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Question
Letter of Credit (LC) is a banking instrument used for ----.
Export-Import
Foreign remittance
Local money transfer
Local trading
ANSWER : 1
Descrption
<p>A Letter of Credit (LC) is a document that guarantees the buyer's payment to the sellers.</p> <p>It is issued by a bank and ensures timely and full payment to the seller.</p> <p>If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer.</p>
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