Which among the following types of Letters of Credits is considered obsolete now?

Which among the following types of Letters of Credits is considered obsolete now?
[A]revocable
[B]irrevocable
[C]commercial
[D]standby

revocable
In the revocable letter of credit, the buyer and the bank that establish the L/c are able to manipulate the L/c or make corrections without informing or getting permissions from the seller. As per UCP (Uniform Customs and Practice for Documentary Credits) 600, all LCs are irrevocable, hence this type of LC is obsolete.

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This question "Which among the following types of Letters of Credits is considered obsolete now?" was published on GKToday on May 18, 2015 at 11:43 am. For Current Affairs Questions Archive Click Here. For General Knowledge Questions Archive Click Here.

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