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Crank
3 years ago
13

The purpose of competition policy ​

Law
1 answer:
MrMuchimi3 years ago
3 0
This Act, by prohibiting private monopolization, unreasonable restraint of trade and unfair trade practices, by preventing excessive concentration of economic power and by eliminating unreasonable restraint on production, sale, price, technology and the like, and all other unjust restriction of business. The economic role of competition is to discipline the various participants in economic life to provide their goods and services skillfully and cheaply.
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<u>Explanation: </u>

To make payments in the foreign countries the instruments used are Foreign Bills of Exchange, Bank Drafts and Telegraphic Transfers and Letter of Credit. Each of these instruments mentioned as different methodologies in sending the money to the foreign banks.

Let us explain one by one; Foreign Bills of Exchange money drawn from country is payable at another country. Bank draft which is drawn on bank funds and payment assurance is made by the bank that issues it.

Telegraphic Transfer is an electronic method of fund transfer used mainly for overseas wire transactions. And final one is Letter of Credit is a letter given by the bank assuring that a buyer's payment to a seller will be received on time and for the correct amount.

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