Letter of Credit (LC) is a banking instrument used for

A Foreign remittance
B Loan security
C Export-Import
D Money transfer

Correct Answer: Export-Import

A Letter of Credit (LC) is a document that guarantees the buyer's payment to the sellers. It is issued by a bank and ensures timely and full payment to the seller. If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer.
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Related Questions

Defining green banking is relatively easy. It means promoting environment -friendly practices and reducing your carbon footprint from your banking activities. This comes in many forms : using online banking instead of branch banking; paying bills online, opening up CDs (certificates of deposit) and money market accounts at online banks instead of large multi-branch banks. A green bank takes the biggest steps to support local green initiatives. Any combination of the above personal banking practices can help the environment. In this respect, online banks and smaller community banks have better track records than larger banks .However, these larger banks may be induced to go green . According to the passage, larger, multi -branch banks .
A can never become green banks .
B can become green banks if they reduce the number of branches and eliminate the use of paper .
C can become green banks if they can greatly reduce or eliminate carbon footprint form their banking activities.
D can become green banks if they support local green initiatives
Letter of Credit (LC) is a banking instrument used for ----.
A Export-Import
B Foreign remittance
C Local money transfer
D Local trading
Letter of Credit (LC) is a banking instrument used for ------
A Export-Import
B Foreign remittance
C Local money transfers
D Local trading
Letter of credit (LC) is a banking instrument used for-
A Toreign remittance
B Long term deposit
C Export-Import
D Money transfer
Letter of Credit (LC) is a banking instrument used for :
A Export-Import
B Foreign remittance
C Local money transfer
D Consumer loan security
Letter of Credit (LC) is a banking instrument generally used in ---
A Export-Import
B Foreing remittance
C Local money
D Local trading
Letter of Credit (LC) is a banking instrument used for -----
A Foreign remittance
B Loan security
C Export-Import
D Money transfer
Letter of Credit (LC) is a banking instrument used for ---
A Foreign remittance
B Loan security
C Export-Import
D Money transfer
Letter of Credit (LC) is a banking instrument used for.
A International trading
B Foreign remittance
C Local money transfers
D all of these
ABCDEFGH what letter is three "to " the right of the letter immediately "to the left of the letter three "to" the left of the letter two to the ritght of the letter f?
A B
B D
C E
D G

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