Trade credit can’t be equated with usance period on credit availed by Indian importer from Indian Bank

FEMA, BANKING & INSURANCE : Where petitioner-importers situated in India had availed credit facilities from respondent bank which was not an overseas bank but a bank situated in India and petitioner filed writ petition stating that petitioners were entitled to an extension of usance period of Letter of Credit Facility sanctioned to petitioners from 180 days to 270 day by seeking to equate Trade Credit with usance period,

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