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Viram Domi, a toy manufacturer in India, finds a cheaper raw material supplier in Singapore but faces payment challenges due to regulations limiting dollar purchases to $250,000 per year. To pay the one million dollar invoice, he consults a bank for solutions. The bank suggests borrowing one million dollars at a 13% interest rate, converting it through their services, and paying the supplier via their England branch, but Domi finds this option too costly. The bank then introduces him to a Letter of Undertaking (L.O.U), a method that enables him to secure foreign currency loans at lower interest rates without the constraints of standard banking procedures.
