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5th and 6th Internshihp Activity
5th and 6th Internshihp Activity
5th and 6th Internshihp Activity
Internship Overview Organization Branch cod Branch manager Operational manager Internship Start Askari Bank limited Sialkot Cant (0090) Imtiaz Mir Imrana Yasmeen 9June2013
Foreign trade department is a very important department of any bank. Mr.Yasir Shaw is in-charge of the foreign trade department. First day in FTD Mr.Yasir told me about the E form which is use in export transaction.
Form E
Form E use for the export purpose. Form E is the contract with the importing country bank till maturity of this contract. Form E is issued by the exporter bank. Exporter bank provide to the shipper following certificate require or support at the time of issuance of form E. Bill of landing issuing authority letter NOC C&F certificate
NOC
No objection certificate is issued at that time when 100% payment made against the shipment. NOC issued by the exporter bank.
C&F certificate
Cost and freight certificate issued when shipment is in process.
1. Original copy
Original copy submitted to the customer
2. Duplicate copy
Duplicate copy is given to the customer bank (askari bank).
3. Triplicate copy
This copy is submitted to the state bank of Pakistan. 4
Quadruplicate copy
This copy submitted by authorized dealers for customer record.
Form E is not issued without the name and stamp of the customer and dont issue those E form which are attested.
Note
If exporters use CIF and C&F incoterm for export proceeding then we use this stamp for attesting the E form. (Certified that document in respect of the shipment under this E form shall be negotiated /accepted only when these are drawn on C&F or CIF and not on FOB.) Another hand when exporter uses the FOB incoterm then banker simple use the askari bank stamp. This is use for the crossing.
HS Code
HS code is an abbreviation of harmonize systems code is an international standardize system which are eight digit numbers code. Harmonize system refers to us a specific class or name of a product which is to be export.
Incoterms
Incoterms are rules or international commercial terms which are published by the international chamber of commerce which are used for international transaction process.
These are the names of incoterms. EXW (Ex Works) FCA(free carrier .name of the delivery place) CPT(carriage paid to .name of destination place) CIP(carriage and insurance paid) DAT(delivered at terminal) DDP(Delivered duty paid) FAS(free alongside ship) FOB(free on board) C&F(cost and freight) CIF(cost insurance and freight)
Direct shipment
In direct shipment goods are being send in advance and after that payment is made.
Foreign trade in charge tells to me that two types of payments come in our bank from the exporter. 1) FBC(foreign bill for collection ) In this type of payment advance payments comes from the importers. 2) Direct Payment In direct payment first consignment is being send and then collect the payment.
FOB
FOB is a comment between the exporter and importer which is very important to remember the comment work.
PRC
It is use by the exporter to claim a rebate due to the government against export payment which has been realized.
For air basis shipment we use the (for exchange controller purpose form)
During fourth and fifth week I made most time PRCs in Askari Bank. During two week work in foreign trade department I know the procedure of daily closing transaction of foreign account in askari bank.
Encashment
If a customer have the foreign account in askari bank but the account holder wants to cash in local or Rs .Then we convert the foreign currency in local currency that process is called encashment.