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of <h1>Authorised dealers may issue stand-by letters of credit for Independent Power Producers to secure overseas spare parts supply</h1> Authorised dealers are permitted to open stand-by letters of credit on behalf of their constituents who are Independent Power Producers for arrangements involving assured supply of spare parts, thereby expanding the range of exceptional cases in which stand-by LCs may be issued; the operative effect is that authorised dealers may lawfully issue such stand-by LCs for IPPs to secure overseas spare-parts supply and should notify their constituents accordingly.
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