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Viram Domi, a toy manufacturer in India, discovers a cheaper raw material supplier in Singapore who requires payment in dollars. However, Indian regulations limit dollar purchases to $250,000 per year, and he needs to pay $1 million. Approaching the bank for a solution, he is offered a $1 million loan at 13% interest to cover the payment, but finds the interest too high. The bank suggests an alternative: a Letter of Undertaking (L.O.U.) that allows him to take a foreign currency loan at lower interest rates. This method would facilitate the payment to the supplier through the bank’s branch in England without incurring high costs.
