided by the borrower.
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