Acknowledgement
First of all I would like to
my cordial thanks for almighty Allah whose uniqueness,
oneness, and wholeness are
unchallengeable guided us in difficult circumstances. All
respects are for his holy
prophet Hazrat Muhammad (SM) Peace be upon him, who
enable us to recognize the
oneness my creator.
I am greatly indebted to my
respected teacher Liza Khanum who always
supported me a lot.
It was a great experience
for me in this first meeting of three months with my Practical life; I have the
honor of working with some highly talented, initiative, impressive and inspiring
banking executives. They guide me in learning the works performed by them in their
routine tasks. They always try to find out my own interest in everything that
concern banking. For that purpose they always kept me a huge work under
pressure. Entire the internship period I got learns so many things which will
be better for my future life. Although all the people working in the bank were
very supportive, co-operative and friendly, but still I would like to mentioned
some names whom I found topping the list to give thanks and expose my
gratefulness to VP and manager and AVP & Sub manager. And Senior Officer
who always supports me during my internship period to provides me a various
types of information about the report preparing.
Finally I express
appreciation many others for providing me necessary information regarding bank.
Executive Summary
The report stands for
foreign trade activities in Janata Bank ltd. Foreign trade operation is
one of the significant
functions of the bank. It plays a vital role in overall economy of the
country. Foreign trade
contains Import and Export section and foreign remittance department contains
inward and outwards remittance. From the beginning to last second of report the
entire procedure has been published with the full of required data.
Janata Bank Limited is the
2nd largest state owned commercial bank in Bangladesh. Immediately after the
liberation of Bangladesh in 1971, the erstwhile United Bank Limited and Union
Bank Limited were renamed as Janata Bank. The established of Janata Bank was
happened under the Bangladesh Bank order 1972. It was incorporated as a public
Limited Company on 21, May 07 vide certificate of incorporation
No-C66933(4425)07 in the early era of privatization. The Bank has taken over
the business of Janata Bank at a purchase consideration of Tk. 2593.90 million
as a going concern through a vendor agreement signed between the Ministry of
Finance of the Peoples’ Republic of Bangladesh and the Board of Directors on
behalf of Janata Bank Limited on 15th, November 2007.
All the clauses and steps
are clearly mentioned in this report. The details about Letter of credit i.e.
classification of L/C, L/C opening procedure, types of L/C, L/C payments moods,
required documents, documents checking, transmitting L/C, about pre-shipment inspection
when it is needed. Amendment, why it is required and when? Lodgment system.
When document is going out retire what the last step of retirement. The entire system
about import financing, how could the bank assist to importer through
financing. And also disclose the matter about export procedure. The procedure
began to get the ERC (Export registration certificate) by chief controller of
import & export office. After that, receiving the letter of credit and
advising L/C, necessary document collection and negotiation. How the bank
assist to exporter through financing. Last but not the list the foreign trade
remittance process. And performance and trend analysis. Here expose export
& import growth. The export growth is positive impact for economy.
Objectives of this study is
to find and analysis of overall trade activities of janata bank and get
practical knowledge about import and export procedure and way .
Literature
Review
Trade, also called goods exchange economy, is to transfer
the ownership of goods from one person or entity to another by
getting something in exchange from the buyer. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called
a market. The original form of
trade was barter, the direct exchange of goods and services. Later one
side of the barter were the metals, precious metals (poles coins),
bill, paper money. Modern traders instead generally negotiate through a medium
of exchange, such as money. As a
result, buying can be separated from selling,
or earning. The invention of money
(and later credit, paper money and non-physical money) greatly simplified and
promoted trade. Trade between two traders is called bilateral trade, while
trade between more than two traders is called multilateral trade.
Literature
Review has vital relevance with any research work due to literature review the
possibility of repetition of study can be eliminated and another dimension can
be selected for the study. The literature review helps researcher have been conducted
to analyze the Foreign Exchange operation of Banks in Bangladesh and abroad.
But there are very few research and literature available on the subject related
to Foreign Exchange operation Banks.
Bangladesh launched a deep and wide-ranging trade reform strategy in the
early 1990s. This included substantial reduction and rationalization of
tariffs, removal of quantitative restrictions, move from multiple to a unified
exchange rate system, convertible current account and an overall outward
orientation of trade policy regime. As a result, the country’s trade
integration, measured by the trade-GDP ratio, rose from 18% in 1990 to 43% in
2008.
The Bangkok Agreement was established in 1975. Member countries are
Bangladesh, India, Sri Lanka, China, the Republic of Korea and Lao People’s
Democratic Republic. The Bangkok Agreement has recently been revised and
renamed as the Asia Pacific Trade Agreement (APTA). The APTA has come into
force from 1 July 2006. The APTA contains consolidated list of tariff concessions
granted by member countries to each other. Under this agreement, China has
provided 100% tariff concessions to 83 items of Bangladesh at 8-digit level and
Republic of Korea has provided 100% tariff concessions to 139 items at 10-digit
level.
The BIMSTEC Framework Agreement was signed in June 1997 and Agreement on
FTA concluded in February 2004. Member countries are Bangladesh, India,
Myanmar, Sri Lanka, Thailand, Nepal and Bhutan. Under the Agreement, in case of
First Track products, non-LDCs will open up their markets for the products of
LDCs in 1 year and LDCs will do the same for non-LDCs in 5 years. On the other
hand, for Normal Track products, non-LDCs will open up their market for the
products of LDCs in 3 years and the LDCs will follow 10 year schedule in order
to open up their markets for the products of non-LDCs. Least Developed Member
Countries of BIMSTEC FTA will enjoy special and differential treatment.
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