Letter Of Undertaking

Ganesanshiva22 Feb, 2021News

A Letter of Undertaking is a bank guarantee given by one bank to another in light of a legitimate concern for the customer repaying a credit. A letter of understanding, which is commonly known as the LOU, is similarly used when an individual imports something from another country. Under the Goods and Service Tax (GST), the LOU is the record used by the resident to make a declaration to fulfill all requirements under the GST Act.