Discussion
Which one of the statement is not true?
Answer: D
Correct answer: Letter of credit does not indicate that the bank will pay the value of imports to the exporter.
This is the untrue statement, and it inverts what a letter of credit is for. An LC is precisely an undertaking by the issuing bank to pay the exporter the value of the goods, provided the documents presented conform to its terms. That substitution of the bank's credit for the importer's is the whole reason exporters accept it.
The other statements are accurate as given: institutional infrastructure supports market intelligence, the STC acts as a canalising agency for agricultural trade, and the ITPO organises trade fairs and exhibitions.
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