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Viram Domi, an Indian toy manufacturer, discovers a cheaper raw material supplier in Singapore, but faces a challenge as the supplier requires payment in dollars, exceeding India's annual limit of purchasing $250,000. To resolve this, he approaches his bank for a solution to pay the $1 million owed. Initially, the bank offers a loan at a high interest rate of 13% to cover the payment, but Viram finds this option unfeasible. The bank then suggests a more economical solution: providing a Letter of Undertaking (L.O.U.), which allows him to facilitate the payment without exceeding regulatory limits, enabling him to secure a foreign currency loan at a lower interest rate.
