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Viram Domi, a toy manufacturer in India, finds a cheaper raw material supplier in Singapore who demands payment in dollars. However, Indian regulations restrict individuals from purchasing more than $250,000 yearly. To address the need for a $1 million payment, he approaches his bank for assistance. The bank offers a loan of $1 million at 13% interest per year, but Domi finds this option too costly. The bank proposes a more economical solution through a Letter of Undertaking (L.O.U.), which allows him to secure a foreign currency loan at lower interest rates under specific terms. The L.O.U. facilitates payment to the supplier via the bank's branch in England.
