What do you mean by Lou?

Letter of undertaking (LOU) is a form of bank guarantee under which a bank can allow its customer to raise money from another Indian bank’s foreign branch in the form of a short term credit.

What is an Lou Letter of undertaking?

A Letter of Understanding (LOU) is a formal text that sums up the terms of an undertakings of a contract which may have been negotiated up to this point only in spoken form or otherwise informally.

What are letters of undertaking?

A Letter of Undertaking (LOU) is a bank guarantee given by one bank to another bank on behalf of the customer for repayment of the loan. Mostly, the LOU is used when the person imports anything from a person, in another country.

What happened to Gokulnath Shetty?

The CBI has booked retired deputy manager Gokulnath Shetty, the main accused in the ₹ 13,000-crore Punjab National Bank fraud allegedly perpetrated by Mehul Choksi and Nirav Modi, in a fresh case of receiving a bribe of ₹ 1.08 crore from Rishika Financials that arranged bank guarantees for Gitanjali Gems, officials …

Is Lou a word?

Lou is valid Scrabble Word.

What is Lou’s contract?

ATLANTA — The Atlanta Hawks re-signed backup point guard Lou Williams to a $5 million, one-year contract Friday. Williams will return as Trae Young’s backup next season after averaging 11.3 points and 3.4 assists in 66 games – 24 with the Hawks and 42 with the Los Angeles Clippers.

What is the difference between LOC and LoU?

The main difference between Letter of credit and Letter of Undertaking is, the letter of credit has all the details of the transaction, the letter of undertaking need not be clear about the details of the transaction. A letter of credit is issued from a bank for a small fee.

Who is Ami Modi?

Ami Modi is the wife of billionaire diamond merchant Nirav Modi. She is an NRI and holds an American Passport. As per the reports, she along with her husband involved in the case of fraudulence in the Punjab National Bank (PNB).

Who is Gokulnath Shetty?

Gokulnath Shetty, who is alleged to have played a key role in the Rs 13,700-crore loan fraud while working as deputy manager at PNB’s Brady House branch in Mumbai, was arrested in March 2018 and was the first accused to be arrested in the scam.