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letter of credit

(Querist) 30 December 2008 This query is : Resolved 
Dear Friends,

My query is:

Can a letter of credit be considered as bill of exchange under N.I. Act?

Can a banker institute proceedings under N.I. Act against a person who had opened a LC in favour of seller?

Thnks & Rgds
Report Abuse
Rajesh Kumar (Expert) 30 December 2008
Letter of credit is not a bill of exchange under NI Act.

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