Exporters' body writes to RBI for reintroduction of LoUs   
The Federation of Indian Export Organisations (FIEO) has written to RBI and Finance Ministry seeking reintroduction of Letters of Undertakings (LoUs). The RBI had banned LoUs after the $2.1-billion PNB fraud, where Nirav Modi and Mehul Choksi raised overseas credit using fake LoUs. FIEO said that the alternatives for LoUs like bank guarantees increase the costs, making exports uncompetitive.