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Letter of credit

...Letter Of Credit (L/C) It is a letter of open request by a bank or other financial institution to a prospective borrower, for an agreed amount and for a definite or indefinite period. It enables the borrower to draw a bill of exchange on the bank which is automatically accepted. Letter of credit is an open letter of request by a bank requesting a person to. lend a certain sum of money to the perso....   Read