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What are assignment and letter of credit limitations?

Audit RulesMSO_AUDITPara 6.3.4

These are spending limits set by the government for drawing officers. Banks must check that cheque encashment does not exceed these pre-set limits, failing which the bank could release funds without proper authorisation.

Source: MSO_AUDIT Para 6.3.4

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This answer is for informational purposes only and does not constitute legal advice. Always refer to the original rules and consult competent authorities for official interpretation.