Home Business PNB fraud case effect: RBI stops use of LoUs for overseas credit

PNB fraud case effect: RBI stops use of LoUs for overseas credit

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(G.N.S) Dt. 13 Mumbai In what could be a fallout of the Nirav Modi-led PNB scam, the Reserve Bank of India has discontinued LoUs and Letters of Comfort as instruments of trade credits. The RBI, in a circular, said,”it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category –I banks with immediate effect.” The Reserve Bank of

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