After PNB fraud, RBI stops use of LoUs for trade credit for imports
After PNB fraud, RBI stops use of LoUs for trade credit for imports http://ift.tt/2HtYz76
In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs) — instruments used allegedly by diamantaire Nirav Modi and his uncle Mehul Choksi to defraud state-owned PNB of Rs nearly 13,000 crore in connivance of bank officials.
In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs) — instruments used allegedly by diamantaire Nirav Modi and his uncle Mehul Choksi to defraud state-owned PNB of Rs nearly 13,000 crore in connivance of bank officials.
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