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Viram Domi, a toy manufacturer in India, discovers a cheaper raw material supplier in Singapore but needs to pay in dollars, exceeding the annual limit of $250,000 set by Indian regulations. He seeks assistance from his bank, considering a $1 million loan at 13% interest, which he finds too costly. The bank offers an alternative: a Letter of Undertaking (L.O.U.), which allows him to get a foreign currency loan at lower interest rates. This solution enables him to pay his supplier through the bank's branch in England without the need for an expensive loan.
