Learn about the different types of LCs offered by banks in India for business owners and traders. Find out the benefits, features and differences of documentary, sight, standby, revocable, back-to-back, transferable, revolving and confirmed LCs. Letter of Credit ( LC ) A Letter of Credit ( LC ) is a document that guarantees the buyer’s payment to the sellers. Businesses widely use this assured form of payment in trade transactions. It is issued by a bank and ensures timely and full payment to the seller. If the buyer cannot make such a payment, the bank covers the full or the remaining amount on behalf of the buyer. This document minimizes the risks in international trade for both the buyer and seller. A letter of credit is one of the ... Learn about the different types of letter of credit ( LC ) used in trade transactions, such as commercial, export/import, transferable, irrevocable, standby, and more. Compare their features, benefits, and drawbacks with examples and FAQs. The labour scenario changed after the Second World War due to widespread industrialization and it necessitated the formation of a department to handle the labour problems. In Kerala, formation of the Labour department was initiated by Diwan Sir C.P.Ramaswamy Iyer. The labour department was functioning as part of the Industrial Department till then. H H Maharaja, Sri Chithira Thirunal Balarama Varma accorded sanction to create the post of the Labour Commissioner as per the letter No.154 dated ...
