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Viram Domi, a toy manufacturer in India, discovers a cheaper raw material supplier from Singapore who requires payment in dollars. However, Indian regulations limit his ability to purchase more than $250,000 annually. Seeking a solution, he approaches a bank for assistance with a payment of $1 million. The bank offers a loan option at a 13% interest rate, but Domi finds it uneconomical. The bank then suggests a Letter of Undertaking (L.O.U.) as a potential solution, which would enable Domi to access foreign currency loans at lower interest rates, thereby facilitating his purchase from the overseas supplier.
