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Viram Domi, a toy manufacturer in India, discovers a raw material supplier in Singapore who offers lower prices but requires payment in dollars. However, Indian regulations limit dollar purchases to $250,000 annually, and he needs to pay $1 million. To solve this, Domi approaches a bank, which suggests a loan of $1 million at a 13% interest rate. This option is deemed too costly. Alternatively, the bank offers a Letter of Undertaking (L.O.U.), which allows Domi to obtain foreign currency loans at lower interest rates. This L.O.U. facilitates payments to his supplier without exceeding the dollar purchase limit established by Indian regulations.
