Easy
1 point
ID: #7307
Question
Letter of Credit (LC) is a banking instrument used for--
Options
1
Export-Import
Correct Answer
2
Foreign remittance
Correct Answer
3
Local money transfers
Correct Answer
4
Local trading
Correct Answer
Explanation
A Letter of Credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount, primarily used in international trade.
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