March 13, 2018 / 1:00 PM / 5 months ago

BRIEF-RBI: To Discontinue Practice of Issuance of Letters of Undertaking For Trade Credits

March 13 (Reuters) -

* INDIA RBI SAYS - DISCONTINUANCE OF LETTERS OF UNDERTAKING (LOUS) AND LETTERS OF COMFORT (LOCS) FOR TRADE CREDITS

* RBI SAYS - IT HAS BEEN DECIDED TO DISCONTINUE PRACTICE OF ISSUANCE OF LOUS/ LOCS FOR TRADE CREDITS FOR IMPORTS INTO INDIA

* RBI SAYS LETTERS OF CREDIT AND BANK GUARANTEES FOR TRADE CREDITS FOR IMPORTS INTO INDIA MAY BE ISSUED UNDER CERTAIN CONDITIONS

* RBI - LETTERS OF CREDIT AND BANK GUARANTEES MAY CONTINUE TO BE ISSUED SUBJECT TO COMPLIANCE WITH RBI RULES ON “GUARANTEES AND CO-ACCEPTANCES”

Source Text: bit.ly/2p8Xnyk (Mumbai newsroom)

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