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 made out abroad. Foreign Remittance also includes purchase and sale of freely convertible foreign bills and currencies. Types: Foreign Inward […]
Read more
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 on dealing in foreign exchange 5. Restrictions on payment 6. Blocked accounts 7. Special accounts 8. Restrictions on import and […]
Read more
Establishing an Export Office As soon as a company starts to obtain export business, some form of export office will be required along- with a system under which it should operate and certain people able to deal with the work. And before any goods can be dispatched, some dealings may […]
Read more
What is IRC and ERC? IRC and ERC: Required papers / documents to obtain Import Registration Certificate (IRC) Import Registration Certificate (IRC) and Export Registration Certificate (ERC) are issued by the office of chief controller of Import and Exports (CCI & E) of the government. Intending Imports and Exporters are […]
Read more
How many Parties are involved in Letter of Credit (LC) There are mainly 6(six) parties involved in a letter of credit which may be summed up as under: a) Opener: The applicant of L/C or the Importer / Buyer / L/C applicant. b) Opening Bank: The Bank opening the L/C […]
Read more
Impact of Foreign Exchange Rate in International Business Foreign exchange rates play a crucial role in international business transactions. The fluctuation of these rates can have a significant impact on businesses operating globally. In this article, we will explore the implications of foreign exchange rates on international trade, investments, and […]
Read more
How to Obtain Import Registration Certificate (IRC) in Bangladesh? Introduction What is an Import Registration Certificate (IRC)? Importance of Import Registration Certificate (IRC) Eligibility for obtaining an Import Registration Certificate (IRC) Application process for obtaining an Import Registration Certificate (IRC) Required documents for obtaining an Import Registration Certificate (IRC) Fees […]
Read more
What types of credit facilities are provided by the banks to the exporters in Bangladesh? Export plays a dominant role in the economy of our country. In the export trade, the exporter needs the finance at different stages right from the stage he gets an export order to supply […]
Read more
What do you know about Asian Clearing Union (ACU)? Asian Clearing Union (ACU) Asian Clearing Union (ACU) is a payment arrangement whereby the participants settle payments for intra-regional transactions among the participating central banks on a net multilateral basis. The main objectives of the clearing union are to facilitate payments […]
Read more
What are the objective of Exchange control of Bangladesh? Answer: Objectives of Exchange Control: (i) Protection of Balance of Payments. One of the important objectives of exchange control is protection of balance of payments. When the balance of payments deficit of a nation becomes large an chronic an its automatic […]
Read more