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Question
Letter of Credit (LC) is a banking instrument used for ---
Foreign remittance
Loan security
Export-Import
Money transfer
ANSWER : 3
Descrption
<p>A letter of credit, or "credit letter" 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.</p> <p>In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.</p>
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