LETTERS OF CREDIT AND GUARANTEES

 Letters of Credit and Guarantees

Issuing letters of credit and guarantees are two important services rendered by banks to customers engaged in business, industrial and commercial activities. A Letter of Credit (LC) is an undertaking by a bank to the payee (the supplier of goods and/ or services) to pay to him, on behalf of the applicant (the buyer) any amount up to the limit specified in the LC, provided the terms and conditions mentioned in the LC are complied with. The Guarantees are required by the customers of banks for submission to the buyers of their goods/ services to guarantee the performance of contractual obligations undertaken by them or satisfactory performance of goods supplied by them, or for submission to certain departments like excise and customs, electricity boards, or to suppliers of goods, etc. in lieu of the stipulated security deposit.

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GST (Goods and Services Tax) Book -A student friendly Latest and Updated Best GST Book - Bharat Gurukul
GST Student friendly Book most relevant/Useful for CA Intermediate/IPCC, CS executive , CWA Intermediate