Foreign Remittance
Foreign Remittance Definition: Remittance represents transfer of fund from one place to another through official channel. Foreign Remittance: Foreign Remittance refers remittance of Foreign currency that are received in and…
Posted inMoney Laundering
Features of Money Laundering
Features of Money Laundering Money laundering means billions of pounds and dollars a year are laundered through our financial systems. The methods used to launder money are similar whether it's…
Posted inBanking Articles
Know your customer
Know your customer KYC Policy: 1) Customer Acceptance 2) Customer Identification 3) Monitoring of Transactions 4) Risk Management Definition of a Customer: (i) A person or entity (a) Maintaining…
Posted inInsurance
Insurance for covering risk
Insurance for covering risk What are the requisites of insurance for covering risk Requisites of insurance may be summarized as follows: 1) Insurance must be effected by means of a…
Posted inImport
What is Bill of Exchange
What is Bill of Exchange A bill of exchange is an order made by the shipper or an exporter who is called a drawer of bill to the buyer or…
Posted inBanking Law and others
Holder in Due Course and Payment in Due Course
Holder in Due Course and Payment in Due Course Holder in Due Course : According to Section 9 “holder in due course means any person who, for consideration, became the…
What is UCPDC 600
What is UCPDC 600 UCPDC 600 is the latest version of the rules that govern letters of credit transactions worldwide. UCPDC 600 is prepared by International Chamber of Commerce’s (ICC)…
Foreign Exchange Regulation (FER) Act, 1947 (Act No. VII of 1947)
Foreign Exchange Regulation (FER) Act, 1947 (Act No. VII of 1947) CONTENTS SECTIONS 1. Short title, extent and commencement 2. Interpretation 3. Authorised dealers in foreign exchange 4. Restrictions…
Posted inBanking Articles
Information-sharing meetings
Information-sharing meetings Information-sharing meetings differ from problem -solving How do information-sharing meetings differ from problem -solving or decision making? Ans. Meeting are called to solve problems or share information. Information-sharing…
Posted inInternational Trade
Lodgement Of Import Documents
Lodgement Of Import Documents Lodgment of Import Documents refers to the process of submitting all necessary import-related documents to the concerned authorities or banks for clearance, payment, and release of…