Wed, Apr 04, 2018
In the wake of Rs 13,000-crore PNB scam allegedly by diamond jewellery designer Nirav Modi and his associates through fraudulent LoUs, the central bank stopped banks from issuing the two instruments for trade credits for imports into India. "The Reserve Bank of India's (RBI) decision to ban LoUs) and LoCs as trade finance instruments is likely to limit the overall financial flexibility of Indian importers," said India Ratings and Research (Ind-Ra).
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