In the world of exports and imports there are some terms that you should know.
Let’s see if you know some one of the basic terms with this GK question.
Guarantee to an exporter that the importer of his goods will pay immediately for the goods ordered by him, is known as
A. Letter of Credit (L/C)
D. None of the above
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Answer: Option A: Letter of Credit (L/C)
In modern business practice, a letter of credit is a written undertaking from a bank to pay a beneficiary against the delivery of a specified set of documents.