Foreign Exchange
FOREIGN EXCHANGE DEPARTMENT
2 Introduction
One of the largest businesses carried out by the commercial bank is foreign trading. The trade among various countries falls for close link between the parties dealing in trade. The situation calls for expertise in the field of foreign operations. The bank, which provides such operation, is referred to as rending international banking operation. Mainly transactions with overseas countries in respect of import, export and foreign remittance come under the preview of foreign exchange department. International trade demands a flow of goods from seller to buyer and of payment from buyer to seller. In this case the bank plays a vital role to bridge between the buyer and seller.
Foreign exchange department of Standard Bank is one of the most important departments of all departments. This department handles various types of activities by three separate sections:
a) Import section
b) Export section.
c) Foreign remittance section.
Import
Imports are foreign goods and services purchased by consumers, firms and Governments in Bangladesh. To import, a person should be competent to be an importer. According to Import and Export Control Act, 1950, the Office of Chief Controller of Import and Export provides the registration (IRC) to the importer.
2.01 Import Procedures
2.02 Registration with CCI&E
a) For engaging in international trade, every trader must be first registered with the Chief Controller of Import and Export. b) By paying specified registration fees and submitting necessary papers to c) The CCI&E. the trader will get IRC (Import Registration Certificate). After obtaining IRC, the person is eligible to import.
2.03 Purchase Contract between importer and exporter
a) Now the importer has to contact with the seller outside the country to obtain the proforma invoice / indent which describes goods.
b) Indent is got through indenters'
2 Introduction
One of the largest businesses carried out by the commercial bank is foreign trading. The trade among various countries falls for close link between the parties dealing in trade. The situation calls for expertise in the field of foreign operations. The bank, which provides such operation, is referred to as rending international banking operation. Mainly transactions with overseas countries in respect of import, export and foreign remittance come under the preview of foreign exchange department. International trade demands a flow of goods from seller to buyer and of payment from buyer to seller. In this case the bank plays a vital role to bridge between the buyer and seller.
Foreign exchange department of Standard Bank is one of the most important departments of all departments. This department handles various types of activities by three separate sections:
a) Import section
b) Export section.
c) Foreign remittance section.
Import
Imports are foreign goods and services purchased by consumers, firms and Governments in Bangladesh. To import, a person should be competent to be an importer. According to Import and Export Control Act, 1950, the Office of Chief Controller of Import and Export provides the registration (IRC) to the importer.
2.01 Import Procedures
2.02 Registration with CCI&E
a) For engaging in international trade, every trader must be first registered with the Chief Controller of Import and Export. b) By paying specified registration fees and submitting necessary papers to c) The CCI&E. the trader will get IRC (Import Registration Certificate). After obtaining IRC, the person is eligible to import.
2.03 Purchase Contract between importer and exporter
a) Now the importer has to contact with the seller outside the country to obtain the proforma invoice / indent which describes goods.
b) Indent is got through indenters'