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About LC (letter of Credit) Backed Bill Discounting
Discounting of Letter of Credit is a short-term credit facility provided by the bank to the beneficiary. Bank purchases the documents or bills of the Seller (beneficiary) after he fulfills certain compliances and provides the required documents to be dispatched to LC opening bank. On meeting these compliances as per the LC terms, the bank makes him/ her the payment for a security or a fee.
