Definitions/Meaning of “letter of credit” - NEPAL MONETARY SOLUTIONS (NMS)

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Thursday, February 13, 2014

Definitions/Meaning of “letter of credit”

  • “letter of credit” means a letter written by one bank or financial institution to another bank or financial institution authorizing the latter to accept cheques, drafts, hundis or bills of exchange of any specified person within the limit of the amount specified therein