Amruta_Tamhankar_Export Import Transactions in Bank

8/12/2019 Amruta_Tamhankar_Export Import Transactions in Bank

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Transactions In Bank

A PROJECT REPORT

ON

EXPORT IMPORT TRANSACTIONS IN BANK

AT

MALAD WEST BRANCH

AMRUTA TAMHANKAR

IN PARTIAL FULFILLMENT OF

1


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I "urther "eel inde*ted to M+.R-""&!-+ "or his assistance! encourae$ent! inspiration and

#arious suestions "ro$ the conception to co$pletion o" the pro&ect(

I shall *e "ailin $y duty i" I don-t e)press $y ratitude to Prof. P.L. Arya, Director, N.L.

Dalmia Institute of Management Studies and Research"or i#in $e an opportunity to o

*eyond classroo$ and learn the corporate aspect( Last *ut not the least. I would like to thankthe entire sta"" o" /ank o" India0Malad west *ranch "or their cooperation(


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A44+&5-*#"6

A2 AUT+ORI%E2 2EALER

/R3 /AN4 REALI%ATION 3ERTIFI3ATE

3IF 3O%T IN%URAN3E 5 FREI6+T

23 2O3UMENTR7 3RE2IT

26FT 2IRE3TOR 6ENERAL OF FOREI6N TRA2E

E363 E8PORT 3ONTROL 6UARANTEE 3ORPORATION

EEF3 E8PORT EARNER%- FOREI6N 3URREN37

EP3 E8PORT PA34IN6 3RE2IT

F/3 FOREI6N /ILL FOR 3OLLE3TION

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F/P FOREI6N /ILL PUR3+A%E2

F/N FOREI6N /ILL FOR NE6OTIATION

F3L FOREI6N 3URREN37 LOAN

FIR3 FORE8 IN:AR2 REMITTAN3E 3ERTIFI3ATE

FO/ FREE ON /OAR2

U3P23 UNIFORM 3U%TOM% AN2 PRA3TI3E% FOR

2O3UMENTR7 3RE2IT

INDEX

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=

CHAPTER

NUMBER

SUB

TOPICCHAPTER NAME

PAGE

NUMBER

E)ecuti#e %u$$ary

1 /ankin Industry 1

, A*out /ank o" India

(1 +ierarchy In /ank O" India >

(, O*&ecti#es O" The Pro&ect ?

( %cope ?

(9 Methodoloy ?

(; Li$itations 1@

9 Introduction To Fore) 11

; Forein E)chane Manae$ent Act! 1??? FEMAB 1

< Authori'ed 2ealer 1>

=

E)ports 1?

=(1 E)chane 3ontrol For E)ports ,@

=(, E)chane 3ontrol For$s ,@

=( 6(R( C P(P( Procedure ,1

=(9 Procedures Related To E)ports ,,

=(; E)port Finance ,>

>

I$ports 9@

>(1 Parties To I$port 91

>(, Types O" Letter O" 3redit 9

>( Risks Associated with Openin I$ports LC3 9;

? 2ocu$ents 9.:& at end4March 233#.

The -BI data shows that while the deceleration in bank credit was observed across the

banking system, it was sharper for the private and foreign banks.

The "+Bs6 investment in "@- securities as a per cent of their net demand and time liabilities

increased to 2#.9& at end4March 2335 from 2$.#& a year ago due to lower credit e8pansion

in 233#435. (ata on sectoral deployment of credit of "+Bs shows that during 233#435, the

incremental credit e8pansion was primarily led by infrastructure, petroleum, coal products A

nuclear fuels, iron A steel, engineering, construction and chemical A chemical products

industries. hile the credit flows to small industries and personal borrowers moderated, those

to agriculture sector posted an increase.

The Indian banks, in general, posted healthy financial results during 233#435 compared to

their global peers despite challenging economic conditions. The outlook for Indian banking

industry remains positive in 2335493 on the backdrop of its stricter prudential regulation by

the -BI, sound financial indicators and stable political regime.

Chapter 2

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About Bank of India

Mission

CTo provide superior, proactive banking services to niche markets globally, while providing

cost4effective, responsive services to others in our role as a development bank, and in so

doing, meet the re!uirements of our stakeholdersC.

Vision

CTo become the bank of choice for corporate, medium businesses and up market retail

customers and to provide cost effective developmental banking for small business, massmarket and rural marketsC

History

0 group of eminent businessmen from Mumbai started the Bank of India ;also known as BoI% +rores as on >9st March, 2393. The share of e8port credit to net adEusted

bank credit as at March 2393 was %.53&.

inancial re!uirements of both e8porters and non4 e8porters are met through +B at our

overseas branches and oreign +urrency loans at domestic branches. The total amount of

such advances as at >943>42393 was "( 9$3#.5> million ;+omprising of +Bs "(

:59.$$ Mn. and oreign +urrency @oan of "( 939$.9: Mn.< e!uivalents to -s. $:$>.93

+rore. The bank also e8tended pre4shipment and post4shipment e8port credit in foreign

currency and the amount outstanding as at >943>42393 was "( 952.?$ Mn. ;e!uivalent

to -s. #:?.95 +rore


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. *O&%+ B,(I!%((

The fore8 business handled by the bank has shown good growth. (uring the year 2335493,

e8port turnover was -s.9?,$3> +rore and the Import turnover was -s.9#,2#> +rore.

3. BA!) O* I!IA M,MBAI OV%&(%A( B&A!CH -MO(B

Bank of India Mumbai overseas branch is located ort, Mumbai and it caters the needs of

Importer, e8porter, businessmen, individual /-I, etc. Branch is headed by Mr. 0mitabh

-astogi ;0ssistant eneral Manager


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iv. Import

v. 0dvances

vi. 0ccounts

1. To "tudy documentary credit procedure

?. To study fi8ing limit of e8port packing credit and documentary credit as per -BI

method, B1I method

. (CO#%

Jarious import and e8port finance

Bank realization certificate

)reparation and documentation of letter of credit

.3 M%$HOOLO"6

)rimary dataF

This data was collected purely on the basis of interaction with the chief manager, senior

manager, office staff, various thoughts and suggestions by other departmental staff and the

intranet.

"econdary dataF

The sources of secondary data were a combination of information from the Internet,

periodicals and newspapers.

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.7 LIMI$A$IO!(

0pplying procedures in practical not permitted due to .restriction on usage of systems.

@imited Time period Two months from >rd May >3thDune, 2393.

(isclosure of certain critical information not permitted on account of the secrecy bond.

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Chapter 3

Introduction to *ore8

%8change contro95

In India, foreign e8change business is governed by the foreign e8change regulation act 95$>.

The reserve bank of India administers the e8change control. The types of transaction which

are affected by the foreign e8change regulation act are, in general, all those having

international financial implications. The regulation framed by the reserve bank in regard to

foreign e8change are contain in the e8change control manual. The manual sets forth theauthority granted to banks to buy and sell foreign e8change and to do other thing incidental

there to, as also the procedures to be followed by them. It also contains e8change regulation

act and notification issued by central government and reserve bank relating to e8change

control.

*oreign %8changeMarket5

e have seen that the origin of foreign e8change is in the foreign trade. 0t all times, there

e8porters who receive foreign currencies from there overseas buyer settlement of the trade

transactions and there are also importers who have to pay in foreign currencies to their

overseas supplier. 0gain, there are agencies like bank that business it is to arrange for

e8change of currencies as re!uired by their customers. The banks would buy foreign

currencies from their customers like e8porters who wish to convert their foreign currencies

receipts into Indian rupees the banks would sell currencies to those customers like importers

who have to make foreign currencies payment. Thus arises the needs for the foreign e8change

market, which play the part of a clearing house through which purchases and sales of foreign

currencies are offset against each other. The term foreign e8change market is used in an

abstract sense only, meaning a number of buyers and sellers systematically in contact with

each other for the purpose of transacting foreign e8change business.

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Indian *oreign %8change Market5

The Indian foreign e8change market may be broadly described as a three4tiered market. The

first tier consists of foreign e8change transaction between the banks and their customers,

mainly importers and e8porters. "econdly, their there is the inter4bank market wherein thereare e8change dealings between banks themselves, conducted through foreign e8change

brokers and supplemented from time to time by reserve bank of India. The inter4bank market

is mainly established in three important port centers, namely Bombay, Golkatta and +hennai.

The third tier consists of foreign e8change dealings between banks in India and their

counterparts and branches in foreign countries that have e8change business to transact with

India. In addition, the banks in India also operate in international markets like @ondon, /ew

7ork etc. to cover their foreign e8change dealings with the customers and other banks. hile

the first could be compared with the retail market, the second is in fact a domestic wholesale

market. The third is also a wholesale market but on an international plane. 0ll the three are

inter connected, this is so because after all the customers are the ultimate suppliers and the

consumers ;sellers and buyers< of foreign currencies and their needs and met by the banks

either by operating in the inter4bank market locally or in the international e8change market. In

9555, oreign 8change Management 0ct was passed to replace -0 to manage the Indian

oreign 8change Market in a better manner.

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Chapter 7

*oreign %8change Manage:ent Act; 1/// -*%MA

Introduction

oreign 8change Management 0ct or in short ;M0< is an act that provides guidelines for

the free flow of foreign e8change in India. It has brought a new management regime of

foreign e8change consistent with the emerging frame work of the orld Trade 1rganisation

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I:portant #ro


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=owever where purpose of sale of foreign e8change is for travel abroad for business etc, cash

may be received by 0uthorized (ealer from 0pplicant upto -s. %3,333L4

here the rupee e!uivalent for drawing foreign e8change e8ceeds -s. %3,333 either for any

single installment or for more than one installment reckoned444 together for a single Eourney Lvisit it should be paid by the traveler by means of a gross che!ue L demand draftL pay order as

stated above.

3. $raue negotiab9e on9y in india5

-upee Travelers che!ue cannot be encashed outside India, if they are issued solely for use

within India. In such a case they cannot be taken or sent out of India. -eimbursements should

be strictly refused where such traveler6s che!ues have been encashed outside India.

7. &ei:burse:ent outside India

-upee Travellers che!ue, which are issued by authorized dealers, encashable outside India,

may be reimbursed by 0uthorized (ealers or by their selling 0gent.

?. I:port of foreign currency notes

hen the stock of foreign currency notes with 0uthorized (ealer is not ade!uate for meeting

their normal business re!uirement they could import foreign currency notes from their

overseas branches or correspondents.

@. &ates of e8change

0uthorized dealers and their 8change bureau may buy from and sell to public foreign

currency notes and coins at rates of e8change determined by market conditions. (ealings in

foreign currency notes and coins between authorized dealers and between authorized dealers

and money changers would also be at rates determined by market conditions.

Co:parison of *%&A and *%MA

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(i:i9arities

The similarities between -0 and M0 are as followsF

9. The -eserve Bank of India and central government would continue to be the regulatory

bodies.

2. )resumption of e8tra territorial Eurisdiction as envisaged in section ;9< of -0 has been

retained.

>. The (irectorate of nforcement continues to be the agency for enforcement of the

provisions of the law such as conducting search and seizure

ifferences

"r.

/o(I-/+" -0 M0

9 )-1JI"I1/" -0 consisted of #9 sections,and was more comple8 M0 is much simple, andconsist of only ?5 sections.

2 0T-" )resumption of negative intention

;Mens -ea < and Eoining hands in

offence ;abatement< e8isted in

M0

These presumptions of Mens

-ea and abatement have been

e8cluded in M0

> / T-M" I/

M0

Terms like +apital 0ccount

Transaction, current 0ccount

Transaction, person, service etc.were not defined in -0.

Terms like +apital 0ccount

Transaction, current account

Transaction person, service etc.,have been defined in detail in

M0

? M0/I/ 1

C-"I(/TC 0"

+1M)0-(

There was a big difference in the

definition of C-esidentC, under

The provision of M0, are in

consistent with income Ta8

0ct, in respect to the definition

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IT= I/+1M

T0 0+T.

-0, and Income Ta8 0ct of term N-esidentC. /ow the

criteria of CIn India for 9#2

daysC to make a person resident

has been brought under M0.Therefore a person who

!ualifies to be a non4resident

under the income Ta8 0ct,

95:9 will also be considered a

non4resident for the purposes of

application of M0, but a

person who is considered to be

non4resident under M0 may

not necessarily be a non4

resident under the Income Ta80ct, for instance a business

man going abroad and staying

therefore a period of 9#2 days

or more in a financial year will

become a non4resident under

M0.

% )/I"=M/T 0ny offence under -0, was a

criminal offence , punishable with

imprisonment as per code of

criminal procedure, 95$>

The offence is considered to be

a civil offence only punishable

with some amount of money as

a penalty. Imprisonment is

prescribed only when one fails

to pay the penalty.

Chapter ?

Authoried ea9er,


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1nly a person 0uthorized by -eserve Bank can deal in foreign 8change. 0n C0uthorized

)ersonC under M0, is a person who is authorized by -eserve Bank to deal in oreign

8change. or being registered as an C0uthorized )ersonC, necessary application along withrelevant documents has to be furnished to -eserve Bank. 0n C0uthorized )ersonC is also, not

given a free hand to deal in foreign 8change. =e has to furnish details and information, to

-eserve Bank from time to time as may be re!uired by it.

/o one can make a payment to a person resident outside India, without permission of -eserve

Bank.

/o one receives any payment from a person resident outside India, without permission of

-eserve Bank.

0 person resident in India cannot deal in foreign e8change, foreign security or any immovableproperty situated outside India, without permission of -eserve Bank.

"imilarly a person resident outside India cannot ac!uire immovable property in India without

permission.

Chapter @

%8ports

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8port business is a very important part of foreign e8change business and Branches should

endeavor to develop such business to the fullest e8tent possible.

&outing business through the foreign branches

The branches should route foreign e8change business emanating from their customers through

the foreign branches to help them to improve their profitability and capture captive business.

0ll foreign branches are fully e!uipped with infrastructure of latest technology and are

capable of rendering efficient and professional services in handling all foreign e8change

business including collection of e8port bills from India. In fact, by routing the business

through foreign branches, branches will be saving on time and cost as our foreign brancheswill not levy any charges for crediting proceeds like foreign correspondents with whom

/ostro accounts are maintained. The foreign branches can directly advise the concerned

branch about realisation of bills by tested tele8 as all maEor branches have test key

arrangement with our foreign branches. This will improve the level of service to our e8porter

customers.

,nifor: (yste: of !u:bering %8port Bi99s

The niform Bill /umbering "ystem covers all types of e8port transaction, viz.

i< negotiation of documents under e8port letters of credit,

ii< e8port bills purchasedLdiscounted,

iii< e8port bills sent for collection,

iv< bills pertaining to e8port on consignment basis ;0ccount "ale


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The Indian e8change control regulations re!uire that all shipping documents covering the

e8port of goods from India must be passed through the medium of an authorised dealer in

foreign e8change.

-4-T-/"F 0s soon as the documents are negotiated, purchased or sent for collection,Branches must report the transaction to the -eserve Bank of India in /+ "tatement in

duplicate in the prescribed format which should be submitted along with - "upplementary

-eturns every fortnight to the e8change control authorities. It should be verified whether the

items such as Bill number, 8porter's +ode /umber, -L)) orm /umber, +ustoms

/umber, Total Invoice Jalue 4 currency and amount, etc., are correctly filled up in the /+

"tatementO Bill number should be according to niform "ystem of /umbering of 8port Bills

in the 8port Bills -egister.

@.2 %8change Contro9 *or:s

".&. *or:F "hipments made other than by post to all countries ;including )akistan and

0fghanistan< should be declared on .-. orm by e8porters.

#.#. *or:F 8ports to all countries by parcel post ;e8cept made on Cvalue payableC or Ccash

on deliveryC4 basis< should be declared on ).). forms by e8porters,

V.#. C.O.. *or:F 8ports to all countries by parcel post under arrangement to realise thevalue through postal channels on Cvalue payableC or Ccash on deliveryC basis should be

declared on these forms by e8porters.

(O*$%+ *or:F 8ports of computer software in non4physical form.

These forms are sold directly to e8porters by the local offices of the 8change +ontrol

(epartment of the -eserve Bank of India.

@. ".&. #.#. #rocedure

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-L)) forms should be completed by the e8porter in duplicate and both the copies submitted

to the +ustoms at the port of shipment along with the shipping bill.

The e8porter should declare the discount, agency commission etc., payable in the

appropriate column of - form.

+ustoms will give their running serial number on both the copies after admitting the

corresponding shipping bill.

+ustoms will certify the value declared by the e8porter on both the copies of the -form at the space earmarked and will also record the assessed value. They will then return the

duplicate copy of the form to the e8porter and retain the original for transmission to -eserve

Bank.

8porters should submit the duplicate copy of the - form again to +ustoms along

with the cargo to be shipped.

0fter e8amination of the goods and certifying the !uantity passed for shipment on the

duplicate copy, +ustoms will return it to the e8porter for submission to the authorized dealer

for negotiation or collection of e8port bills.

ithin twenty one days from shipment of goods, e8porter should lodge the duplicate

copy together with relative shipping documents and customs certified copy of the invoice with

the authorized dealer named on the - form.

0fter the documents have been negotiatedL sent for collection, the authorized dealer

should report the transaction to -eserve Bank in statement /+ under cover of appropriate

-4"upplementary -eturn.

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The duplicate copy of the form together with a copy of invoice will be retained by

the authorized dealer till full e8port proceeds have been realized and thereafter submitted to

-eserve Bank duly certified under cover of appropriate -4"upplementary -eturn

@.3 #rocedures &e9ated $o %8ports

I. &egistration (tage5

0ll intending importersL e8porters are re!uired to register themselves with the

following authorities before commencing businessO

i. (T; regional authority< for obtaining Importer48porter +ode /umber ;I+

/umber. 8porter accepts the letter of credit with all terms and conditions

?. Importer is intimated about the acceptance

%. 8porter gives the bill which is discounted by his bank where e8porter6s rupee

advance is recovered by taking special rate from treasury and payment is made upto

53& of the bill amount.

:. Before the e8piry of letter of credit, importer makes the payment and balance 93&

amount is credited to e8porter6s account taking that day6s TT buying card rate.

$. In case, importer fails to make payment importer6s bank is liable for such payment ifand only if trade is carried out as per terms and conditions of letter of credit.

)rocedure for reimbursement of e8port financeF

9. The e8porter6s credibility is checked with respect to his +M0 data, his social

reputation as well as his past records and accordingly his limits are decided for

granting e8port packing credit ;)+< as well as packing credit in foreign currency

;)++< by the following formulae given by CHO&% co::itteei.e.

ma8imum possible banking finance Q


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ma8 of

;working capital gap4minimum working capital. The manufacturer demands on payment against documents for goods but thebeneficiary of credit is short of the funds

:. Transferable @etter of +redit @Lc

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0 transferable documentary credit is a type of credit under which the first beneficiary which is

usually a middleman may re!uest the nominated bank to transfer credit in whole or in part to

the second beneficiary. The @Lc does state clearly mentions the margins of the first beneficiary

and unless it is specified the @Lc cannot be treated as transferable. It can only be used when

the company is selling the product of a third party and the proper care has to be taken about

the e8it policy for the money transactions that take place.

$. "tandby @etter of +redit @Lc

Initially used by the banks in the nited "tates, the standby letter of credit is very much

similar in nature to a bank guarantee. The main obEective of issuing such a credit is to secure

bank loans. "tandby credits are usually issued by the applicant6s bank in the applicant6s

country and advised to the beneficiary by a bank in the beneficiary6s country.

nlike a traditional letter of credit where the beneficiary obtains payment against documents

evidencing performance, the standby letter of credit allow a beneficiary to obtains payment

from a bank even when the applicant for the credit has failed to perform as per bond.

. &isk Associated =ith Opening I:ports LC

The basic risk associated with an issuing bank while opening an import @Lc areF

9. $he financia9 standing of the i:porter

0s the bank is responsible to pay the money on the behalf of the importer, thereby the bank

should make sure that it has the proper funds to pay.

2. $he goods

Bankers need to do a detail analysis against the risks associated with perishability of thegoods, possible obsolescence, import regulations packing and storage, etc. )rice risk is

another crucial factor associated with all modes of international trade.

>. %8porter &isk

There is always the risk of e8porting inferior !uality goods. Banks need to be protective by

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finding out as much possible about the e8porter using status report and other confidential

information.

?. Country &isk

These types of risks are mainly associated with the political and economic scenario of a

country. To solve this issue, most banks have specialized unit which control the level of

e8posure that that the bank will assumes for each country.

%. *oreign e8change risk

oreign e8change risk is another most sensitive risk associated with the banks. 0s the

transaction is done in foreign currency, the traders depend a lot on e8change rate fluctuations.

Chapter /

ocu:ents

Introduction

International market involves various types of trade documents that need to be produced while

making transactions. ach trade document is differ from other and present the various aspects

of the trade like description, !uality, number, transportation medium, indemnity, inspection

and so on. "o, it becomes important for the importers and e8porters to make sure that their

documents support the guidelines as per international trade transactions. 0 small mistake

could prove costly for any of the parties.

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or e8ample, a trade document about the bill of lading is a proof that goods have been

shipped on board, while Inspection +ertificate certifies that the goods have been inspected

and meet !uality standards. "o, depending on these necessary documents, a seller can assure a

buyer that he has fulfilled his responsibility whilst the buyer is assured of his re!uest being

carried out by the seller.

The following is a list of documents often used in international tradeF

0ir aybill

Bill of @ading

+ertificate of 1rigin

+ombined Transport (ocument

(raft ;or Bill of 8change1


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BANK@# CERTIFICATE

A)*o"%#e! Fo"e%' E&*a'e Deae"Co!e No. ao))e! )o )*e Ba 0+

RBI ______________________________ Re$.No. __________________________ Da)e _____________________________ Pa&e ____________________________

1. T*%# %# )o &e")%$+ )*a) 2e *a3e 3e"%$%e! )*e "ee3a) E/o")I3o%&e# C#)om# a))e#)e! E.P. Co/+ o$ )*e S*%//%' B% a! o)*e""ee3a) !o&me)# o$ M6#.___________________________. e $")*e"&e")%$+ )*a) )*e /a")%&a"# '%3e % Co.1 )o 1= *a3e 0ee 3e"%$%e!a! $o! )o 0e &o""e&). e *a3e a#o 3e"%$%e! )*e F.O.B. 3aeme)%oe! % Co.14 a0o3e 2%)* "e$e"e&e )o $oo2%' !o&me)#:-

(%, B% o$ La!%'6PP "e&e%/)6A%"2a+# B%(%%, I#"a&e /o%&+6Co3e"6I#"a&e Re&e%/).

. e *a3e a#o 3e"%$%e! )*a) )*e !a)e o$ )*e &oe&)e! ma)e "e&e%/)a# %!%&a)e! % )*e "ee3a) S*%//%' B% %#______________________(!a)e )o 0e '%3e,.

;. e *a3e a#o 3e"%$%e! )*a) )*e !a)e o$ E/o") %# _________.

(A//%&a0e o+ % "e#/e&) o$ E/o")# 0+ a%".,

4. T*%# %# )o &e")%$+ )*a) 2e *a3e &e")%$%e! )*e amo) o$ )*eComm%##%o /a%!6/a+a0e a# !e&a"e! a0o3e 0+ )*e e/o")e" %.e.____________________________________________

(% $%'"e# a! 2o"!#, 2%)* .R. Fo"m# a! $o! )o 0e &o""e&),.

______________________________________

(S%'a)"e o$ )*e Bae"#,

F a!!"e## o$ )*e Bae"#_______________________________________B"a&* a! C%)+ _______________________

O$$%&%a S)am/.

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No)e:1. Ba &a %##e a &o#o%!a)e! &e")%$%&a)e (&o#%'me)-

2%#e, $o" mo"e )*a oe &o#%'me).

. FOB a&)a+ "ea%#e! a! !a)e o$ "ea%#a)%o o$ e/o")/"o&ee!# a"e )o 0e '%3e % a &a#e# e&e/) 2*e"e&o#%'me) *a# 0ee #e) a'a%#) &o$o"me! %""e3o&a0ee))e" o$ &"e!%).

;. T*%# #*a 0e "e%"e! 2*e"e3e" #/e&%$%&a+ /"e#&"%0e!% )*e Po%&+6 /"o&e!"e.

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BIBLIO"&A#H6

-BI guidelines.

Bank of India Manuals

ore8 management FI+0I D1-/0@

+ommercial Bank Management By )eter .". -ose

inancial Magazines

achovia Bank "eminar -eport

Jarious websites likeF 4

9. www.Bankofindia.com

2. www.-bi.org.in

>. www.cmie.com

?. www.e8im.com

%. www.sbi.com

:. www.investopedia.com

$. www.financiale8press.com

#. www.scribd.com
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Amruta_Tamhankar_Export Import Transactions in Bank

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