Bank Draft

Bank Draft Introduction : Banks remit funds from one place to another through the network of their branches. The main instrument for remittance of funds are bank drafts, mail transfer, telegraphic transfer and traveller’s cheques. Here, we will focus are attention on features and operational aspects of bank draft. Definition […]

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Clearing

Clearing Clearing is the process of collection of proceeds of instruments of different banks by a collecting bank through some systematic procedures with the involvement of Central Bank. Types of  instruments:  Cheques (CD, SB, Loan)   Demand Draft   Payment Order   Others Related Terms: Crossing Clearing Stamp Endorsement Clearing […]

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XpressMoney

XpressMoney XpressMoney is a global money transfer branded company in—. It   provides money transfer service Over the last 13 years  which  is convenient, affordable, accessible and secure form. At present XpressMoney is  an international money transfer provider company. They  serve more than 55,000 customers everyday all over  the world. Their […]

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Pre-Shipment Inspection (PSI)

Pre-Shipment Inspection (PSI) Legal Framework: Pre-shipment Inspection Rules – 2002 (SRO No. – 255-AIN/2002/1973/Shulka, Dated 19-09-2002 which replaces Pre-Shipment Inspection Order – 1999, Dated 19-10-1999) Amendment of Pre-shipment Inspection Rules–2002 (SRO No. 38-AIN/2008/2188/Shulka, Dated 05-06-2008) Circular regarding exemption from mandatory pre-shipment inspection (SRO No. 193-AIN/2010/2311/Shulka, Dated 10.06.2010) Customs Act-1969 Import […]

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How to use the Export Development Fund

 How to use the Export Development Fund  The Export Development Fund is expected to contribute to a sustained export drive and long-term development of Bangladesh Exports by assuring a continued availability of Foreign Exchange to meet the import requirements of particularly new exporters, exporters diversifying into higher value exports & […]

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Discrepancies of Letter of Credit

Discrepancies of Letter of Credit

Discrepancies of Letter of Credit Common discrepancies in the export documents Claused/unclean/foul/dirty Bill of Lading. Charte–party/stale/third party Bill of Lading (Unless stipulated in the letter of credit ) ON BOARD notation in B/L updated/unauthenticated. Shipment effected from the port other than that stipulated in the credit. Goods shipped on deck […]

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What is Outward Remittance

What is Outward Remittance?

What is Outward Remittance? Foreign Outward Remittance: Foreign currency being made out abroad may be termed as foreign outward remittance. Purpose of outward  remittance are: a)    Import Bills Payment b)    Payment against Contract or Agreement c)    Travel d)    Education e)    Treatment f)     Membership fees g)    Fees for Application h)    Examination […]

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