Customer Services of Exim Bank limited

Introduction:

Modern Banking is a result of evolutions driven by changing economic activities and lifestyles. Entering a new millennium, after our independence from Pakistan, apart from the foreign Banks all the commercial Banks were nationalized. In 1983, the government of Bangladesh gave permission to establish private Banks in this country. After this regulation most of these nationalized Commercial Banks were shifted into the private sector. Many private Banks were established in this country. EXIM BANK emerged as Islamic Bank on 1^st July 2004. The Banks rules and procedures are based on” Islamic Shariah” of course; the Dhanmondi Branch was Islamic Branch from its opening. Recently the EXIM Bank offered shares.

Banks are financial institutions and have to utilize their generation fund effectively by investing in different sectors. Its team of dedicated professionals is committed to provide an unparalleled service by using the latest technology to make Bankable proposals harvest maximum benefits for the customers, the shareholders and the society at large. In order to ensure a satisfactory level of recovery rate from its investing activities, Banks should have a sound customer service. Identifying the reliable and real clients in providing cash, Foreign Exchange and advances is essential for banking business and application of an appropriate customer services can help this respect. As customers are one of the most important considerations in the personal banking, they should be given a chance to exchange their views and ideas about the Bank’s products and services. This study attempted to reveal the facts about the strengths and weakness. if any of the customer services of EXIM Bank limited with a view to have an in depth idea of the Internship of the BBA program, this study has heart of the Banking system as is in EXIM Bank Under general banking system   Foreign Exchange management is the lifeblood of managing risk in a customer portfolio.

Foreign Exchange management is mainly concerned with the LC open recovery and loan.

Objectives of the Study:

The main objective of the study is to gain practical knowledge regarding banking system and operations. This practical orientation gives us a Scope to integrate out theoretical knowledge with the practical experience. The following are major objectives for this practical orientation in bank.

• To understand the types of foreign exchange business offered by Exim bank Ltd.
•  To meet the BBA program requirement.
•  To acquire theoretical and operational knowledge on foreign trade.
•  To recommend on problematic areas of foreign exchange activities of Exim Bank Ltd.

Statement of the problem:

EXIM BANK is a service company because there are very few tangible elements is the offerings of EXIM Bank and thus service quality of EXIM Bank is the major factor that will determine their position in the market. Once a customer comes to take any service at this department he needs to be given customer service on a continuous basis. So better and consistent Customer service will improve the service of FED of EXIM Bank and help it to retain its customers and create a good image in the market.

 Methodology of Study:

 Different types of data and information are required to meet the goal of this report. Those data and information were collected from two sources. These are primary sources and secondary sources.

i)                    Primary sources of data

a)          Personal observation

b)          Face to face conversation of the officers.

c)           Face to face conversation of the client.

ii)Secondary sources of data

a)      File study

b)     Internet

c)      Annual report of Exim Bank Ltd.

d)     Statement of affairs.

e)      Various books, articles requiring general, Foreign exchange operations and credit policies.

Limitations of the study

 Like any other study the limitation of the study is not out of questions. The following factors seem to me the main weakness of my study.

 a)      Three months time is not enough for such an extensive. It is very difficult to collect all the required information in such a short period.

b)      It is a private bank , so they maintain some sort secrecy in giving information to general public.

c)      Adequate and in-depth well organized literature was not available.

d)     The officers of Exim bank Ltd are always busy with their work. As a result they could not make time to two to me.

Time Schedule:

 Part Two

An Overview on Organizational profile of

EXIM Bank Ltd.

Organizational overview:

About the company:

EXIM Bank. as the name implies a newly formed commercial Bank but is the 1^st of its kind in Bangladesh. It has incorporated in Dhaka, Bangladesh as public limited company and its Head office of the Bank is located at   Symphony, plot # sector (F)9 ,Road 142,Gulahan Avenue, Dhaka.

In the word of consumerism, the business organization of the world strive for the consumers satisfaction as a number one business strategy what ever may the product of the organization, either service or non- service. Service is the product of the Bank building. The guard at the door is the first person represents the Bank; receive a customer with wishes in smiling face.

 History of EXIM Bank:

The word EXIM implies the meaning of its operation. Though it is a new type of Bank in Bangladesh, it is familiar with so many countries in the world such as export import Bank of United States, Export Import Bank of Japan. Despite it is a local Bank, it has spread its operation in the whole world through foreign Banking. To achieve the desired goal, it has intention to pursuit of excellence at all stages with a climate of continuous improvement, because it believes, the line of excellence is never ending. it also believes that its strategic place and business networking will strengthen its competitive edge over in rapidly changing competitive environment. Its motto is providing quality services to the customers all over the world. So the slogan of the Bank – “Local Bank global Network” is completely adjustable.

 Export import Bank of Bangladesh Limited was incorporated in Bangladesh on 2 June 1999 as Banking Company under the Companies Act1994.The Bank converted its banking operation into Islamic Banking based on Islamic Shariah from traditional banking operation 1^st July 2004 after obtaining approval from Bangladesh Bank. The Bank went for public issue of shares in the year 2004 and its shares are listed with Dhaka stock Exchange and Chittagong Stock Exchange.

The bank was carrying out merchant banking activities through its Merchant Banking Division (MBD) under the license by the Securities & Exchange Commission (SEC) before formation of subsidiary company in the name EXIM Islami Investment limited (EIIL) of which owns 99.99% and have substantial control and is 0.01% minority interest in it. EIIL carries out merchant banking activities.

The bank has two other fully owner subsidiary companies EXIM Exchange Company (UK) Limited & Exchange Company (Canada ) Limited incorporated in the United Kingdom and Canada respectively.

 Mission of EXIM Bank:

The Export Import Bank has completed its successful existence on its career and now has taken a revolution of its business operation in 2002 searching for incremental improvement in productivity, operational efficiency and structure consequently, a new organization structure has been developing to business focus and priorities and competitive pressures.

Vision of EXIM Bank:

Vision of EXIM Bank is to always strive to achieve superior performance, be considered a leading Islamic reputation and performance. Goal of EXIM Bank Ltd is to establish and maintain the modern banking techniques, to ensure the soundness and development if the financial system based on Islami principles and to become the strong and efficient organization with highly motivated professionals, working for the benefit of people, based upon accountability, transparency and integrity in order to ensure the stability of financial system.

Financial Performance of EXIM Bank Limited:

The Business of Banking consists of borrowing and lending. As in other businesses, operations must be based on capital, but Banks employ comparatively little of their own capital in relation to the total volume of their transactions. The purpose of capital and reserve accounts is primarily to provide an ultimate cover against losses on loans and investment. In Bangladesh, there are many types of Banks, which are formed as commercial Banks. But above all, EXIM Bank of Bangladesh Ltd. is a new kind of private commercial Bank. The full abbreviation of EXIM Bank of Bangladesh Ltd. Later the management of EXIM Bank of Bangladesh Ltd, changed the name of the bank as EXIM Bank Bangladesh Ltd, because of the case lodged Mexico group of industries. The Bank has got lending personalities, businessmen and reputed industrialists as its sponsors. The Bank will be immensely benefited from the valuable advice of the experienced sponsors of the Bank. The late chairman of the Bank contributed his untimely death caused vacuum in the leadership of the Bank. But within shortest possible time, the sponsors who in a position to select the next chairmen of the Bank. In 2010 EXIM Bank limited made commendable in all business arena, like Deposit, Credit, Fund Management, Investment and Foreign Exchange related business. The Bank achieved satisfactory progress in all areas of its operation and earned as operation and earned as operating profit of Tk.3, 458,015,132 Million.

Corporate Information:

Date of Incorporation                    :      June 02, 1999.

Formal Inauguration                      :     August 03, 1999.

Share of Capital                             :     Tk. 4233.25 million (2010)

Authorized Capital                         :     Tk. 4500 million. (2010)

Paid up Capital                               :     Tk. 2713.75 million. (2010)

Total Investment                            :      Tk. 42641.27million. (2010)

Number of Branches                      :      55 (till to May 20010).

Proposed Branches                         :      10. (till to May 2010)

The sponsor directors of the bank are well-established businessman and professionals of the country having business in and out Bangladesh.

 Functions of EXIM Bank Ltd:

The various operations are being functioned in the EXIM BANK LTD, the major functions of EXIM Bank can be described briefly-

            1. Deposit mobilization,

            2. Payment function,

            3. Collection function,

            4. Fund Transfer,

            5. Investment functions,

            6. Issuing Letter of Credit (LC),

            7. Issuing Bank Gurantee,

8. Foreign trade services e.g. export, import, remittance etc.

9. Issuing PO/DD/TT/MT/FDD/FTT,

10.SWIFT operation,

            11. Operations of clearing house,

            12.Maintenance of internal accounts of the bank,

            13. Correspondent banking,

            14. Financing to export on profit or loss sharing.

            15.overseas banking.

  Financial Highlights:

Organogram of EXIM Bank:

 Executive President

Deputy Executive President

Executive Vice President

Senior Vice President

Vice President

Assistant Vice President

Senior Principal officer

Principal officer

Senior officer

Officer

Capital and Reserve fund

The authorized and paid up capital of the bank was TK.1000, 000,000 Million and the paid –up capital of the Bank is TK.6, 832,268,790 Million while it started its Banking operation in 1999.The capital and reserve of the bank as on 31^st December 2010 Stock at TK.2, 277,422,930  Million. The Bank also made a   35 % general provision on unclassified investments of the Bank, which amounted to TK.731, 845,420 Million.

Deposit:

The deposit is the lifeblood for the commercial Banks. The core business of commercial Banks is accepting deposits and investing fund and it’s the main steam of revenues of commercial Banking. The total deposit of the Bank stock at TK.94, 949,400,069 Million as on December 2010 of 98.26% .The growth rate may be termed as a remarkable achievement for the Bank. The present strategy is to increase the deposit base through maintaining competitive rates of profit.

Investment :

The size of the investment portfolio of the Bank as on 31^st April 2011 stood at TK.93, 296,648,855 million against TK.1, 855,245,594 million 2010 showing growth of TK.539, 205,420 i.e.35.01% investment in Shares stood tk.1, 436,036,032,128 million as on 31^st December 2010 that helped in reading substantial amount of cash realized profit the year.

Import Business:

The total import business handles by the Bank during the year 2010 was Tk.35, 456,00 million as compared against Tk. 29781.80 million in the previous year showing a growth rate of 42.05%. The items of import were industrial raw materials, consumer goods, machinery, fabrics an accessories etc.

Export Business:

The total export handled by the Bank during the year 2010 was Tk. 5107.3765 million compared to Tk. 3460.705 million in the previous year showing a growth rate of 47.58%. The main export items were jute, jute goods, readymade garments, leather and leather goods cotton   etc.

General Banking:

Bangladesh is one of the less developed countries. So the economic development of the country depends largely on the activities of commercial banks. So we need to emphasis whether these commercial banks are effectively and honestly performing their functions, assigned duties and responsibilities. In thus respect we need to know about the general banking function of those banks as well as The EXIM Bank Ltd is to provide the general banking service.

General Banking Department performs the core functions of the bank. It deals day to day transactions. It takes the deposit from the customer and meets the customer demands for cash by honoring their checks. Broadly, it has the following core heads-

1. Accounts Opening Section
2. FDR and Ancillary Services Section
3. Local Remittance Section or transfer section.
4. Collection And Clearing
5. Cash Section
6. Accounts Section.

Products of EXIM Bank

# Al- Wadeeaba Current Account.

# Mudaraba Savings Account (MSA).

# Mudaraba Term deposit Account (3 month/6 month/12 month/36 # months term).

# Mudaraba special notice Account.

# Mudaraba Hajj Savings Account (1 year to 25 year term) (MHSA).

# Mudaraba special savings (pension) Account (5 year to 10 year term)

# Mudaraba Savings Bond Scheme (5 year & year 8 year term)

# Mudaraba Foreign Currency Deposit Account.

# Mudaraba Monthly Profit Deposit Account.

# Mudaraba Moharana Account.

# Mudaraba Waqf Cash Deposit Account.

Risk Management of Exim Bank ltd:

The board is responsible for ensuring that appropriate mechanism are in place to identify, evaluate and manage the risks which could prevent the company from achieving its objectives.

Each executive and officers are responsible for risk management in their respective for risk management in their respective business or functional areas.

The key business risks facing the bank are:

1. Foreign Exchange risk management.
2. Asset liability management.
3. Credit risk Management.
4. Internal control and compliance.
5. Prevention of money laundering.

 Branch Profil:

Nawabpur branch of Exim Bank Ltd started its operation on April 2004. Located at the 195/1Nawabpur Road Dhaka. This branch contributes largely to the profit of the Bank. During the year 2003 only one branch could achieve all its business targets. The name of the branch is Nawabpur Branch. Basic information of Nawabpur Branch given below:

                                                            Source: Nawabpur branch Exim Bank Ltd.

Target and actual position of Nawabpur Branch for the year-2009:

Source: Nawabpur branch Exim Bank Ltd.

Part Three

 Literature Review

Introduction to Foreign Exchange:

Foreign Exchange refers to the process or mechanism by which the currency of one country is converted into the currency of another currency and thereby, involves in international transfer of money. It is means of method by which rights to wealth in a country’s currency are converted into rights to wealth in another currency. In banks where we talk foreign exchange we refer to the general mechanism by which a bank converts currency of one country into that of another’s.

Dr. Paul Einzig (2006:L.R.Chowdhury) defines foreign exchange as a system or process of converting one national currency into another and of transferring the ownership of money from country to another.

In the words of Mr. H.E.Evitt (2006:L.R.Chowdhury) Foreign Exchange is that section of Economic science, which deals with the means, and method by which rights to wealth on one country’s currency are converted into rights to wealth in terms of another country’s currency.

In terms of Foreign Exchange Regulations ACT, 1947 as adapted in Bangladesh, Foreign Exchange means Foreign currency and include all deposits, credits and balances payable in foreign currency as well as all foreign currency instruments, such as, drafts, Travelers, Cheque, Bill of exchange, Hundi, and Promissory Notes payable in any foreign country.

 Types of Foreign Exchange:

There are three kinds of Foreign Exchange Transactions:

i) Import

ii) Export

iii) Remittance (Inward and Outward).

Guidelines of Foreign Exchange Operation:

 i)                    Import Policy Order-IPO (Published by Ministry of   Commerce).

ii)                  Uniform Customs & Practice for Documentary credits (UCPDC), ICC Publication No. 600

iii)                Uniform Rules for Collection (URC), ICC Publication No. 522

iv)                 Guidelines for Foreign Exchange Transactions (EXIM Bank Ltd)

v)                  Uniform Rules for Bank to Bank Reimbursement (URR), ICC Publication No.525

vi)                Foreign Exchange Circulars (Issued by Bangladesh Bank).

vii)              SRO-issued by Ministry of Finance / NRB. International Standard Banking Practice-(ISBP-2008), ICC publication No.645

Definition of Import:

Import business involves transactions in Foreign Exchange. By Foreign Exchange we generally mean foreign currency like US Dollar notes, Great Britain Pound etc. Bank notes or what we commonly call foreign currency notes however, do not play any significant role in settlement of international transactions. The term foreign Exchange is used in broader sense as a process of conversion of one currency into another. Foreign Exchange and Foreign trade is a part of economic science; it deals with the means and method by which rights to wealth in one country’s currency are converted into those of another country.

 Import Trade Control Act and Authorities:

a)      Foreign Exchange Regulation Act-1947

b)      Import Export (Control) Act-1950

c)      Importer, Exporter, Indentor (registration) order -1981

d)     Chief Controller of Import & Export (CCI & E)

e)      Bangladesh Bank.

Letter of Credit:

A standard, commercial letter of credit (LC) is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking.

Parties to an L/C:

a) Importer:  Importer is the person or enterprises, who import the goods or service from outside the countries.

b) Opening Bank: The bank that acts on behalf of the applicant, issuing the credit and undertaking to honor the beneficiary’s claims. The issuing bank is the buyer’s bank is also this called opening bank.

c) Exporter:  Exporter is the person or enterprises, who export goods or services to the foreign countries.

d) The Advising Bank:  The bank in the exporter’s usually the foreign correspondent of the importer’s bank, through which litter of credit is advised to the supplier is called the Advising Bank.

e) The Confirming Bank:  The confirming bank is one which adds its guarantee, To the credit opened by another bank. Beneficiary’s bank may request the issuing bank to give, additional confirmation by another bank. This called confirming Bank.

f) Transferring Bank: A transferring bank is the bank nominated by the issuing bank to pay to incur a deferred payment liability, to accept drafts or to transfer the credit.

Types of L/C:

a) Irrevocable L/C: A documentary credit take many different forms. The first decision the choice of the basic from of the credit is usually made at the time of negotiation between the seller and the buyer.

b) Add Confirmed L/C:  The most commonly used credit’s are sight payment credits. These provide for payment to the made to the beneficiary immodestly after presentation of the stipulated documents on the condition that the terms of the credit have been complied with the bank are allowed reasonable time to examine the documents.

c) Clean Clause L/C:  Under a differed payment credit the beneficiary does not receive payment. When his presorts the document’s but at a later, specified in the credit in this way the importer gains possession of the documents before being for the amount involved.

d) Transferable L/C:  Under a transferable LC, the beneficiary is permitted to transfer his rights in part or if full to one or more parties. It is typically used when the original beneficiary acts as the middleman between the actual supplier and the importer.

e)  Bid bond credit : Very often various companies submit their respective bide in order to be awarded a contract. The beneficiary will usually request a good faith deposit, which from 1%to 3% of the total contract value.

f) Performance L/C:  A performance L/C guarantees performance of an obligation. In the event of failure by the account party in the performance of an obligation contractual failure, failure to forward documents, failure to ship goods, the L/C may be involved.

Important points to prepare an L/C:

To prepare an L/C the branch takes care on the following points:

a) L/C Number:

b) Place & date of issue:

c) Date of expiry:

d) Shipment date:

e) Presentation period:

f) Applicant:

g) Beneficiary:

h) Advising Bank:

i) Amount:

j) Part-shipment and Trans-shipment:

k) Port of shipment and port of destination:

L/C will also indicate from where shipment to be made and where goods to be delivered.

Definition of Export:

Generally export means selling of visible and invisible goods and services outsides the country against Letter of Credit, firm contract or advance payment. Besides, local supplies against Letter of Credit / contract through banking channel are also deemed as export

Export Department:

• Understanding

• Registration

• Export order

• Contract

• Export letter of credit

• Shipment

• Issuance of EXP forms

• Disposal of EXP form

• Submission of documents.

 Export financing:

There are two types of export finance:

      Pre-shipment finance

      Post –shipment finance.

 Advising of the Export L/C:  Letter of credit issued by banks may arrive in the following forms:

i)                    By short cable/telex followed by airmail.

ii)                  By full telex (no airmail confirmation)

iii)                Airmail letter of credit

iv)                Advising of L/C after adding confirmation as per request of the issuing bank.

v)                  Through SWIFT message.

Chapter-4

Analysis and Findings

Foreign Exchange means foreign currency and it includes any instrument drawn, accepted, made or issued under clause (13), Article 16 of the Bangladesh Bank Order, 1972. All deposits, credits and balances payable in any foreign currency and draft, travelers cheque, letter of credit and bill of exchange expressed or drawn in Bangladeshi currency but payable in any foreign currencies.

            Bangladesh Bank issues Authorized Dealer (AD) license by observing the bank’s performance and also the customers associated with the bank for conducting foreign dealings. So, Exim bank Nawabpur branch is an authorized dealer.

Back Ground of Bank’s Involvement

Banks play a vital role by minimizing the risk of two parties, namely buyer and seller. In fact without the help of banks we cannot think about a congenial international trade environment. Now the question comes how banks help international trade. We know that in a local trade there is a chance to know about each other. But in international trade the involved parties stay two distant places. For a buyer the following risks are involved-

• Risk of non-delivery of goods.
• Risk of receiving sub standard goods.
• Risk of fraud in goods.

For the seller the following risk is involved-

• Risk of non-payment.

To reduce the aforesaid risks an independent system is introduced which will safeguard the buyer as well as seller in an international trade. Actually banks play due role by getting into two parties and bind them.

Import Section

In case of Import, the importers are asked by their exporters to open a letter of credit. So that their payment against goods is ensured.

Letter of Credit (L/C)

Letter of Credit (L/C) is a payment guarantee to the seller by the buyer’s bank. It is in fact, a Credit Contract whereby the buyer’s bank is committed (on behalf of the buyer) to place an agreed amount of money at the seller’s disposal under some agreed conditions. If the conditions of the credit do not require for presentation of specified documents, it is called Clean Credit. On the contrary, if the presentation of specified documents is obligatory, the credit is called a Documentary Credit.

Buyers and sellers enter into contracts for buying and selling goods/ services and the buyer instructs his bank to issue L/C in favor of the seller. Here bank assumes fiduciary function between the buyer and seller.

 Types of L/C

Exim bank Nawabpur branch deals with two types of L/C. These are-

1. Sight L/C
2. Deferred L/C.

Parties To Letter of Credit

The following parties are involved to a letter of credit, namely-

Obligatory Parties are

a)         Importer/ Buyer/ Applicant

b)        Opening Bank/ Issuing bank

c)         Advising Bank/ Notifying Bank

d)        Exporter/ Seller/ Beneficiary

Optional Parties (In case of need) are

e)         Negotiating Bank

f)         Confirming Bank

g)        Paying/ Reimbursing bank

Applicant

The person or body (customer of the bank) who requests the bank (opening bank) to issue letter of credit.

The bank that opens/issues letter of credit on behalf of the applicant/importer.

Advising Bank/ Notifying Bank

The bank through which the L/C is advised to the beneficiary (exporter).

Exporter/ Seller/ Beneficiary

Beneficiary of the L/C is the party in whose favors the letter of credit is issued. Usually they are the seller or exporter.

Confirming Bank

The bank, which under instruction in the letter of credit, adds their irrevocable undertaking to that of the issuing bank. It is done at the request of the issuing bank having arrangement with them. The confirmation constitutes a definite undertaking on the part of confirming bank in addition to that of issuing bank.

Negotiating Bank

The bank that negotiates document and pays the amount to the beneficiary when presented complying credit terms. If the negotiation of the documents is not restricted to a particular bank in the L/C, normally negotiating bank is the banker of the beneficiary.

Reimbursing / Paying Bank

The bank nominated in the credit by the issuing bank to make payment against stipulated documents, complying with the credit terms. Normally issuing bank maintains account with the reimbursing bank.

 Necessity of L/C for Importing Goods

An importer can purchase the goods directly up to the limit UD$ 5000 from the exporter without opening a L/C through Bank Draft. For releasing the goods from the custom authority by the importer, bank will certify.

 Import Procedure

An importer is required to have the following formalities to import the goods through Exim bank-

• An account with Exim bank Nawabpur Branch
• Import Registration Certificate (IRC)
• Tax Paying Identification (TIN) Number
• Proforma Invoice/ Indent
• Membership Certificate
• LCA (Letter of Credit Application) form duly attested

           One set of IMP Form

            Insurance Cover note with money receipt

          Others

Import Mechanism

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. After obtaining this, the person has to secure a letter of credit authorization (LCA) from Bangladesh Bank. And then a person becomes a qualified importer. He is the person who requests or instructs the opening bank to open an L/C. He is also called opener or applicant of the credit.

Importer’s Application for L/C Limit

To have an import L/C limit, an importer submits an application to the Foreign Exchange wing of Exim bank Nawabpur branch furnishing the followings-

1. Full particulars of bank account
2. Nature of business
3. Required amount of limit
4. Payment terms and conditions
5. Goods to be imported
6. Offered security
7. Repayment schedule

A credit Officer scrutinizes this application and accordingly prepares a proposal (CLP) and forwards it to the Head Office Credit Committee (HOCC). The Committee, if satisfied, sanctions the limit and returns back to the branch. Thus the importer is entitled for the limit.

 L/C Application

Exim bank provides a printed form for opening a L/C to the importer. A special adhesive stamp is affixed on the form.  While opening, the stamp is cancelled. Usually the importer expresses his desire to open a L/C quoting the amount of margin in percentage. The importer gives the following details-

• Full name and address of the applicant.
• Date and place of expiry of the credit
• Applicant’s A/C number
• Amount (both in figure and word)
• The mode of transmission of document (SWIFT/ Courier/ Telex)
• Confirmation of credit to the beneficiary (requested or not requested)
• Partial shipment is allowed or not
• The type of loading (loading on board)
• Brief description of the goods to be imported with HS code no.
• Credit available with by sight payment/ by acceptance/ by negotiation/ by deferred payment at against the documents detailed herein/ and beneficiaries draft at on.
• The time bar within which the document should be presented.
• Sales terms (FOB/ C &F/ CIF)
• Shipping Mark
• IRC Number and LCA Number
• Insurance cover note with money receipt
• Country of origin

Additional Instructions are like-

1. Shipment by South African, Taiwanese, and Israeli flag vessels/ carriers or any vessel/ carrier calling at any port of South Africa and Israel is prohibited.
2. Radiation certificate is required in case of food items.
3. All charge outside Bangladesh are of account of (importer/ beneficiary).

The above information is provided along with the following documents-

1. Performa Invoice/ Indent stating the description of the goods including quantity, unit price, etc.
2. 2.      Insurance cover notes with money receipt, name and address of issuing company and the policy number.
3. Four set of IMP (Import) Form

Scrutinization of L/C Application

• The terms and conditions of the L/C must be complied with UCPDC 500 and Exchange Control & Import Trade Regulation;
• Eligibility of the goods to import;
• The L/C must not be opened in favor of the importer or his agent;
• L/C must be signed by the importer agreeing all terms and conditions mentioned in the application;
• IMP form duly filled in and signed;
• Validity of IRC;
• HS code of the goods;
• Insurance cover note with date of shipment;
• Radioactivity report in case of food items;
• Survey reports or certificate in case of old machinery (ies).;
• Carrying vessel is not from Israel;
• Certificate declaring that the item is in operation not more than 5 years in case of car.

Accounting Procedure in case of L/C Opening

When the officer thinks fit the application to open a L/C, giving the following entries- creates the following charges-

After that, L/C number and the above entries are given in the L/C Register. L/C opening register has the following details-

• Date, L/C No., Name of the customer, Foreign currency amount, Exchange rate, Taka equivalent and source of import;
• Goods, Country of origin, Advising bank, Expiry date, Tenor and Margin;
• Charges: commission, postage, SWIFT, FCC and total;
• Initial with date and remarks.

The contra entries stating the liability of the bank and the client are as follows-

Client’s Liability………………………….Debit.

Banker’s Liability………………………………Credit.

Then the transmission of L/C is done through SWIFT to advise the L/C to the beneficiary.

 Amendment of L/C

Involved parties in a L/C, particularly the seller and the buyer cannot always satisfy the terms and conditions in full as expected due to some obvious and genuine reason. In such a situation, the credit should be amended. Nawabpur branch transmits the amendment by SWIFT/ Telex to the advising bank. In case of irrevocable letter of credit, it can not be revoked, amended or cancelled without the agreement of the issuing bank, the confirming bank (if any) and the beneficiary. On the other hand, revocable credit can be amended or cancelled by the issuing bank at any moment and without prior notice to the beneficiary. According to UCPDC 500 L/C must be an irrevocable one. For amended L/C’s, service charge and telex charge is debited from the party’s account accordingly.

Advising the Import L/C

Advising depicts the proof of authenticity of the credit to the seller/ beneficiary. The advising process consists of forwarding the original credit to the beneficiary. Before forwarding the advising bank has to verify the signature (s) of the L/C opening bank (Exim bank, Nawabpur Branch). In addition, it ensures that the terms and conditions of the L/C are not inconsistent with the existing regulations. In such a case, advising bank does not undertake any liability.

 L/C ADVISING MECHANISM

 Adding Confirmation

The confirming bank does adding confirmation. Confirming bank is a bank, which adds its confirmation to the credit, and it is done at the request of the issuing bank. The confirming bank may or may not be the advising bank. The advising usually does not it if there is not a prior arrangement with the issuing bank. By being involved as a confirming agent the advising bank undertakes to negotiate beneficiary’s bill without recourse to him.

 Presentation of the Documents

The seller being satisfied with the terms and the conditions of the credit proceeds to dispatch the required goods to the buyer. Then he has to present the documents evidencing dispatching of goods to the negotiating bank on or before the stipulated expiry date of the credit. After receiving all the documents, the negotiating bank then checks the documents against the credit. If the documents are found in order, the bank will pay, accept or negotiate to EXIM. Then EXIM checks the documents. The usual documents are-

• Invoice
• Bill of lading
• Certificate of origin
• Packing list
• Shipping advice
• Non negotiable copy of bill of lading
• Bill of exchange
• Pre-shipment inspection report
• Shipment certificate.

Scrutiny of Documents

First of all it must be ensured that full set of documents as mentioned in the L/C has been received. Following documents are included, namely-

1. Letter of Credit
2. Commercial Invoice
3. Bill of Exchange
4. Bill of lading
5. Insurance cover note
6. Certificate of origin
7. Others.

 Some Key Check Points for the aforesaid documents are as follows-

                  i) Letter Of Credit

• Whether the documents have been negotiated or presented before expiry of the credit
• Whether the amount drawn exceeded the amount available under the credit

                  ii) The Commercial Invoice

• Is the invoice made out in the name currency as the credit indicates?
• Is the invoice made out in the name of the buyer with the same address specified in the credit?
• Does the invoice agree exactly with the credit as regards description of goods, value of goods, unit prices & delivery terms?
• Any special notation, confirmation & attestation were specified in the credit and those have been complied with on the invoice and if required duly signed.
• Does the invoice evidence the following; shipping marks/terms of delivery/weight data &import license number etc.

                  iii) Bill Of Exchange

• Is the Bill of Exchange drawn in the language of the credit?
• Is the bill of exchange properly prepared according to the credit conditions (on a sight or time basis) and drawn on the specified bank?
• Is it properly dated and signed?
• Is the amount in figures corresponded exactly with the amount in word?
• Does it contain all the prescribed notations and clauses?
• As a rule, the amount of bill of Exchange must agree with the invoice amount (drawn to cover only 90% or 80% of the invoice value.

 iv) Bill Of Lading

First of all it has to be cleared that the Bill of Lading is showing “Shipped on Board” and it has to be properly endorsed to the bank.

• The B/L should include the description of the merchandise according to invoice.
• The port of shipment and destination, date of shipment and the name of the consignee are in agreement with those mentioned in the L/C.
• The shipping company or their authorized agents properly sign the B/L.
• The date on the B/L is not ‘stale’ which means it is not dated in unreasonably long time prior to negotiation.

v) The Insurance Cover Note

• Is the insurance documents specified in the credit submitted?
• Does the insurance cover the risks mentioned in the credit in the currency of the credit and for the prescribed amount but not less than CIF value?
• Is the insurance documents dated not later than the shipping documents?
• Does the insurance policy/Certificate agree with other document as regards description, weight & marks of the goods, mode of transport & the route?
• Does the insurance company attached and so far as necessary, endorsed issue all the copies?

                  vi) Certificate Of Origin

• Is the certificate of origin of goods is given as stipulated?

                  vii) Others

• Other documents called for in the credit if any such as packing list, weight certificate, consular invoice, inspection certificate etc. to be checked whether drawn and issued in accordance with the terms of the credit.

 Lodgment of Shipping Documents

During scrutiny, if the documents are in order, the branch then lodges the documents in PAD. The following steps are involved in lodgment-

• First all the particulars of the documents are entered in the PAD (Payment against Document) register and PAD No. Seal is given on all the copies of the received documents.
• Convert the foreign currency into Bangladeshi currency.
• Reverse the contingent liability and entry made in the liability register.
• Prepare lodgment voucher

Liability reversal vouchers

Banker’s liability on L/C………..……Debit

Customer’s liability on L/C…….………….Credit.

• Prepare other voucher (s)

PAD A/C………………………………Debit

HO A/C…………………………..…………Credit

Interest on PAD…………………..…………Credit

Exchange Trading Earning…………..………Credit.

• Send an IBCA to the head office.
• Make intimation to the importer.

After realizing the charges, the shipping documents are then stamped with PAD number & entered in the PAD register. Intimation is given to the customer calling on the bank’s counter requesting retirement of the shipping documents.

Retirement of Documents

The importer receives the intimation and gives necessary instruction to the bank for retirement of the bills or for the disposal of the shipping documents to release the imported goods from the customs authority. The importer may instruct the bank to retire the documents by debiting his account with the bank or may ask for loan. Loan is of two types, namely Loan against Imported Merchandise (LIM) and Loan against Trust Receipt (LTR). Exim bank Nawabpur branch does not allow LIM facility. But they offer LTR facility. Following steps are involvement for retirement of documents-

• Calculation of interest.
• Calculation of other charges.
• Passing vouchers.
• Entry in the register.
• Endorsement made on the back of the bill of exchange as ‘Received Payment’ and bill of lading or other transport document is endorsed to the effect ‘Please deliver to the order of M/S——-’, under two authorized signatures of the bank’s officers (P.A. Holder).
• Finally, documents are delivered to the Importer.

Accounting Effect

The Customer’s account and Margin on L/C is debited and PAD and Head office and other income A/C are credited. In case of LTR, the LTR A/C is debited instead of the PAD A/C.

Payment Procedure of Import Documents

This is the most sensitive task of the Import Department. The officials have to be very much careful while making payment. This task constitutes the following-

 a)           Date of Payment: Usually payment is made within seven days after the documents have been received. If the payment is become deferred, the negotiating bank may claim interest for making delay.

b)           Preparing Sale Memo: A sale memo is made at B.C rate to the customer. As the T.T & O.D rate is paid to the ID, the difference between these two rates is exchange trading. Finally, an Inter Branch Exchange Trading Credit Advice is sent to ID.

c)           Requisition for the Foreign Currency: For arranging necessary fund for payment, a requisition is sent to the International Department.

d)          Transmission of Message: Message is transmitted to the correspondent bank ensuring that payment is being made.

Loan Against Trust Receipt (LTR)

LTR is post import finance, offered by Exim bank Nawabpur Branch. From bank’s point of view, it is risky because usually no security is taken. When customer’s commitment is as good as cash, LTR is then issued. Loan is sanctioned based on trust receipt (prescribed form) only. It is allowed for retirement of shipping documents and release of goods imported through L/C. Normally it is forwarded to the industrial raw materials. Interest rate is 15%. So, in this case title and possession of goods both lying with the customer. Bank officials can exercise hypothecation of raw materials. Time period is fixed based on the nature of the goods. The goods are handed over to the importer under trust with the arrangement that sale proceeds should be deposited to liquidate the advances within the specified period.

 Foreign Exchange Business of EXIM BANK LTD At a Glance:

                                                                                                            Amount in million Taka

   Source :Nawabpur Branch Exim Bank Ltd.

Analysis of Import Business of Exim Bank ltd:

     Year wise Import Growth of Exim Bank ltd

Source :Nawabpur Branch Exim Bank Ltd.

EXPORT SECTION

Foreign Exchange Regulation Act, 1947 nobody can export by post and otherwise than by post any goods either directly or indirectly to any place outside Bangladesh, unless a declaration is furnished by the exporter to the collector of customs or to such other person as the Bangladesh Bank (BB) may specify in this behalf that foreign exchange representing the full export value of the goods has been or will be disposed of in a manner and within a period specified by BB.

Back-to-Back Letter of Credit

Back-to-back L/C is a secondary L/C (New Import L/C) opened by the seller’s bank based on the original L/C (Master L/C) to purchase the raw materials and accessories for manufacturing of the export product (s) required by the seller.

Under the ‘Back to Back’ concept, the seller as the Beneficiary of the master L/C offer it as a ‘security’ to the advising Bank for the issuance of the second L/C. The beneficiary of the Back-to-Back L/C may be located inside or outside the original beneficiary’s country. In case of a Back-to-Back L/C, the bank takes no cash security (margin). Bank liens the Master L/C and the drawn bill is an Usance/ Time bill.

Documents Required for Opening a Back-to-back L/C

In Exim bank Nawabpur Branch, following papers/ documents are required for opening a back-to-back L/C-

• Master L/C
• Valid Import Registration Certificate (IRC) and Export Registration Certificate (ERC)
• L/C Application and LCAF duly filled in and signed
• Proforma Invoice or Indent
• Insurance Cover Note with money receipt
• IMP Form duly signed

In addition to the above documents, the followings are also required to export oriented garment industries while requesting for opening a back-to-back L/C –

• Textile Permission
• Valid Bonded Warehouse License
• Quota Allocation Letter issued by the Export Promotion Bureau (EPB) in favor of the applicant for quota items

In case the factory premises is a rented one, Letter of Disclaimer duly executed by the owner of the house/premises to be submitted. A checklist to open back-to-back L/C is as follows –

i)                    Applicant is registered with CCI&E and has bonded warehouse license;

ii)                  The master L/C has adequate validity period and has no defective clause;

iii)                L/C value shall not exceed the admissible percentage of net FOB value of relative Master L/C;

iv)                Usage Period will be up to 180 days.

Check Points Noted in Master L/C

Following defective points are usually found in the Master L/C. So, these points are so much carefully checked by the bank officials. These are-

i)                    Issuing bank is not reputed;

ii)           Advising credit by the advising bank without authentication;

iii)         Port of destination absent;

iv)         Inspection clause;

v)                  Nomination of specific shipping/Air line or nomination of specified vessel by subsequent amendment;

vi)                Bill of lading endorses blank, endorses to 3^rd bank, endorses to buyer or 3^rd party;

vii)       No specific reimbursing clause;

viii)     UCP clause not mentioned;

ix)         Shipment/ presentation period is not sufficient;

x)           Original documents to be sent to buyer or nominated agent;

xi)         FCR or HAWB consigned to applicant or buyer;

xii)       “Shipper’s load and count is not acceptable” clause;

xiii)     L/C shall expire in the country of the issuing bank;

xiv)     Negotiation is restricted.

Payment of Back-to-Back L/C

On 30/ 60/ 90/ 120/ 180 days of maturity period, deferred payment is made. Payment is given after realizing export proceeds from the L/C Issuing Bank. For Garments Sector, the duration can be maximum 180 days. In case of export failure or non realization/ short realization of export proceeds, forced loan i.e. OAP has to be created in order to settle the Back to Back L/C payment.

 If the party is paid in foreign currency, B.C. rate is applied in this regard. International Department takes the T.T. & O.D. rate. If the payment is made to ID in local currency in notional rate, ID follows T.T Clean Rate. When the party is be paid, OD Sight rate is followed.

When fund is not available, the following vouchers are to be passed-

OAP (Own acceptance Purchase)…………….Debit

Customer’s A/C…………………………………………….Credit.

Reporting to Bangladesh Bank

At the end of every month, the reporting to Bangladesh Bank regarding the following information is mandatory –

i)             Filling of E-2/P-2 Schedule of S-1 category that covers the entire month’s amount of import, category of goods, currency, county etc.

ii)           Filling of E-3/P-3 Schedule of for all charges, commission with T/M Form.

iii)         Disposal of IMP Form that includes:

a)      Original IMP is forwarded to Bangladesh Bank with invoice and indent;

b)      Duplicate IMP is kept with the branch along with the Bill of Entry/ Certified Invoice;

c)      Triplicate IMP is kept with the branch for office record;

d)     Quadruplicate is kept for submission to Bangladesh Bank in case of imports where documents are retired.

Export Letter of Credit

The other type of L/C facility offered by Dilkusha Corporate Branch is Export L/C. banglade4sh exports a large quantity of goods and services to foreign households. Readymade textile garments (both knitted and wove), jute, jute-made products, frozen shrimps, tea are the main goods that Bangladeshi exporters exports to foreign countries. Garments Sector is the largest sector that exports the lion share of the country’s export. Bangladesh exports most of its readymade garments products to USA and European Community (EC) countries. Bangladesh exports about 40 % of its readymade garments products to USA. Most of the exporters who export through Dilkusha Corporate Branch are readymade garment exporters. They open L/Cs in this branch to export their goods, which they open against the import L/Cs opened by their foreign importers.

 Formalities Required For Export L/C

The export trade of the country is regulated by the Imports & Exports (Control) Act, 1950. There are a number of formalities that an exporter has to fulfill before and after shipment of goods. These formalities or procedures are enumerated as follows –

  i)         Export Registration Certificate (ERC):

The exports from Bangladesh are subject to export trade control exercised by the Ministry of Commerce through Chief Controller of Imports & Exports (CCI&E). No exporter is allowed to export any commodity permissible for export from Bangladesh unless he is registered with CCI&E and holds valid ERC. The ERC is required to be renewed every year. The ERC number is to be incorporated on EXP (Export) Forms and others documents connected with exports.

  ii) The EXP Form:

After having the registration, the exporter applies to Exim bank Rajuk branch with the Trade License, ERC and the Certificate from the concerned Government Organization to get the EXP Form. If the branch is satisfied, an EXP Form is issued to the exporter. An EXP Form usually contains the following particulars –

i)                    Name and address of the Authorized Dealer;

ii)                  Particulars of the commodity to be exported with particulars and code no;

iii)                Country of destination;

iv)                Port of destination;

v)                  Quantity;

vi)                L/C value in foreign currency;

vii)              Terms of sale;

viii)            Name and address of Importer/ Consignee;

ix)                Bill of Lading/Railway Receipt/Airway Bill/Truck Receipt/Post Parcel Receipt no. and date;

x)                  Port of Shipment/Post Office of Dispatch;

xi)                Land Custom Post;

xii)              Shipment Date;

xiii)            Name of the Exporter with address;

xiv)            CCI & E’s registration number and date;

xv)              Sector (public or private) under which the exporter fails.

 iii) Securing the Order:

Upon registration, the exporter may proceed to secure the export order. This can be done by contracting the buyers directly through correspondence.

iv) Signing of the Contract:

While making a contract, the following points are to be mentioned: a)  Description of the goods; b)  Quantity of the commodity;  c)  Price of the commodity;  d)  Shipment;  e)  Insurance and marks;  f)  Inspection, and g)  Arbitration.

 V ) Procuring the Materials:

 After making the deal and on having the L/C opened in his favor, the next step for the exporter is set about the task of procuring or manufacturing the contracted merchandise.

iv)                Registration of Sale:

 This is needed when the proposed items to be exported are raw jute and jute-made goods.

Vii ) Shipment of Goods:

The following documents are normally involved at the stage of shipment: (a) EXP From, (b) photocopy of registration certificate, (c) photocopy of contract, (d) photocopy of the L/C, (e) customs copy of ERF Form for shipment of jute-made goods and EPC Form for raw jute, (f) freight certificate from the bank in case of payment of the freight if the port of lading is involved, (g) railway receipt, berg receipt or truck receipt, (h) shipping instructions, and (i) insurance policy.

The following points should be looked carefully for –

• The terms of the L/C are in conformity with those of the contract
• The L/C is an irrevocable one, preferably confirmed by the Advising Bank
• The L/C allows sufficient time for shipment and a reasonable time for registration
• If the exporter wants the L/C to be transferable, advisable, he should ensure those stipulations are specially mentioned in the L/C.

At last, the exporter submits all these documents along with a Letter of Indemnity to the branch for negotiation. An officer scrutinizes all the documents. If the documents are clean one, the branch purchases the documents on the basis of banker-customer relationship. This is known as Foreign Documentary Bill Purchase (FDBP).

Procedure For FDBP

After purchasing the documents, Exim bank Nawabpur Branch gives the following entries –

A FDBP Register is maintained for recording all the particulars. The salient contents of a FDBP register are as follows-

i)                    FDBP Ref. no.

ii)                  Date

iii)                Drawer/ Beneficiary

iv)                Drawee/ Applicant

v)                  Foreign Currency

vi)                Rate

vii)              Local Currency

viii)            Margin (% of amount)

ix)                Modes of Transport

x)                  Merchandise

xi)                Documents

xii)              L/C no. and name of opening bank

xiii)            Name of collecting Bank

xiv)            Initial, due date, date realized, bank charges recovered with remarks.

 Foreign Documentary Bills For Collection (FDBC)

Exim bank Nawabpur branch forwards the documents for collection due to the following reasons-

1. If the documents have discrepancies.
2. b.                  If the exporter is a new client.
3. The banker is in doubt.

FDBC signifies that the exporter will receive payment only when the issuing bank gives payment. The exporter submits duplicate EXP Form and Commercial Invoice.

After passing the above vouchers, an Inter Branch Exchange Trading Debit Advice is sent for debiting the NOSTRO account. Exim bank has 17 NOSTRO accounts with its reimbursing bank An FDBC Register is maintained, where first entry is given when the documents are forwarded to the issuing bank for collection and the second one is done after realization of the proceeds.

 Inland Letter of Credit (ILC)

ILC means L/C within the same country. This type of L/Cs are opened when seller does not believe the buyer though they are in the same country and also in the cases where the sales contract is of a big amount. Exim bank Nawabpur branch has couple of ILC

Settlement of Local Bill

The settlement of local bills is done in the following ways –

• The customer submits the L/C to the branch along with the documents to negotiate;
• The branch officials scrutinizes the documents to ensure the conformity with the terms and conditions;
• The documents are then forwarded to the L/C Opening Bank;
• The L/C Issuing Bank gives the acceptance and forwards an acceptance letter;
• Payment is given to the customer on either by collection basis or by purchasing the document.

A LBPD Register is maintained to record the acceptance of the issuing bank. Until the acceptance is obtained, the record is kept in a collection register.

Analysis of Export Business of Exim Bank ltd:

     Year wise Export Growth of Exim Bank ltd

Source :Nawabpur Branch Exim Bank Ltd.

Payment Credit

In a Sight Payment Credit, the bank pays the stipulated sum immediately against the exporter’s presentation of the documents.

  Deferred Payment Credit

In deferred payment, the bank agrees to pay on a specified future date or event, after presentation of the export documents. No bill of exchange is involved. In EXIM, payment is given to the party at the rate of D.A 60-90-120-180 as the case may be. But the Head office is paid at T.T clean rate. The difference between the two rates us the exchange trading for the branch.

Another two types come under the same heads. These are as follows-

a)      Negotiation Credit:

In Negotiation credit, the exporter has to present a bill of exchange payable to himself in addition to other documents, that the bank negotiates.

b)      Acceptance Credit:

In acceptance credit, the exporter presents a bill of exchange payable to him and drawn at the agreed tenor (that is, on a specified future date or event) on the bank that is to accept it. The bank signs its acceptance on the bill and returns it to the exporter. The exporter can then represent it for payment on maturity. Alternatively he can discount it in order to obtain immediate payment.

Advising L/C

When export L/C is transmitted to the bank for advising, the bank sends an Advising Letter to the beneficiary depicting that L/C has been issued.

Test Key Arrangement

Test key arrangement is a secret code maintained by the banks for the authentication for their telex messages. It is a systematic procedure by which a test number is given and the person to whom this number is given can easily authenticate the same test number by maintaining that same procedure. Exim bank has test key arrangements with so many banks for the authentication of L/C messages and for transfer of funds.

 Part-5

Recommendation & Conclusion

Recommendations:

Exim Bank Ltd has some problems in foreign exchange activates .I would like to offer some  recommendations to over come the problems of Exim Bank Ltd.And also to improve the performance of Exim Bank ltd regarding foreign exchange activities :

• Foreign Exchange facilities should improved rather then conventional banking system.
• The bank should consider the customer complain when they raise any problem.
• The bank should persuade the government to introduce a separate Islamic Banking law with a view to operating their activities more smoothly.
• Bangladesh Bank Should maintain sufficient instrument in the money market what is applicable in shariah principles.
• In every branch must have woman employee who will deal with woman customer and understand them about their activates.
• Develop automated service for foreign trade .
• Shariah research on new foreign exchange business products.

 Conclusion:

This report has attempted to explain the banking practices that are followed by the EXIM Bank Limited both in Nawabpur Branch. Islamic Banking system has tremendous potentiality and prospect in Bangladesh. The Islami Banking concept pioneered by Exim Bank Ltd has popularized the shariah based banking system so much that most proliferate and distinguished banks both national and multinational open their Islami Banking wings such as Standard Chartered , HSBC, The City Bank. Dhaka Bank etc. Are reported to be successfully performing shariah banking. BBA program was introduced to do the same. No doubt, this practical orientation program has enabled me to have a clear idea about the functioning of different areas of banking operations of an Islamic Shariah based bank in general and a branch in particular.

 In spite of above Exim Bank Ltd faces various challenges from its competitor bank and other managerial aspects which are negative proportion against Exim Bank Ltd higher Exchange rate voltaic foreign exchange market. This are shariah issues relating to foreign exchange & foreign trade.

I also think that there is bright future waiting for the position to go as a catalyst for this development in the banking sector in Bangladesh in the foreign exchange business as a market leader.

References

Books:

• Bhuyan. Ayubur Rahman Half yearly Review of Bangladesh Economy (July-December 2005 first half of FY06), “Thoughts of Economics”, vol.16, No.1, pp. 7-35., Dhaka: 2006.
• Bangladesh Bank, Guidelines for Foreign Exchange Transactions, 31 December 2006, Dhaka: 2006.
• Branch Managers’ conference book 2010, PBL, Head Office, Dhaka: 2010.
• Chowdhury L.R., “ A text book on Foreign Exchange”, 2^nd edition, Dhaka-2006.
• International Standard Banking Practice- ISBP-2008, ICC publication No.645, paris, France: 2008.
• Uniform customs & practice for Documentary Credits (UCPDC), ICC Publication No. 600, Paris , France: 20010.

Annual Report

• Annual Report of EXIM Bank Limited-2010.
• Auditor’s Report And Financial Statements-2010.

Website

• Website – www.eximbank.bd.com
• Website – www.bangladeshbank.bd.org