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Letter of credit

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(Querist)
13 July 2013 What is meant by Letter of Credit, how it is used what is the purpose of it. What is the procedure to get it.
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CA Harish Suwalka

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CA Harish Suwalka (Expert)
13 July 2013 A letter of Credit is the Buyer’s Banker’s promise to the Bank of the Seller / Exporter that the bank will honor the Invoice presented by the Exporter on due date and make payment,
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
13 July 2013 correctly explained.
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