Foreign Exchange Remittance
Subject: Economics | Topics:

 Introduction of the report

The internship program is full credit subject of the BBA program of the StamfordUniversityBangladesh, Which constructs a relation between the real life state of affairs and theoretical concepts.

For any foreign exchange requirement, a specialist fx broker can assist in helping you make the most of your money. Whether you are buying an overseas property, emigrating or paying bills you will get the best exchange rates with no fees and a fast, safe transfer of funds every single time to any chosen account.

As a student of Business Administration of BBA program I prefer to prepare a report on banking sector rather than other financial institution. This internship report of my BBA program that performed by me as a student of Stamford UniversityBangladesh, Department of Business Administration. In a way I select the banking sector and my supervisor Umme Hanna Airin Ara offered me prepare the report on title as “Foreign Exchange Remittance of Bank Asia Ltd. Though it will be very difficult for me to data collection because of my working branch stands in Jessore, yet I’ll be going to try my best to prepare the report.

Objectives of the Study

Objectives:

The objective of the analysis is to evaluate the procedure of “Foreign Exchange Remittance” of Bank Asia Limited. There are also many objectives. The primary objective of this report is to comply with the requirement of the Bank Asia Limited. But the objective behind this study is something broader. Objectives of study are summarized in the following manner:

  • To evaluate import – export procedures.
  • To evaluate the performance of the bank.
  • To apply theoretical knowledge in the practical field.
  • To make bridge between the theories and practical procedures of banking day-to-day operations.
  • To gain practical knowledge by working in different desks of Jessore branch office of bank Asia Ltd.
  • To observe the working environment in commercial banks.
  • To study existing banker-customer relationship.
  • To know the overall functioning of Bank Asia Limited.
  • To have some practical exposures that will be helpful for my future career.

Specific Objectives:

  • To submit a report, for the fulfillment of my BBA program.
  • Is to find out the “Foreign Exchange Remittance of Bank Asia Ltd.”

Broad Objectives:

  • Together comprehensive knowledge on total banking functions.
  • To identify the factors contributing to the attractive & operative performance of the local branch of the bank.
  • To make a study of the facts in order to arrive at certain conclusion about foreign exchange system.
  • Critically analyze the functions and the operations of each level of the organization of Bank Asia Limited.

Scope of the Study:

This report is based on my observation & during my internship period in head office. The study covers the bank’s functional areas i.e. International Division (Remittance and Foreign Exchange Department) of Bank Asia Limited, Jessore Branch.

Methodology of the Study

Methodology

This report has been prepared on the basis of experience gathered during the period of Internship from May 03, 2009 to August 03, 2009. For preparing this report, I have undergone group discussion, collected data and sent some questionnaires to the selected Officers and interviewed with some of them. I also studied different circulars and files of the bank.

I hope these criteria will be enough to find out different picture of import export procedure and financial performance of the selected Bank Asia Ltd.

Sources of Data:

In order to make the report more meaningful and presentable, two sources of data and information have been used widely.

The “Primary Sources” of Data are as follows:

Face-to-face conversation with the respective officers and staffs of the Branch.

Informal conversation with the clients.

Practical work exposures from the different desks of the departments of the Branch covered.

Relevant file study as provided by the officers concerned.

The “Secondary Source” of Data and Information are:

Annual Report of Bank Asia Ltd.

Various Books, articles, compilations etc. regarding general banking functions, foreign exchange operations and credit policies.

Different Procedure Manual published by Bank.

 Limitation of the Study

There are some limitations in every analysis. I have also faced some problems at the time analyzing the performance of the bank. The limitations of my analysis are given below:

  1. Time is limited (3 month)
  2. Insufficiency of information.
  3. The bank personnel are very busy.
  4. It was very difficult to collect the information from various personnel for their job constraint.
  1. As some of the fields of banking are still not covered by our courses, there was difficulty in understanding some activities.
  1. Another limitation of this report is Bank’s policy of not disclosing some data and information for obvious reason, which could very much useful.
  1. I carried out such a study for the first time, so inexperience is one of the main constraints or the study.

Industrial Overview

Now a day’s bank plays an important role of financial stability of a country. It is an institute, which is responsible for safeguarding the financial stability of a country. Due to globalization & technological innovation banking system has become very competitive. The present economic state of Bangladesh demands immediate market development of financial institutions. The key to success in such demanding market situation is how automated the service is on a continuous real time basis.

 Introduction

The Jews in Jerusalem introduced a kind of banking in the form of money lending before the birth of Christ. The word ‘bank’ was probably derived from the word bench’ as during ancient time Jews used to do money -lending business sitting on long benches.

First modern banking was introduced in 1668 in Stockholm as ‘Svingss Pis Bank’ which opened up a new era of banking activities throughout the European Mainland.

In the South Asian region, early banking system was introduced by the Afgan traders popularly known as Kabuliwallas. Muslim businessmen from Kabul, Afganistan came to India and started money lending business in exchange of interest sometime in 1312 A.D. They were known as ‘Kabuliawallas’.

Number and Types of Banks

The number of banks in all now stands at 49 in Bangladesh. Out of the 49 banks, four are Nationalized Commercial Banks (NCBs), 28 local private commercial banks, 12 foreign banks and the rest five are Development Financial Institutions (DFIs). Sonali Bank is the largest among the NCBs while Pubali is leading in the private ones. Among the 12 foreign banks, Standard Chartered has become the largest in the country. Besides the scheduled banks, Samabai (Cooperative) Bank, Ansar-VDP Bank, Karmasansthan (Employment) Bank and Grameen bank are functioning in the financial sector. The number of total branches of all scheduled banks is 6,038 as of June 2000. Of the branches, 39.95 per cent (2,412) are located in the urban areas and 60.05 per cent (3,626) in the rural areas. Of the branches NCBs hold 3,616; private commercial banks 1,214, foreign banks 31 and specialized banks 1,177.Bangladesh Bank (BB) regulates and supervises tile activities of all banks. The BB is now carrying out a reform programmed to ensure quality services by the banks.

  • 1313
  • NCl3s
  • PCBs
  • Specialized Banks

 Bangladesh Bank (Central Bank of Bangladesh)

Bangladesh Bank (BB) has been working as the central bank since the country’s independence. Its prime jobs include issuing of currency, maintaining foreign exchange reserve and providing transaction facilities of all public monetary matters. BB is also responsible for planning the government’s monetary policy and implementing it thereby. The BB has a governing body comprising of nine members with the Governor as its chief. Apart from the head office in Dhaka, it has nine more branches, of which two in Dhaka and one each in Chittagong, Rajshahi, Khulna, Bogra, Sylhet, Rangpur and Barisal.

Bangladesh Bank in a Brief

 

Bangladesh Bank, the central bank of the country, was established as a body corporate

Vide the Bangladesh Bank Order, 1972 (P.O. No. 127 of 1972) with effect from 16th December, 1971. The general superintendence and direction of affairs and business of the Bank are entrusted to a nine member Board of Directors which consists of the Governor as chairman, a Deputy Governor, three senior government officials and four persons having experience and proven capacity in the fields of banking, trade, commerce, industry or agriculture – all nominated by the government. The board, which is the highest policy making body, meets at least six times a year and at least once every quarter under the chairmanship of the Governor. The Governor, appointed by the government as the chief executive officer, directs and controls all the affairs of the Bank on behalf of the Board.

Vision and Mission

Vision

The Bangladesh Bank (BB), through ensuring the quality of services and the competence of’ its staff, shall operate as a modern, dynamic, effective, and forward-looking central bank to manage the country’s monetary and financial system with a view to stabilizing the internal and external value of Bangladesh Taka conducive to rapid growth and Development of the economy.

Mission

To uphold the vision and in pursuant with the Bangladesh Bank Order of 1972, Bangladesh Bank’s mission is to promote and maintain macroeconomic and price stability through:

Formulating and implementing appropriate monetary policy consistent with the country’s national development goals;

pursuing prudent policies to ensure stable internal and external value of Taka;

Identifying policy priorities for implementation by the Government through assessing the transmission channels and the interactions of monetary policy with fiscal, exchange rate, and other macroeconomic policies and their impact on the economy;

Proposing necessary legislative measures to attain the central bank’s objectives and perform its functions including strategies and regulations for and supervision of banking companies and financial institutions with the aim to providing efficient financial intermediation and financial services to large, medium, small, and micro enterprises and to pro-poor activities ;

Promoting, regulating and. ensuring a secure and efficient payment system, including the issue of Bank Notes;

Giving advice to the Government on the interaction of monetary policy with fiscal and exchange rate policies, on the impact of various policy measures on the Company;

Analyzing priority macroeconomic issues for policy advice and dissemination of information to attain the central bank’s social responsibility.

To this end, 1313 would ensure that it has the requisite human and infrastructural resources and build its capability to promote and ensure a robust and well-functioning financial sector. This mission statement pledges that the guiding philosophy of BB’s operations would be sound regulatory Framework conducive to the operation of efficient market mechanism along with transparency and accountability, professionalism, ethical standards, adoption of modern technology in operational and decision making processes, and trust and respect in all relations. Periodic strategic planning would serve to identify the emerging challenges, key changes affecting BB’s internal and external environment and set its strategic guidelines, set priorities, promote improvements in management practices, and induce necessary changes in organizational culter to fulfill its mission, BB would undertake activities related to developing the national financial system and management of monetary, foreign exchange, and credit policies. The Bangladesh Bank’s core mission strategies cover both monetary policy and financial sector developments.

Monetary Policy

The aim is to achieve the twin goals of containing inflation and promoting sustained and stable economic growth; provide policy advice to the Government on deficit financing and public debt management; manage the balance of payments and foreign exchange reserves; provide payment services and ensure the stability of the financial system; conduct treasury and government securities related operations; and efficiently perform other international financial activities.

Financial Sector Developments

Critical activities cover the development of the financial systems; provide effective prudential supervision; ensure information access, market intelligence, and contingency planning to avoid systematic risks; assist banking and financial entities to become efficient and competitive; discover new modalities for delivering agricultural and industrial term credit; enhance the access of small and medium enterprises to investment funds; further develop the market in public and private debt and risk capital; and promote measures f0r inclusion of people hitherto bypassed in formal financial systems.

In addition, the Bangladesh Bank will continuously adopt necessary measures for taking a proactive stance in decision making; compiling relevant statistics and conducting high quality and timely economic research to review the country’s financial and economic conditions to support decision making; ensuring efficient and professional management of BB’s human and financial resources; and establishing BB’s distinct identity based on its values and strategic roles.

In order to uphold the mission, Bangladesh Bank’s aim would be to provide the required leadership by discharging its duties in a manner that shows a clear vision, is watchful, far-sighted, intelligent and responsive based on an effective and efficient communication strategy. At all times, BB’s aim would be to remain committed, efficient, capable, logistically Supported, speedy, focused, and aggressive where necessary in order to ensure that the Bangladesh Bank

Always remains a credible and prestigious institution with an efficient organizational structure committed to achieving its goals.

Organizational Overview

History:

Bank Asia has been launched by a group of successful entrepreneurs with

Within a short span of time Bank Asia has established itself as one of the fast growing local private banks. It has at present a network of Thirty Six branches serving many of the leading corporate houses and is gradually moving towards retail banking. Another significant delivery channel is its own as well as shared ATM Network. Bank Asia has a network of 44 ATMs out of which 18 it owns. The other 26 ATMs are shared through ETN with eleven other banks. Since its humble beginning in 1999, it set milestone by acquiring the business operations of the Bank of Nova Scotia in Dhaka, first in the banking history of Bangladesh. It again repeated the performance by acquiring the Bangladesh operations of Muslim Commercial Bank Ltd. (MCB), a Pakistani bank.

In the year 2003 the Bank again came to the limelight with oversubscription of the Initial Public Offering of the shares of the Bank, which was a record (55 times) in our capital market’s history and its shares commands respectable premium.

The asset and liability growth has been remarkable. In the year 2008, the asset base of the Bank has increased by 39% from Tk. 38427.85 million in 2007 to Tk. 53371.25 million in 2008. Deposits rose by 41% in the same period from Tk. 30004.09 milliopn in 2007 to Tk. 42435.24 million in 2008. Advances, in spite of the “slump”in the economy, rose from Tk. 28456.94 million in 2007 to Tk. 39975.00 million in 2008 with a growth rate of 40%. The operating profit also rose from Tk. 1574.72 million in 2007 to Tk. 1904.88 million in 2008 registering a growth of 21%. Bank Asia has been actively participating in the local money market as well as foreign currency market without exposing the Bank to vulnerable positions. The Bank’s investment in Treasury Bills and other securities went up noticeably opening up opportunities for enhancing income in the context of a regime of gradual interest rate decline.

Bank Asia is maintaining it’s competitiveness by leveraging on its Online Banking Software and modern IT infrastructure. It is the pioneer amongst the local banks in introducing innovative products like SMS banking, and under the ATM Network the Stelar Online Banking software enables direct linking of a client’s account, without the requirement for a separate account.

Mission & Vission:

Mission

To assist in bringing high quality service to our customers and to participate in the growth and expansion of our national economy.

To set high standards of integrity and bring total satisfaction to our clients, shareholders and employees.

To become the most sought after bank in the country, rendering technology driven innovative services by our dedicated team of professionals.

Vision

Bank Asia’s vision is to have a poverty free Bangladesh in course of a generation in the new millennium, reflecting the national dream. Our vision is to build a society where human dignity and human rights receive the highest consideration along with reduction of poverty.

The Objectives of the Bank

a) To regulate the issue of the currency and the keeping of reserves;

b) To manage the monetary and credit system of Bangladesh with a view to stabilizing domestic monetary value;

c) To preserve the par value of the Bangladesh Taka;

d) To promote and maintain a high level of production, employment and real income in Bangladesh; and to foster growth and development of the country’s productive resources for the national interest

 Organogram

Board of Directors

CHAIRMAN

Mr. Anisur Rahman Sinha

VICE CHAIRMAN

Mr. Anwarul Amin

Mr. A.M. Nurul Islam

DIRECTORS

Mr. Romo Rouf Chowdhury

Ms. Farhana Huq Chowdhury

Ms. Shameem Choudhury

Mr. Shaique Uddin

Mr. Murshed Sultan Chowdhury

Mr. Mir Shahjahan

Mr. Faisal Samad

(Alternate Director of Ms. Mahrina Chowdhury)

Mr. M. Shamsul Alam

Lt. Col. (Retd.) Fariduddin Ahmed

PRESIDENT & MANAGING DIRECTOR

Mr. Erfanuddin Ahmed

COMPANY SECRETARY

Mr. Aminul Islam

Board’s Audit Committee

Mr. A M. Nurul Islam   – Chairman

Mr. Anwarul Amin   – Member

Mr. Mr. Murshed Sultan Chowdhury   – Member

Management Executives

PRESIDENT & MANAGING DIRECTOR

Mr. Erfanuddin Ahmed

DEPUTY MANAGING DIRECTOR

Aminul Islam

Erfanuddin Ahmed

SENIOR EXECUTIVE VICE PRESIDENT

S.M. Khorshed Alam

Irteza Reza Chowdhury

EXECUTIVE VICE PRESIDENT

Mohammed Roshangir

A.H.J. Rahman

Nasirul Hossain

Md. Azhar Ali Miah

Syed Nazimuddin

SENIOR VICE PRESIDENT

Swapan Dasgupta

M.M.A. Moquit

Md. Arfan Ali

Raiqul Hasan

A.K.M. Shahnawaj

Mohammad Borhanuddin

Md. Sazzad Hossain

Maruf Mohammed Ahsan

Md. Abu Bakar Laskar

VICE PRESIDENT

Mohd. Shahabullah

Md. Ashrafuddin Ahmed

A.K.M. Shaiful Islam Chowdhury

S.M. Iqbal Hossain

Md. Mozaffor Hossain

Syed Iltefath Hussain

Asadul Karim

Md. Raja Miah

FIRST VICE PRESIDENT

Niaz Ahmed Chowdhury

Nazneen Sultana

Md. Ekramul Hossain

Md. Zahid Hossain

Md. Zia Arin

Md. Azharul Islam

Afzalul Haq

Sui Tofail Ahamed

ASSISTANT VICE PRESIDENT

Alamgir Hossain

Debashish Karmaker

Md. Azizul Haque Khan

Ali Tarek Parvez

Humayun Yusuf Kabir

K.S.A. Ansari

Arequl Arefeen

Kamal Uddin Ahmed

Md. Saiful Islam Laskar

A.K.M. Rezaul Haque Chowdhury

Md. Murshid-Al-Amin

Md. Shahidul Islam

FIRST ASSISTANT VICE PRESIDENT

Khairul Haque

A.M.M. Nizamuddoula Khan

Faiz Mohammed

SyedMd. Ali Reza

Ibne Mohammad Shamsuzzaman

K.M. Shakhawat Hossain

Md. Prashanta Samir

Md. Tarek Hassan

Md. Inamul Islam

Mehbub Hasan

Tunku Humayun M. Morshed

Kazi Shamsul Haque

Mohammed Mamun-or-Rashid

Md. Mortuza Ali

M.M. Saiful Islam

Md. Jahangir Alam

Md. Hosnezzaman

Syed Humayun Kabir

Md. Elias Mollah

Nesar Ahmed

M.R. Chowdhury Rashed

Md. Serajul Islam

A.K.M. Tareq

Md. Mohsin Jamal

Sujit Kumer Sen

Mohammad Mainul Islam

Md. Belal Hossain

Muhammed Nizam Uddin

Md. Murshed Alam

Md. Omar Hayat Chowdhury

Md. Akmal Hossain

Towheedul Islam

Emdadul Haque

Saiful Islam

M.M. Shariful Islam

Mehedi Zaman Khan

H.M. Mostaizur Rahman

Md. Mazibur Rahman

SyedMd. Jarzis

Kazi Nowshaduzzaman

Mohammad Mahmud Alam

Hasan A. Saimoom

Ahmed A. Jamil

Md. Anisur Rahman

Mohammed Shahjahan

Md. Sultan Hayat Khan

M. Hasibul Alam

Md. Moniruzzaman

Rownak Amin

A.K.M. Mohsin Uddin

Md. Shahidul Islam

Md. Mustaizur Rahman

Product & Services

a) ATM Services

The Bank carries its banking activities through twenty four branches in the country. Bank Asia customers have access to 21 ATMs as a member of ETN. Under the ATM network the Stelar Online Banking Software enables direct linking of a client’s account, without the requirement of a separate account. The Bank has already set up its own ATM machine at 6 corresponding branches and is also in the process of setting up its own ATM network at every focused point in the city with a view of providing retail banking services.

Connect Asia
Bank Asia symbolizes modern banking with innovative services in Bangladesh. We provide Online Banking, ATM Support, SMS and Net Banking Services in the country. Our newly developed web application is fully authentic, secured and robust. This technology based services also provide you Fund Transfer through internet, Debit/Credit Card facility, free SMS message of special type of withdrawal from your account time to time.

b) On-line Banking:

All branches under online banking system will be able to do banking practices using a common server (which is centralized) from where only the branches will be able to enter using a common password.

c) Internet Banking:

Any one including any client or any branch from any direction will be able to enter in the system to do banking transactions.

Internet Banking Services 

Check account balance
Take print out of account statement for a particular period
Transfer fund within your own account
Make payment of mobile phone bill
Recharge your mobile phone as well as others from your account
Enquire foreign exchange rate
Enquire currency exchange rates.
Acquire information on all our products.
Every transaction report will be sent to client’s e-mail account.
Can change the password, pin code and respective     mobile number (For All Mobile Operator’s).

d) Sms banking

Short Message Service (SMS) is a communications protocol allowing the interchange of short text messages between mobile telephone devices. SMS text messaging is the most widely used data application. SMS as used on modern handsets was originally defined as part of the GSM series as a means of sending messages of up to 160 characters (including spaces), to and from GSM, CDMA networks and Digital AMPS, as well as satellite and landline networks. Most SMS messages are mobile-to-mobile text messages, though the standard supports other types of broadcast messaging as well.

e) Locker Services

Bank Asia brings to you a very user-friendly locker service that is a fine blend of security and confidentiality. At the same time for sheer convenience and further security we have also made arrangements for a well appointed rest room where you can beautify yourself, wear your jewelry before you step out for your appointment or you may also take your own time to go through your valuable documents in absolute discretion.

f) Bank Asia Credit card

Bank Asia Credit Card is accepted more than 3500 merchant outlets around the country. Bank Asia credit card offers you free credit facility up to 45 days and minimum 15 days without any interest; you can also pay 8.33% of your billing amount or current dues every month and thus have the flexibility to plan your payments.

g) Bonus Savings Scheme

Modern Banking is a result of evolutions driven by changing economic activities and lifestyles. Entering a new millennium, banking needs have become more diverse and exotic than ever before. Bank Asia Ltd. is a new entrant in the private banking scenario of Bangladesh with a promise to fulfil every possible customer need with high efficiency and satisfaction. 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. It is an immense pleasure for Bank Asia to introduce Bonus Savings to its customers.

h) Deposit Pension Scheme

Deposit monthly installment ranging from Tk. 500/- to Tk.10,000/- and on maturity the holder receives a handsome amount as per table below:

Amount Payable at Maturity

Monthly Deposit

Payment After 3 Years

Payment After 5 Years

Payment After 7 Years

Payment After10 Years

Payment After12 Years

500

21,500

41,000

65,500

115,000

160,000

1,000

43,000

82,000

131,000

230,000

320,000

2,000

86,000

164,000

262,000

460,000

640,000

3,000

129,000

246,000

393,000

690,000

960,000

4,000

172,000

328,000

524,000

920,000

1,280,000

5,000

215,000

410,000

655,000

1,150,000

1,600,000

8,000

344,000

656,000

1,048,000

1,840,000

2,560,000

10,000

430,000

820,000

1,310,000

2,300,000

3,200,000

Features of this product are:

In case of premature liquidation, the applicable interest rate is savings Bank account rate.

Installment to be made available in Savings Account in due time.

i) Double Benefit Plus

Only individuals can open this account.

Money deposited in this account will be doubled in 6 (six) years.

Deposit amounts will be Tk. 100,000/-or it’s multiple, and maximum will be Tk. 2,500,000/-under single name and Tk. 4,000,000/-under joint name.

In case of premature encashment, the applicable rate will be the simple savings rate of the Bank; however, there will be no interest payment for premature encashment within six months life of the account.

Loan facility will be available up to 90% of the deposited amount.

j) Triple Benifit Plus

 Only individuals can open this account.

 Money deposited in this account will be Tripled in 9 (nine) years 6 (six) months.

 Deposit amounts will be Tk. 100,000/-or it’s multiple, and maximum will be Tk. 2,500,000/-under single name and Tk. 4,000,000/-under joint name.

 In case of premature encashment, the applicable rate will be the simple savings rate of the Bank; however, there will be no interest payment for premature encashment within six months life of the account.

 Loan facility will be available up to 90% of the deposited amount.

k) Monthly Benifit Plus

MB+ is a 5-year scheme that lets the customer earn monthly benefit of Tk. 850/- or its multiple by minimum initial deposit of Tk. 100,000 or its multiple. Features of this product are: MB+ is a 5-year scheme that lets the customer earn monthly benefit of Tk. 850/- or its multiple by minimum initial deposit of Tk. 100,000 or its multiple. Features of this product are:

Only individuals can open this account.

The individual must have a Savings account with the bank in which the monthly benefit will be credited automatically. This link account will not be charged for incidental charges.

Deposit amounts will be Tk. 100,000/-or it’s multiple, and maximum will be Tk. 2,500,000/-under single name and Tk. 4,000,000/-under joint name.

The tenure of deposit will be 3 years and 5 years. The person will get monthly benefit of Tk. 975/-for deposit amount of Tk. 100,000/-for 3 years term deposit and Tk. 1,000/-for deposit amount of Tk. 100,000/-for 5 years term deposit.

In case of premature encashment, the applicable rate will be the simple savings rate of the Bank; however, there will be no interest payment for premature encashment within six months life of the account. The principal amount will be adjusted at the time of providing savings account rate.

Loan facility will be available against the account.

Deposit and monthly payment matrix

Deposit amount (In Taka)

Monthly interest amount

100,000

850

200,000

1700

300,000

2550

400,000 & onwards

3400 & onwards

100,000

850

L) Coverage Loan

► This product will facilitate the customer to have financing for purchase of Apartment, house, construction of new house, extension of existing house etc.

► The product will allow Automobile/car [brand new or recondition] financing for personal use only. But car model should not order four years at the time of registration in Bangladesh.

► A consumer credit scheme that support purchase of various consumer durable such as television, Refrigerator, Ac etc. Any Bangladeshi individual has the means and capacity to repay the loan.

► Medical emergencies in life come unannounced! One can hardly BD prepared for such exigencies. Now Bank Asia’s Medical Support Gives you the financial support and peace of mind to tackle any unforeseen.

m) Repayment Procedure

Loan will be repaid depending on the inflows from investment as well as from other source of income as weekly, monthly or quarterly basis.

Interest Rate

General interest & rates are as Bank Asia declared with the honorable customer is shown below. We offer different rates and interest on different product. Below you will see some tables that include most significant information.

The Table Below Contains the Chart of Bank Asia:

Interest Rate on Lending

Type

Mid RateMaximum
Agriculture (including Jute)

Term Loan (Large & Medium Scale Industries)

Working Capital

Export

Other Commercial Lending

Small & Cottage Industries (with Govt. refinance)

Small & Cottage Industries (without Govt. refinance)

Urban Housing

Overdraft (OD) against FDR (issued by bank asia ltd)

Overdraft (OD) against FDR (issued by other bank)

Overdraft (OD) against FDR (MB+, DB+, DG+ of B.A. Ltd)

Micro Credit (Micro Credit Scheme)

Micro Credit (Personal Credit Scheme)

Micro Credit (Car Own Scheme)

Micro Credit (Consumer Credit Scheme)

Others

Overdraft (OD) against FDR (Similar Instruments issued by other banks)

9.00%

15.50%

15.5%

7.00%

16.00%

12.00%

13.00%

16.00%

15.00%

16.00%

16.00%

12.00%

16.00%

16.00%

16.00%

16.00%

16.00%

9.00%

17.00%

17.00%

7.00%

17.50%

12.00%

13.00%

17.50%

16.00%

17.00%

17.00%

12.50%

17.00%

17.00%

17.00%

17.00%

17.00%

 Interest Rate on Deposit

Type

Interest rate

Savings Deposit

Short Term Deposit

Fixed Deposits: 1 Month tenor

Fixed Deposits: 2 Month tenor

Fixed Deposits: 3 Month tenor

Fixed Deposits: 6 Month tenor

Fixed Deposits: 1 Year tenor

Fixed Deposits: Above 1 Year tenor

6.00%

5.00%

7.00%

8.00%

9.00%

9.50%

9.75%

10.00%

n) Corporate Social Responsibility

In  these  days  of  globalization,  businesses,  industry,  inancial  institutions  cross  national boundaries every day. All over the world there is now a demand from the civil society, politicians and governmental authorities on such corporate bodies to fulil certain social obligations

– Also known as corporate social responsibility.  Bangladesh is no exception.  Corporate bodies are under increasing social scrutiny and pressure to contribute to social welfare of

the communities in which they operate. These relate to contributions towards improving the livelihood opportunities of the less fortunate, provision of facilities for education and health, protection of the environment, and encouragement of cultural and social activities in the rural as well as urban areas. The Board of Bank Asia has been conscious of our corporate social responsibilities from the very beginning. In fulfilling our obligations, the Board of Directors, in consultation with the management, has been providing support and resources for the following activities:-

(a)  Introduction  of  scholarships  for  poor  but  meritorious  students  of  the communities in which our rural branches operate to provide opportunities for higher education in modern subjects to build up their career.

(b)  Bank Asia has an agreement with the BangladeshEyeHospital to provide all costs of treatment for all born-blind children of Bangladesh.

(c)  Based on our commitment to protect the environment, Bank Asia took the pioneering role in financing CNG conversion facilities and CNG billing stations for automobiles.

(d)  In collaboration with an organization named D-Net, we are setting up Computer

Learning Centers close to all our rural branches – providing for both capital and recurring expenses.

(e)  Apart from lending directly for reduction of poverty, we have been collaborating with some large and small NGOs in creating employment opportunities through micro-finance and other types of lending and social welfare activities.

(f)  We patronize and encourage cultural activities, sports, in arts, and work on the lives of distinguished sons of the soil.

(g)  In the context of the two looks, and the SIDR cyclone in the coastal areas in 2007, your Bank contributed over 14 (fourteen) million taka to the Government’ Relief Fund.

Branch Expansion

The Bank at present carrying its banking activities through Thirty four Branches, including ATM, Locker & Foreign Exchange services in the country. It has nine rural branches as well.

   Branches At A Glance

Branch NameAddressPhone /
Fax Number
Swift Code
Corporate BranchNoor Tower (1st floor)
73, Sonargaon Road
(1/F Free School Street)
Dhaka-1205, Bangladesh
Ph: 880-2-9674501,
9674502
Fax: 880-2-9674502
BALBBDDH002
Principal Office Branch111-113, Motijheel C/A.
Dhaka – 1000.
Ph: 880-2-9571450, 9571451
Fax: 880-2-9566223
Telex: 632513 BAPO BJ
BALBBDDH003
Gulshan BranchBay’s Gallaria 57, Gulshan Avenue (Ground Floor)
Dhaka – 1212.
Ph: 880-2-8828103,
8828179
Fax: 880-2-8816739
Telex: 642450 BAGUL BJ
BALBBDDH004
Agrabad Branch69, Agrabad C/ A,
Chittagong.
Ph: 880-31-714665,
724876, 714703,
Fax: 880-31-714548,
Telex: 633274 BAAGR BJ,
BALBBDDH005
Malkhanagar BranchUnion Parishad Bhaban
Taltola Bazar, Malkhanagar
Munshigonj
Ph: 0171 – 831040
Fax:
 
Scotia Branch32, Kazi Nazrul Islam Avenue Kawran BazarPh: 880-2-8110161,
8125011
Fax: 880-2-9123077
BALBBDDH
MCB Dilkusha Branch4 Dilkusha C/A,
Dhaka
Ph: 880-2-9568871 – 3
Fax: 880-2-9563649
BALBBDDH008
MCB Sk. Mujib Road Branch1269/b Sk. Mujib Road
Agrabad C/A, Chittagong
Ph: 880-31-715125 – 7
Fax: 880-31-710352
BALBBDDH009
Sylhet Main Branch60 NILOY, Dargah Gate
Sylhet
Ph: 880-821-722616,
712256
Fax: 880-821-722616
 
Tarail BranchTarail Bazar
Kishoreganj
Ph: 09434-75099 
MCB Banani BranchA.R.Tower
24 Kamal Ataturk Road
Banani, Dhaka – 1213
Ph: 880-2-9885610,
9889104
Fax: 880-2-9889104
 
Khatunganj Branch273/268, Khatunganj
Chittagong
Ph: 880-31-610036,
638013
Fax: 880-31-632905
BALBBDDH013
Mitford BranchBismillahTower
147/148, Mitford Road
Dhaka – 1100
Ph: 880-2-7320620 – 1
Fax: 880-2-7314999
 
Uttara BranchHouse # 79A, Road #07
UttaraModelTown, Dhaka
Ph: 880-2-8957427 – 9
Fax: 880-2-8957431
 
Ashulia BranchChowdhuryPlaza (1st Floor)
Zamgara Bazar, Ashulia, Savar
Dhaka
Ph: 880-2-7702447 
North South Road Branch89 Shaheed Syed Nazrul Islam Shoroni
North South Road, Dhaka
Ph: 880-2-9563768 – 69
Fax: 880-2-9563223
 
CDA Avenue Branch665 CDA Avenue
East Nasirabad
Chittagong.
Ph: 880-31-843640
Fax:880-31-843640
 
Sylhet Uposhohor BranchRahimTower,
Subhanighat Bishwa Road,
Sylhet.
Ph: 880-821-815844
Fax: 880-821-815866
 
Lohagara BranchMostafaCenter, Lohagara,
Chittagong.
Ph: 01711245462,
0173-111963
 
Dhanmondi BranchMeherPlaza,
House # 13/A (2nd Floor)
Road # 5.
Dhaka-1205
Ph: 880-2-9664640,8653618,
04474650445
00474650446
Fax: 880-2-9664640
 
Station Road BranchStation Road Branch
Mohiuddin Market
170, Station Road
Chittagong.
Ph: 88-031-2850934,2850935, 06074487118
Fax: 88-031-2850936
 
Bashundhara BranchPlot # 25, Block-A, Avenue Road
Bashundhara R/A
Dhaka.
Ph: 880-2-8835321,8835322 Fax: 
Rajshahi BranchAhmedPlaza, Alu Patti
Rajshahi
Ph: 880-721-812503-4
Fax: 880-0721-812502
 
Khulna BranchAl-Mashah Complex
44, Mojid Sarani
KDA Avenue (Shib Bari Mor).
Khulna
Ph: 88-041-2830134-7
Fax:
 
Chatkhil BranchHolding No. 3147
Khipara Road Chatkhil Bazar
Chatkhil, Noakhali.
Ph: 03222-75179
Fax: 03222-75179
 
EPZ BranchZone Service
Complex (Ground Floor)
CEPZ,
Chittagong
Ph: 031-800406
Fax: 031-801391
 
Mohakhali Branch82,Mohakhali C/A
Dhaka-1212
Ph: 02-8857236,857036
Fax:
 
Mirpur BranchNishiPlaza Plot No: 1, Avenue: 4 Section: 6,
Block: C Pallabi, Mirpur
Dhaka-1216.
Ph: 9013814,
9013841, 9013844 Fax: 880-2-9012122
 
Anderkilla Branch184,J.M Sen Avenue
Anderkilla
Chittagong
  
Rohitpur BranchRimaPlaza
Rohitpur Boarding
Keranigonj, Dhaka
Ph: 880-2-7766677
Fax: 880-2-77666600
 
Bogra BranchJamil Shopping Centre,
Baragola, Bogra
Ph: 880-51-
51642-4
Fax: 880-5178641
 
Jessore BranchJess Tower (1st Floor)
39/M.K. Road,
Jessore.
Ph: 0421-67728,67748,67783,
67784
Fax: 0421-67738
 
Bahadderhat BranchMamtazTower 4540,
Bahadderhat, Chittagong.
Ph: 031-2553741-44,
Fax: +88-031-2553745.
BALBBDDH018
Shantinagar BranchTreasure Island,
42/43, Siddeshwari
Circular Road,
Dhaka-1217
Ph: 88333978
Fax:
 
Tongi Branch

 

Mariom Tower (1st floor)
13 Anarkoli Road
Tongi Bazar
Tongi, Gazipur
Ph: 9816303-5
Fax: 880-9816306
 

 Authorised Dealer Branches

Authorized Dealer Branches

Branch Name

Address

Location/District

Swift

Telephone/Fax

Email

Agrabad Branch

69, Agrabad C/ A ChittagongAgrabad,
Chittagong-4100

BALBBDDH005

880-31-714665,
724876, 714703,
Fax:880-31-714548

bankasia@bttb.net.bd

Corporate Branch

Noor Tower (1st floor) 73, Sonargaon Road (1/F Free School Street)Sonargaon Road,
Dhaka-1205

BALBBDDH

880-2-9674501,
9674502,
Fax:880-2-9566223

Principal Office Branch

111-113, Motijheel C/AMotijheel,
Dhaka-1000

BALBBDDH003

880-2-9571450, 9571451
Fax:880-2-9566223

Gulshan Branch

Bay’s Gallaria (Ground Floor), 57, Gulshan Avenue.Gulshan,
Dhaka-1212

BALBBDDH004

880-2-8828103, 8828179
Fax:880-2-8816739

MCB Dilkusha Branch

4 Dilkusha C/ADilkusha,
Dhaka-1000

BALBBDDH008

880-2-9568871 – 3
Fax:880-2-9563649

Scotia Branch

32, Kazi Nazrul Islam Avenue, Karwan Bazar.Karwan Bazar,
Dhaka-1212

BALBBDDH

880-2-8110161, 8125011
Fax:880-2-9123077

MCB Banani Branch

A.R.Tower,
24 Kamal Ataturk Road
Banani,
Dhaka-1213

880-2-9885610, 9889104
Fax:880-2-9889104

MCB Sk. Mujib Road Branch

7, Sk. Mujib Road Agrabad C/AAgrabad,
Chittagong-4100

BALBBDDH009

880-31-
715125 – 7
Fax:880-31-710352

mcbctg@spnetctg.com

Khatunganj Branch

273/268,
Khatunganj
Khatunganj,
Chittagong-4000

BALBBDDH013

880-31-610036, 638013
Fax:880-31-632905

baktg@bttb.net.bd

Mitford Branch

BismillahTower 147/148, Mitford RoadMitford Road,
Dhaka-1100

880-2-7320620 – 1
Fax:880-2-731499

Uttara Branch

House # 79A,
Road #07
UttaraModelTown,
Dhaka-1230

880-2-8957427 – 9
Fax:880-2-8957431

North South Road Branch

89 Shaheed Syed Nazrul Islam ShoroniNorth South Road,
Dhaka-1100

880-2-9563768 – 69
Fax:880-2-9563223

CDA Avenue Branch

665 CDA Avenue East NasirabadEast Nasirabad,
Chittagong-4200

880-31-843640
Fax:880-31-843640

Station Road Branch

Station Road Branch Mohiuddin Market 170,Station Road,
Chittagong

88-031-2850934,
2850935, 06074487118
Fax:88-031-2850936

CEPZ

Zone Service Complex (Ground Floor), CEPZCEPZ,Chittagong

031800406, 01713108867, 01720299899
Fax:031801391

Mirpur Branch

NishiPlaza(1st Floor), Plot-1, Avenue-4, Block-c, Sec-6, Pallabi, Mirpur.Mirpur.,
Dhaka-1216

8031177

Anderkilla Branch

184,J.M Sen Avenue (Opposite
Chittagong City Corporation) Anderkilla,
Chittagong
Anderkilla,
Chittagong

(031) 2854881,2854882
,2854883

Rohitpur Branch

RimaPlaza,
Rohitpur Boarding, Keranigonj, Dhaka.
Keranigonj,
Dhaka

7766677, 01715496888
Fax:88-02-7766600
 

Rural Branches

Rural Branches

Branch Name

Address

Location / District

District

Tel / Fax

Malkhanagar Branch

Union Parishad Bhaban Taltola Bazar Malkhanagar.MalkhanagarMunshigonj0171 – 831040

Tarail Branch

Tarail BazarTarail BazarKishoreganj0171 – 403322

Ashulia Branch

ChowdhuryPlaza (1st Floor) Zamgara Bazar, Ashulia.SavarDhaka011-816786,
0174 – 017309

Lohagara Branch

MostafaCenterLohagaraChittagong0171-245462,0173-111963

Bashundhara Branch

Plot No#25,Block-A,Avenue Road,Bashundhara R/A, Dhaka,
Bangladesh.
 Dhaka880-2-8835321,8835322

Chatkhil

Khilpara Road, Holding No.3147, Chatkhil Bazar, Chatkhil.Chatkhil BazarNoakhali01818090892, 01721931881

Rohitpur Branch

RimaPlaza, Rohitpur Boarding, Keranigonj, Dhaka.KeranigonjDhaka7766677, 01715496888,
Fax: 88-02-7766600

Branches with ATM Service

Branches With ATM Service

Branch Name

Address

Location / District

Swift

Tel / Fax

MCB Dilkusha Branch

4 Dilkusha C/ADilkusha,
Dhaka – 1000

BALBBDDH008

880-2-9568871 – 3,
Fax:880-2-9563649

Scotia Branch

32, Kazi Nazrul Islam Avenue, Karwan Bazar.Karwan Bazar,
Dhaka – 1215

BALBBDDH

880-2-8110161, 8125011,
Fax: 880-2-9123077

Sylhet Main Branch

60 NILOY, Dargah GateDargah Gate,
Sylhet – 3100

880-821-722616, 712256,
Fax: 880-821-722616

MCB Banani Branch

A.R.Tower 24 Kamal Ataturk RoadBanani,
Dhaka – 1213

880-2-9885610, 9889104,
Fax: 880-2-9889104

Ashulia Branch

ChowdhuryPlaza (1st Floor) Zamgara Bazar, AshuliaSavar, Dhaka

011-816786,
0174 – 017309

Dhanmondi Branch

Meher Plaza House # 23A (Old), Road # 13 ( New)Dhanmondi,
Dhaka

880-2-9664640,8653618,
Fax: 880-2-9664640

Bashundhara Branch

Plot No#25,Block-A,Avenue Road,Bashundhara R/A, Dhaka,BangladeshBashundhara,
Dhaka

880-2-8835321,
8835322

Mohakhali Branch

82, Mohakhali Commercial Area, Dhaka – 1212Mohakhali,
Dhaka – 1212

8857236, 8857036,
01713041304

Anderkilla Branch

184,J.M Sen Avenue (Opposite Chittagong City Corporation) Anderkilla,ChittagongAnderkilla,
Chittagong

(031) 2854881,
2854882,2854883

Bogra Branch

Jamil Shopping Centre, Baragola, BograBaragola,
Bogra

051-51642-4,
Fax: 88-051-78641

Jessore

Jess Tower (1st Floor), 39/M.K. Road, JessoreJessore

88-0421-67728, 88-0421-67783-84,
Fax: 88-0421-67738

Branches with Locker Service

Branches With Locker Service 

Branch Name

Address

Location / District

Swift

Tel / Fax

Email

Gulshan Branch

Bay’s Gallaria (Ground Floor), 57, Gulshan Avenue.Gulshan, Dhaka – 1212

BALBBDDH004

880-2-8828103, 8828179, Fax: 880-2-8816739

Sylhet Main Branch

60 NILOY, Dargah GateDargah Gate, Sylhet -3100

880-821-722616, 712256,
Fax: 880-821-722616

MCB Banani Branch

A.R.Tower 24 Kamal Ataturk RoadBanani, Dhaka – 1213

880-2-9885610, 9889104, Fax: 880-2-9889104

MCB Sk. Mujib Road Branch

7, Sk. Mujib Road Agrabad C/AAgrabad, Chittagong – 4100

BALBBDDH009

880-31-715125 – 7, Fax: 880-31-710352

mcbctg@spnetctg.com

Uttara Branch

House # 79A, Road #07UttaraModelTown, Dhaka – 1230

880-2-8957427 – 9, Fax: 880-2-8957431

CDA Avenue Branch

665 CDA Avenue East NasirabadEast Nasirabad, Chittagong – 4200

880-31-843640,
Fax: 880-31-843640

Mohakhali Branch

82, Mohakhali Commercial Area, Dhaka – 1212Mohakhali, Dhaka – 1212

8857236, 8857036, 01713041304

Mirpur Branch

NishiPlaza(1st Floor), Plot-1, Avenue-4, Block-c, Sec-6, Pallabi, Mirpur.Mirpur, Dhaka -1216

8031177 

 Departments

With the view to ensure systematic operation and to promote customer services of the bank, the following job allocations have been made among all the Officers which will come enforce with immediate effect.

Manager & Sub Manager

  • Branch Operation as Sub-Manager.
  • Custodian of Safe Key (Volt).
  • Custodian of Securities relating to Loan & Advance Department.
  • Supervision & preparation of Loan Proposals, Sanctions, Documentation, Disbursement, Recovery etc. with the consultation of Mr. Sarder Nazrul Islam, First Asstt. Vice President & Manager.
  • Supervision of preparation and submission of all periodical statements relating to Loans & Advances Department, General Banking and others.
  • Correspondence with Head Office & others.
  • Custodian of Booklet of Authorized Signatures (BAL) & Test Key.
  • Dealing In-Charge: Loans & Advances Department.
  • Dealing In-Charge: Locker Operation.
  • Custodian of all Corporate Office circulars/manuals/guide books/branch files etc.
  • Maintenance of Printed & Security Stationeries & consumption thereof.

Foreign Exchange

  • In charge Foreign Exchange Department.
  • Joint Custodian of Safe Key (Volt).
  • Processing of opening L/Cs,Lodgment of Documents, Issuance of EXP, Preparation of Export Documents, Issuance of Shipping Guarantee, Returns to Bangladesh Bank, Foreign Remittance, Marketing & Deposit Mobilization.
  • Preparation of Loan Proposals, Sanctions, Documentation, Disbursement, Recovery etc. jointly with Mr. Sudev Biswas, Senior Officer & Mr. Milton Roy, Sub-Manager.
  • Correspondence with Head Office & others.
  • Dealing Officer Loans & Advances Department.
  • Joint Custodian of all Security Stationary.
  • Deposit mobilizing & marketing.

Credit & Loan

  • Joint Custodian of Securities relating to Loan & Advance Department.
    • Preparation of Loan Proposals, Sanctions, Documentation, Disbursement, Recovery etc. jointly with Mr. Md. Rabiul Islam, Executive Officer.
    • Preparation of all periodical statements relating to Loans & Advances & others
    • Dealing Officer all types of Loans & Advances Department,

Accounts & General Banking

  • Dealing In-Charge: Accounts & General Banking.
    • Checking of daily vouchers & posting in the voucher register.
    • Preparation of all periodical statements relating to General Banking, Accounts & others (SBS-01, SBS-02, Weekly Position, Bangladesh Bank Position etc.)
    • Issuance & Maintenance of T.T/ D.D/P.O.
    • Issuance & Maintenance of BASP/FDR/Other Special Deposit Schemes.
    • Regularization of all account opening forms.
    • Maintenance & vouchers passing against on line (Transfer) transactions.
    • Reconciliation of daily statement of Bangladesh Bank & Other Bank.
    • Passing of Monthly Salary/Bonus/Expenses/Provision vouchers etc.
    • Deposit mobilizing & marketing.

Cash

  • Dealing In-Charge: Cash Department. (Supervision of receive, payment, sorting, stitching, posting etc.)
    • Joint Custodian of Safe Key.
    • Cash Remittance to & from Sonali Bank & Bangladesh Bank, Counting, Cash withdrawal & other relative works.
    • Preparation of daily cash position.
    • Preparation of all periodical statements relating to Cash Department & others (CTR, STIR etc.)
    • Maintenance & voucher passing against on line (Cash) transactions.
    • ATM Box Monitoring & Supervising.
    • Cash Receive/Payment. (Having necessary posting/passing).
    • Cash sorting, stitching, peasting etc.

Customer Service

  • Clearing
  • Bills both inward & outward.
  • Issuance & Maintenance of T.T/ D.DlP,O.
  • Issuance & Maintenance of BASP/FDRIOther Special Deposit Schemes.
  • Account Opening.
  • Issuance of Cheque Book.
  • Regularization of all account opening forms.
  • Preparation of all consumer credit scheme & attests with Mr. Sudeb Biswas as credit Assistant.
  • Deposit mobilizing & marketing.

Teller.

  • Clearing
  • Bills both inward & outward.
  • Issuance & Maintenance of T.T/ D.D/P.O.
  • Issuance & Maintenance of BASP/FDRIOther Special Deposit Schemes.
  • Account Opening.
  • Issuance of Cheque Book.
  • Regularization of all account opening forms.
  • Credit Card & ATM Card issue, Monitoring, Supervising & Recovery.
  • Deposit mobilizing & marketing.
  • Locker Operation as assistance of Mr. Milton Roy.
  • ATM Box Monitoring & Supervising.

Receptionist                                      

  • Attending reception desk.
  • Dispatch both inward & outward.
  • Regularization of all account opening forms.
  • Credit Card & ATM Card issue, Monitoring, Supervising & Recovery.
  • Locker Operation as assistance of Mr. Milton Roy.

Performance

Foreign Exchange Remittance

International Division

Nostro Accounts: A bank who maintains the account with foreign bank is called the nostro account. It means our account with them. Suppose Bank Asia maintains an account with ICICI Bank Mumbai. This account is called the nostro account.

Financial institutions with which Bank Asia maintains account.

SL

NO

Currency

Bank

City

Country

Opening date

Date of

Reporting to

Bangladesh

Blank

A/C NO

USD

AMEX

NEW YORK

USA

22.12.99

17.07.01

10700-001

USD

SCB

NEW YORK

USA

26.12.99

17.07.01

10700-002

USD

CITY BANK NA

NEW YORK

USA

19.12.99

170701

10700-003

USD

HAB

NEW YORK

USA

15.05.01

17.07.01

10700-018

USD

HSBC

NEW YORK

USA

30.03.04

19.0504

10700-021

ACUD

AB BANK LTD

MUMBAI

INDIA

21.12.99

17.07.01

10700-009

EURO

CITY BANK NA

LONDON

ENGLAND

15.03.00

17.07.01

10700-010

USD

MASHREQ

BANK

NEW YORK

USA

10.03.00

17,07,01

10700-012

CHF

CREDIT SUISSE

ZURICH

SWITZERLAND

06.03.01

170701

10700-013

CAD

BNS

TORONTO

CANADA

20.0201

17.0701

10700-014

EURO

COMMERZ

BERLIN

GERMANY

15.06.00

17.07.01

10700-015

GBP

NATWEST

LONDON

ENGLAND

26.01.01

17.0701

107W-017

EURO

HYPOVERIEBS

RANK

BERLIN

GERMANY

14.01.01

2301.02

10700-020

ACUD

HABIB BANK

KARACHI

PAKISTAN

24.09.01

25.09.01

10700-019

AUD

HSDC

SYDNEY

AUSTRALIA

03.05.04

28.06.04

10700-022

ACUD

ICICI BANK

LTD

MUMDAI

IDNIA

04.09.04

120904

10700.023

ACUD

BNB

THIMPl1

BHUTAN

18.05.05

31.05.05

10700-024

ACUD

MCD BANK LTD

COLOMBO

SRILANKA

240505

31.05.05

10700-25

ACUD

MCD BANK LTD

KARACHI

PAKISTAN

2405.05

OLD

107W-028

ACUD

SCB

MUMBI

INDIA

21.09.05

21 11.05

10700-026

JPY

UBAF

TOKYO

JAPAN

140.03.06

18.06.06

10700-027

USD

WACHOVIA NA

NEW YORK

USA

01 03 08

11.03 OR

107(N).029

Balance with Other banks –Outside Bangladesh (Nostro Account)

As at 31 December 2008

Name of the Bank

Account Type

2008

2007

Currency Type

FC amount

Exchange Rate

Equivalent Taka

FC amount

Exchange Rate

Equivalent Taka

Interest Bearing: 

Standard Chartered Bank, New YorkCDUSD758153.3170.00530707321021375.9670.0071496317
Citibank Na, LondonCDEURO9876.2890.00888865925.5990.0083303
Citibank Na, New YorkCDUSD8097.8770.00566851424166.2070.0029691634
Citibank Na, LondonCDGBP1884.45130.0024497945833.29130.005958328
Mashreqbank psc, New YorkCDUSD22127.9170.00154895414427.2170.001009905
National Bank plc,LondonCDGBP26149.88130.0033994843368.46130.00437900
Habib American Bank, New YorkCDUSD616886.0070.0043182020124553.2470.008718727
Standard Chartered Bank, MumbaiCDACU365426.8770.0025579881165297.1370.0011570799
  

128481766

 

  

128966913

Non Interest Bearing:  
AB Bank Ltd, MumbaiCDACU395363.3670.002767543580732.1970.005651253
American Express Bank Ltd,New YorkCDUSD17400.1170.001218008477767.6670.0033443736
Credit Suisse First Boston, ZurichCDCHF1366.4550.00683236353.250.00317660
Bank of Nova Scotia, ZurichCDCAD5920.655.003256333996.9555.00219832
Commerzbank AG, FrankfurtCDEORO6062.890.00545652174233.9790.0015681057
Habib Metropolitan Bank Ltd, KarachiCDACU120092.9270.0084065046299.4970.00440964
Hypo Vereinsbank, MunichCDEURO1640.5190.00147646778.4190.0070957
HSBC, New YorkCDUSD383954.9970.0026876849812798.0470.0056895863
HSBC Australia Ltd, SydneyCDAUD5418.4250.002709214366.0850.00218304
ICICI Bank Ltd, MumbaiCDACU1058010.4670.007406073217923.8970.001254672
Bhutan National Bank Ltd, ThimphuCDUSD120400.0070.00842800042850.0070.002999500
Muslim CommercialBank Ltd,ColomboCDACU38907.7470.002723542352822.7670.0024697593
Muslim Commercial Bank Ltd, KarachiCDACU138925.8070.00972480699880.0070.006991600
Nepal Bangladesh Bank, KathmanduCDACU123420.3270.008639422
Wachovia Bank N.A, New YorkCDUSD40237.4470.002816621
UBAF, TokyoCDJPY1934958.00.5510642271466032.73.55806318
 172992321 149689309

301474087                                           278656222

Vostr’o Account: It means their account with us. If the foreign bank like ICICI Bank Mumbai maintains an account with Bank Asia Dhaka then this account is called Vostro Account.

Financial institutions which maintain an account with Bank Asia.

SI. NO

Currency

Bank

City

Country

1USD

MUSIL COMMERCIAL BANK

KARACHIPAKISTAN

Foreign Exchange Operation

 Remittance of mounds:

With a network of their branches spread over the entire country banks are very suitable institutions for the remittance of funds from one place to another bank remittance are safe, swift, cheaper and simple.

 Inward and Outward Foreign Remittance:

The term “inward remittance” includes not only remittances received by SWIFT, IT NT etc. but also purchase of bills, traveler cheques etc. inward remittance in foreign currency comprises the following inflow.

I. Remittance received by drafts and mail transfer.

2. Remittance received by SWIFT/secured mail/web mail transfer.

3. Remittance received by telegraphic transfer and

4. Purchase of bills and travelers cheques.

 As per existing exchange control regulation in Bangladesh inward remittance equivalent to US dollar 2,000 and above, should be reported on prescribed from “From C”. Bangladesh bank has allowed to the effect that declaration in “From-C” will not be required by the beneficiary in Bangladeshi against any remittance sent by any Bangladeshi national working abroad. Therefore, the A/D branches, before disbursement or the remittance, shall obtain declaration from the beneficiary in a prescribed from “From-C”, where applicable.

 Payment of Drafts and Mail Transfer:

A. Before payment or any draft and mail transfer in foreign currency the A/D branch must observe the following procedures:

1. AID branch shall examine whether the draft/mail transfer has been properly drawn on them.

2. The signatures appearing on the instruments must be verified by the A/D branch.

3. A/D branch shall ensure that there is no alteration or tempering in the body of thc draft/MI’.

4. The A/D branch should also ascertain whether cover has been credited to the nostro account of the head office against such draft/mail transfer.

5. Conversion of the foreign currency into taka be made by applying rate of the bank

Before disbursement of any Authenticated mail/SWIFT/Telegraphic transfer received from foreign correspondent the A/D branch shall ensure that:

1. An authorized officer of the A/D branch has authenticated the test appearing in tile T.T. message.

2. The T.T. has been received through the mail/SWIFT/telex machine of the A/D Branch. After being satisfied on the authenticity of the instrument /1/D branch shall disburse the same.

4.1.4. Payment of Taka Draft Issued by Foreign Bank/Exchange Companies:

In the financial year 2005-2006, inward foreign remittance (wage earners) of taka = 3,22,75G.80 million was received in Bangladesh remitted by different banks and exchange companies the commercial banks in Bangladesh conclude taka drawing arrangements with different banks/exchange companies subject to prior approval of Bangladesh bank. The exchange companies, as per arrangements, draw taka drafts on the nominated branches of the banks Bangladesh. They remit cover of their drawings in US dollar/pound sterling through the new York/London correspondents as per arrangement for credit to the head office account of the banks in Bangladesh. The bank purchases such US/dollar/pound sterling cover fund and credits the taka proceeds to the taka account of the exchange companies maintain with the banks. Taka drafts issued by banks/exchange companies (located outside Bangladesh) are being paid by debit to the taka account of the exchange companies provided the instruments are found otherwise in order.

 Outward Foreign Remittance

All remittance from Bangladesh to a foreign country or local currency credited to non­resident taka account of’ foreign banks or convertible taka accounts constitute outward remittance of foreign exchange. Any person who wishes to purchase foreign exchange must lodge an application for the purpose on a prescribed from with an authorized dealer branch. There arc two types of application forms for outward remittance -“1MP from” and IM from”.

A. IMP from is designed to cover remittances for payment of import obligation.

B. TM from arc designed to cover all other types of remittances other than imports.

Outward remittance may be made only by the A/D branches by method appropriate to the country to which remittance is authorized. Most the outward remittances are approved by THC authorized dealer on behalf of Bangladesh bank due to delegation of authority by Bangladesh bank to A/D branches. Only a few remittances of special nature require Bangladesh bank’s prior approval.

On receipt of the application in the prescribed from, the authorized dealer branch may affect the sale of’ foreign exchange if they are empowered to approve the application on behalf of Bangladesh bank; otherwise prior approval of Bangladesh bank is to be obtained. If the transaction requires prior approval of Bangladesh bank, the form should be forwarded by the A/D branch to Bangladesh bank for consideration. The customers are not generally allowed to submit any application to Bangladesh bank directly. Onward remittance if favor of beneficiaries outside Bangladesh may be made in any of the following manners:

A. By issuing demand draft.

B. By Issuing Mail Transfer

C. By issuing SWIFT/Telegraphic Transfer

D. By issuing Travelers cheques for travel purpose

Other Outward Commercial Remittance Other Than Imports:

A/D branches are allowed to effect the following types of outward remittances without prior permission of’ Bangladesh bank subject to the fulfillment of formalities mentioned at chapter 16, 17, 18 and 19 of guidelines for foreign exchange transaction :

  • Remittance of royalty and technical fee if it does not exceed 6 of cost of imported machineries.
  • Remittance of profits of branches of foreign firm other than financial institutions.
  • Remittance of profits of sterling Tea Estate Companies.
  • Remittance of profit of banks, insurance companies and other financial institutions
  • Remittance of subscription to foreign media service.
  • Remittance of cost/fees for renter monitors.
  • Remittance of membership fee of foreign professionals and scientific institutions for application, registration, admission, examination of TOEFL, SAT etc.
  • Remittance of freight and passage collections by branches or agents of foreign airlines and shipping companies.
  • Remittance of surplus carryings of foreign airlines and shipping companies.
  • Remittances of surplus earnings of courier companies.
  • Remittances against export claims (short weight claims, quality claim).

 Release of Foreign Exchange for Travel Abroad:

The At) branch may release the following amount of foreign exchange to ally 13,1nglaclc,tilt national for travel purpose during a calendar year as tinder :

A. For visit to SAARC member countries and Myanmar: if travel is made by road, yearly Quota is US $ 500 per person and if travel is made by air yearly Quota is US $ 1,000 (cash US $ 500 and balance in T/C).

B. For visit to other countries (other than SAARC countries and Myanmar) yearly Quota is US $ 3,000 per person. – cash US $ 500 and balance in T/C

But is both the cases (A and B above), cash FC notes up to US $ 200 can be issued by AD branch Without visa and cash FC notes up to US $ 500 be issued after production or visa.

Requirement:

A. Valid passport of the passenger with visa.

B. Confirmed air ticket.

C. T/M from duly filled in and signed by the passenger photocopy of the passport of the assignor, photocopy of the valid ticket Along with T/M from duly filled in and signed but the passenger will be retained by AD branch.

 Student Files:

Foreign exchange may be released by the Ads for admission and study by Bangladesh nationals in regular courses in recognized educational institutions abroad subject to verification of bonfires according to the following drill:

(A) Application and Required Papers:

i. . Application duly filled in

ii. Original and photocopy of admission letter issued by the educational institution in favor of thc student (such as the 1-20 in tile case of US institutions);

iii. Original and photocopy of estimate relating to annual tuition fee, broad and lodging, incidental expenses etc. issued by the concerned educational institution (1-2 in case of US institutions)

iv. Attested copies of educational certificates of the applicant; and

v. Valid passport.

(B) Examination and Processing by AD

i. After Scrutinizing the application and the supporting documents submitted the AD shall issue foreign exchange as per estimate furnished by the educational institution subject to adjustment with the travel entitlement. On application from the concerned student, expenses in transit not exceeding US dollar 200 or its equivalent in other freely convertible currency may be allowed out of travel entitlement described in Para I of chapter 19 of `Guidelines of Foreign Exchange Transactions, 1996, volumc-1′.

ii. In each case of sale of foreign exchange, the front page of the original letter of estimate/acceptance letter issued by the concerned educational institute should bear clearly tile round stamp of the foreign exchange issuing bank branch and also tile signature of the officer of the said branch.

iii. After verifying the original copies of papers referred to in Para 10(A) above, the foreign exchange issuing ADs would attest the photocopy thereof and preserve the same. Thereafter the original copies would be returned to the applicant.

iv. Foreign exchange payable to the educational institution should be issued in favor of the institution concerned in the form of TT/MT/Draft. If payment on account of board and lodging/ incidental expenses etc. are not required compulsorily to be in favor of tile educational institution, foreign exchange on these counts may be issued in favor of the student in the form of TC/Draft etc. Educational institutions sometimes require applications to send advance amounts for processing of applications; retention of seats etc, if the papers of the foreign educational institutions clearly state such requirement, advance remittance may be affected.

v. The facility of purchase o1’foreign exchange/ remittance will not be admissible for more than one academic year at a time.

vi. For each release of foreign exchange subsequent to the first release, then current progress report and current estimate of the educational institution should take into consideration. The Ads shall maintain separate file for each student with al relevant papers in readiness for perusal by inspecting officials of Bangladesh bank.

vii. All purchases of foreign exchange throughout the entire duration of a course of’ study pursued aboard should be from one AD bank branch. For any intended change in this respect, the relevant file shall be transferred direct to the concerned new AD branch on written request by the student. Under no circumstances should the file be tile handed over to the student

Traveler Cheques:

A traveler cheque is another instrument issued by banks for the remittance of money from one place to another. It is issued for the convenience of the traveling public. When a person wants to travel without taking the risk of carrying cash with him he may avail of tile facility of traveler cheques.

 Loss of Traveler Cheques:

A traveler cheque is encashable only when the payee countersigns the same in the presence of the paying banker. In case it is lost without his counter-signature, tile traveler cliques can not be encashed easily by the finder because to forge the signature of the payee in the presence of the paying banker is not any easy task. The banker refunds the amount such traveler cheque to its purchaser.

The purchaser of a traveler cheque may default in fulfilling his own duty to sign in the presence of the paying banker and thereby the cheque may be enchased by some one else. In an American case, Emerson vs. American express company the purchaser of .the traveler cheque countersigned them as against the rules and thereafter some of them were stolen and enchased. The purchaser sued the issuing banker for wrongly enchasing the clique. But the counter held that the purchaser had committed a breach of the contract with tile bank and the letter was not derelict in its duty for not sending notice of loss of such clique to every branch of the bank and other establishment. The purchaser’s claim against tile bank was, therefore, rejected. On tile other hand, if the signature of the purchaser on the traveler cheque is forged and payment has been made by the bank, it would be considered negligence on the part of the bank and it will be held responsible for tile same.

 Foreign Exchange Risk:

Foreign exchange risk arises from adverse movement of exchange rate when the Bank has positions in foreign currencies. It is defined as the deviation in earnings arising due to unfavorable changes in exchange rates. The Treasury Department, where foreign exchange is arises, has been restructured by operationally and physically segregated front office and back office. The department has also been equipped with better human and technical resources following the central bank guidelines

 Money Laundering:

A definition of what constitutes the offence of money laundering under Bangladesh law is set out in section 2 (‘Iha) of thc prevention of money laundering act 2002 (act No. 7 of 2002) which is reads as follows: “Money Laundering Means:­

(Au) properties acquired or earned directly or indirectly through illegal means;

(Aa) illegal transfer, conversion, concealment of location or assistance in the above act of the properties acquired or carried directly of indirectly through legal or illegal means;”

Another declination or Money Laundering under US law is, “… The involvement in any one transaction or series of transactions that assists a criminal in keeping, concealing or disposing of proceeds derived from illegal activities.”

 Why Money Laundering Done?

1.  Money represent tile lifeblood of the organization that engage in criminal conduct for financial gain because it covers operating, replenishes inventories, purchase the services of corrupt officials to escape detection and further the interests of the illegal enterprise, and pays for an extravagant lifestyle’s spend money in these ways, criminals must make tile money they derived illegally appear legitimate.

2. A trail of’ money from an offense to criminals can become incriminating evidence. Criminals must obscure or hide the source of their wealth or alternatively disguise ownership or control to ensure that illicit proceeds are not used to prosecute them.

3. File proceeds from crime often become the target of investigation and seizure. To shield ill-gotten gains from suspicion and protect them from seizure, criminals must conceal their existence or, alternatively, make them look legitimate.

Why we Must Combat Money Laundering?

1. Money laundering has potentially devastating economic, security, and social consequences. Money launderings a process vital to making crime worthwhile. It provides the fuel for drug dealers, smugglers, terrorists, illegal arms dealers, corrupt public officials, and others to operate and expand their criminal enterprises.

2. Money laundering diminishes government tax revenue and therefore indirectly harms honest taxpayers. It also makes government tax collection more difficult.

3. Money laundering distorts asset and commodity prices and leads to misallocation of resources.

4. One of the most serious microeconomic effects of money laundering is felt in the private sector. Money launders often use front companies, which co-mingle the proceeds of illicit activity with legitimate funds, to hide tile ill-gotten gains. These front companies have access to substantial illicit funds, allowing them to subsidize front company products and services at levels well below market rates.

5. No one knows exactly how much “dirty” money flows through the world’s financial system every year, but the amounts involved are undoubtedly huge. Tile international; money fund has estimated that the magnitude of money laundering between 2 and 5 percent of world gross domestic product, or at least USD 800 billion to USD 1.5 trillion. In some countries, these illicit proceeds dwarf government budgets, resulting in a loss of control of economic policy by governments. Indeed, in some cases, the sheer magnitude of the accumulated asset base of laundered proceeds can be used to corner markets-or even small economics.

6. Among its other negative socioeconomic effects, money laundering transfers economic power from the market, government, and citizens to criminals.

7. The social and political costs of laundered money are also serious as laundered money may be used to corrupt national institutions. Bribing of officials and governments undermines the moral fabric in society, and, by weakening collective ethical standards, corrupts our democratic institutions.

8. Nation cannot afford to have their reputations and financial institutions tarnished by an association with money laundering, especially in today’s global economy.

9. It is generally recognized that effective efforts to combat money laundering cannot be carried out without the co-operation of financial institutions, their supervisory authorities and the law enforcement agencies. Accordingly, in order to address the concerns and obligations of these three parties, these guidance notes were drawn up.

Money Laundering Risk:

In order to combat money laundering risk, Bangladesh Bank preached the awareness of money laundering issues across the country especially the rural areas and selected some banks for certain areas for spreading tile awareness. Bank Asia was selected for Kishoregonj district and the bank organized two-day long workshop where 83 participants from 80 branches of different banks participated. More manpower was shaped during the year within the Bank to strengthen the compliance system, and Branch Compliance Officers designated in all the branches are independently reviewing and verifying the account transactions to locate any suspicious transaction. An updated Anti Money Laundering Manual was prepared and distributed to all the branches. In addition, the Department began an audit on Anti Money Laundering compliance’s in the branches. Transaction profiles of our customers are embedded into the Stelar Online Banking Software which helps in preventing illegal transactions.

One of the important functions of the commercial banks in the world is to undertake import of merchandise into the country and payment of foreign exchange towards the cost of the merchandise to the foreign suppliers.

Un almost all the countries of the world there is import trade control in one form or the other which supervises the import into the country and controls certain items of exports depending upon national exigencies.

Bangladesh, the import of goods is regulated by the Ministry of Commerce in terms of the Import and Export (Control) Act, 1950; with Import policy orders issued biannually, and Public Notices issued from time to time by the Chief Controller of Imports and Exports (C.C.I&E).

According to tile Imports and Exports Act, 1950 as adopted in Bangladesh, any one willing to carry import business needs registration with the licensing authority, i.e., Chief Controller o1′ Imports and Exports (C.C.I&E) and its offices at the important trade centers of the country.

Foreign exchange department of national bank is one of the most important department of ail department this department handles various types of activities by two separate sections.

i. Import Section

ii. Export Section.

Import Section

The function of this section is mainly to deal with various components such as:

  • Letter of credit (L/C).
  • Payment against document (PAD).
  • Payment against trust receipt (PATR).
  • Load against imported merchandise (LIM).

The followin5 documents are required to be submitted the licensing authority for registration as importers.

1) Questionnaire form duly filled in and signed.

2) Income tax registration certificate.

3) Trade License from the Municipal or Local Authority.

4) Bank Certificate.

5) Nationality certificate.

6) Partnership Deed where applicable.

7) Certificate of Registration with the Register of Joint Stock Companies and
memorandum & Articles of Association in case of Private and Public Ltd. Co.

8) Certificate from the chamber of Commerce/ Registered Trade Association.

9) Ownership documents or rent receipts of the place of business.

10) Any other documents required under the relevant import policy.

The IRC is a security document issued under embossing seal and duly signed by the authorized officials of C.C.I & E and to be kept under safe custody. The IRC is required to be renewed every year on payment of usual fees.

 Licensing for Imports:

Most imports into Bangladesh require a license from the licensing authority. Commercial banks have been entrusted with responsibility of licensing imports in both industrial and commercial sectors.

The following documents arc required to be submitted by the importer to his banker for licensing:

1) The LCA form properly filled in quintuplicate signed by the importer.

2) L/C Application duly signed by the importer.

3) Purchase contract, i.e., indent for the goods issued by an indenture or Performa invoices as the case may be.

4) Insurance cover note.

5) Membership certificate from a recognized Chamber of Commerce and Industry or Town Association or registered Trade Association.

6) Proof of payment fees for the Import Registration Certificate.

7) A declaration, in triplicate, that the importer has paid income tax or submitted income tax return for the preceding year.

8) In case of public Sector, attested photocopy of allocation letter issued by the allocation authority, Administrative Ministry or Division specifying the source, amount, purpose, validity and other terms and conditions against the imports.

9) Any such documents as may be required as per instructions issued /to be issued by Chief Controller of Imports & Exports from time to time.

Registration of LCAF with Bangladesh Bank:

If foreign exchange is intended to be bought from the Bangladesh Bank against an LCAF it has to be registered with Bangladesh Bank’s Registration Unit located in the concerned area office of the CCI&E. For such registration the LCAF, duly filled in signed by the importer and authenticated by the Authorized Dealer, shall be submitted by the Authorized Dealer to the concerned registration unit.

The Authorized Dealers should ensure that this registration number of importers is a variably 1’urnished on IMP form. Where the importer is exempted from such registration, a suitable mention of this fact should be made on the IMP form.

After registration the original and duplicate copies of the LCAFs will be delivered to the authorized representatives of the Authorized Dealers. The triplicate and quadruplicate copies will passed on the concerned area office of the CCI&E and the quintuplicate will he retained by the Registration Unit.

Where no registration of LCAFs is needed, the Authorized Dealer will send the triplicate and quadruplicate copies to the concerned area office of the CCI&E, retaining the order copies with itself.

In no case the Authorized Dealers will accept authenticated LCAFs for opening L/C direct from the parties. Normally the Authorized Dealer issuing and authenticating an LCAF would also open the L/C but if it requires transfer to another Authorized Dealer this should be done directly by the transferring Authorized Dealer itself.

 Letter of Credit L/C:

L/C application form is a sort of an agreement between customer and bank on the basis of which of which letter of credit is opened. This is a printed form bearing stamps of prescribed amount in accordance with stamp act in force. It stipulates the conditions governing the letter of Credit, containing an understanding by the customer to make funds available in his account with the bank when bills would be presented under credit.

Jessore Branch

LC – Report (2008-2009)

No.

$

Rate

BDT

Country

% of Margin

Margin

Commission

Swift

Others

1

14500

69.25

100412

Bhutan

10

100000

5021

3000

350

2

10632.5

69.25

736000

India

20

148000

3682

3000

350

3

74800

69.25

5194000

Japan

20

1039000

25968

3000

350

4

62400

69.25

4322000

India

20

865000

21606

3000

350

5

8075

69.25

560000

India

20

112000

2796

3000

350

6

22000

69.25

1524000

India

20

305000

7618

3000

350

7

75021.5

69.25

5195000

China

20

1039000

25967

3000

350

8

20800

69.25

1440000

India

20

288000

7202

3000

350

9

7600

69.40

527000

India

20

106000

2632

3000

450

10

50200

69.40

3484000

India

10

348000

17419

3000

450

11

25323.2

69.40

1758000

India

20

352000

8787

3000

450

12

2007

69.40

140000

India

20

28000

696

3000

450

13

107000

69.40

7426000

Japan

20

7430000

37129

3000

450

14

107000

69.40

7426000

China

20

1486000

37129

3000

500

15

18900

69.40

1312000

India

10

132000

6558

3000

500

16

10500

69.40

729000

India

10

73000

3643

3000

500

17

87000

69.40

6038000

China

15

500000

30189

3000

350

18

1200

69.40

84000

India

10

9000

500

3000

350

19

70610

69.40

4900000

China

15

736000

24502

3000

350

20

5649.6

69.40

393000

India

20

82000

1906

3000

350

21

7366.11

69.5

512000

India

20

100000

2560

3000

350

22

50228.3

69.5

3490870

India

20

348000

8340

3000

350

23

24000

69.5

1668000

India

15

250000

36836

3000

350

24

106002

69.5

7368000

China

15

1106000

4103

3000

350

25

11808

69.5

821000

India

25

83000

13553

3000

350

26

39000

69.5

2711000

India

10

272000

7160

3000

350

27

20605

69.5

1433000

India

20

23000

6041

3000

350

28

17386.3

69.5

1209000

China

10

140000

1164

3000

320

29

3300

69.5

230000

India

10

30000

14959

3000

320

30

43048

69.5

2992000

India

10

300000

31275

3000

350

31

90000

69.5

6255000

India

10

626000

5508

3000

350

32

15874.9

69.4

1102000

India

20

110000

1353

3000

350

33

3900

69.4

271000

India

10

27000

7009

3000

350

34

30200

69.4

1402000

Japan

10

140000

14314

3000

350

35

41250

69.4

2863000

China

20

573000

800

3000

350

36

2304

69.4

160000

India

20

32000

2280

3000

350

37

6600

69.4

458000

China

20

92000

6376

3000

350

38

18374.8

69.4

1276000

China

10

128000

11242

3000

350

39

32400

69.4

2249000

India

25

217000

14314

3000

350

40

41250

69.4

2863000

India

10

287000

17454

3000

450

41

12250

69.5

851375

India

10

86000

4257

3000

450

42

6865

69.5

687703

India

20

137541

3438

3000

340

43

11500.3

69.5

800000

India

20

195000

3996

3000

340

44

15000

69.5

1043000

India

30

313000

5212

3000

340

45

16461.0

69.5

1144044

India

20

228000

5720

3000

340

46

7072.5

69.5

492000

India

100

492000

1475

3000

350

47

730000

69.5

2085000

India

30

626000

10425

3000

350

48

8349.92

69.5

581000

China

20

116064

2801

3000

200

49

8000

69.5

556000

China

20

112000

2780

3000

200

50

12240

69.5

851000

India

20

171000

4253

3000

200

51

5248

69.5

365000

China

10

30000

1823

3000

450

52

10273.6

69.5

714015.2

China

20

143000

3570

3000

450

53

47000

69.5

3267000

India

20

327000

16333

3000

450

54

22809.6

69.5

1585267

India

10

159000

7926

3000

450

55

10500

69.5

730000

India

10

146000

3649

3000

450

56

18900

69.5

1314000

India

10

132000

6567

3000

450

57

37800

69.5

2627100

India

10

26300

13135

3000

350

58

43723.7

69.5

3039000

Japan

15

759699

15494

3000

350

59

13300

69.5

925000

India

10

138653

4625

3000

350

60

18900

69.5

1313550

Japan

10

132000

6567

3000

450

61

36000

69.5

2502000

India

10

625500

12510

3000

450

62

13300

69.5

924350

India

15

139000

4622

3000

450

63

881205

69.5

615000

India

20

123000

3073

3000

450

64

42000

69.5

5004000

India

10

504400

20016

3000

450

65

81200

69.5

9035000

India

10

903000

36140

3000

450

66

58800

69.5

6255000

India

10

62550

2520

3000

350

67

21000

69.5

1459500

India

20

292000

7298

3000

450

68

73500

69.5

5108250

India

10

511000

20433

3000

450

69

8000

69.5

556000

China

20

112000

2780

3000

450

70

17225

69.5

97137

India

10

120000

5096

3000

450

71

10690.3

69.5

743000

India

25

186000

3715

3000

450

72

10363.5

69.5

721000

India

30

216000

3601

3000

340

73

16000

69.5

1112000

China

20

223000

5566

3000

350

74

32368

69.5

2249576

China

20

450000

11248

3000

350

75

37600

69.5

2614000

India

10

262000

130360

3000

450

76

17700

69.5

1231000

India

10

124000

6150

3000

450

 Types of L/C

    Revocable irrevocable/c.

  • Confirmed /Unconfirmed L/C.
  • Transferable L/C.
    • Back to back L/C.
    • Accept L/C.
    • Revolving L/C.
    • Red clause L/C.
    • Green Clause L/C.

 Procedures of Opening L/C:

 a) Application for Opening L/C

An importer who is desirous to import goods from foreign country will apply issuing bank For opening an L/C. the importer will provide an application mentioning the following aspects.

  • Full particulars of applicant’s bank accounts.
  • Types of business.
  • Historical background.
  • Amount of required L/C limit.
  • Terms of ‘payments.
  • Name of imported goods.
  • Repayment schedule and source of fund.

b) Documents Required for Opening. L/C

An importer or L/C opener has to submit the following documents:

  • Application from (provided by the bank).
  • Import registration certificate.
  • Preformed invoice.
  • Four set of’ IMP form.
    • Insurance cover note.
    • VAT registration number.
    • Letter of credit authorization form

c) Examination for Opening L/C

Application must be carefully checked by the concern officer considering the facts mentioning below:

  • The terms and conditions of L/C applications are consistence with exchange control and import trade regulation UCPDC 500.
  • ‘I’he L/C must be opened in favor of importer.
  • That is signed by the importer and agreed with the terms and conditions.
  • Indenting registration number.
  • Goods are not made in Israel and vessels to be used are not of Israel.
  • Insurance cover note with date of shipment.
  • Illegibility of imported goods.
  • Whether IRC is up to date or not.
  • Whether IMP form is dully filled up and signed.

•    The imported goods are marketable.

After scrutinizing all these legal aspects necessary entry is given to the margin register and charges, commission and margin is realized.

d) Cable/Telex/Fax/Letter of Credit

In international trade, receipt of L/C by Cable /Telex/Fax is preferred by all. In that case the whole text of UC is to be transmitted by telex/cable/fax to the advising bank by the opening bank. If the importer desires that the L/C is to be advised by a short cable, then a short coded cable is sent incorporating principal terms of the L/C. The cable must conclude with the words “Airmailing details”. The regular airmail L/C must state­ this is in confirmation of our cable dated

 e) Additional Confirmation to Import L/C

The beneficiary of’ L/C may ask for the additional confirmation to a letter of credit by an internationally reputed bank located in beneficiary’s country. In that case after adding

Confirmation, tile negotiation becomes restricted to the bank who has added their confirmation to the credit. In case there is no branch of the advising bank in the beneficiary’s country, the reimbursing bank may confirm to the advising bank that they are holding reimbursing authority. This may also serve the purpose of adding confirmation.

Date                                                Particulars 

Dr. (TK)

Cr.(TK)

 Party A/C                                                   Dr.

S. Deposit margin on VC                           Cr.

XXXXX

XXXXX
S. Deposit VAT on UC                              Cr. XXXXX
S. Deposit A/C tax deducted from UC com. (imp) Cr. XXXXX
Income A/C commissions on L/C             Cr. XXXXX
Income A/C Data Max.                             Cr. XXXXX
Income A/C Postage                                                 Cr. XXXXX
Income A/C courier charge                       Cr. XXXXX
Income A/C ti9iscellancous                       Cr. XXXXX

f) Transmitting the L/C

‘File L/C is transmitted to the advising bank for advising L/C to the beneficiary’s/C is generally transmitted through telex or fax. Before transmission a final examination of the L/C is necessary for the issuing bank. It is customary to advice a credit to the beneficiary for receiving L/C.

 g) Add Confirmation

Very often advising bank receive request from the issuing bank to add their confirmation while advising credit to the beneficiary. the advising bank can do it is there bank prior arrangement between advising and issuing bank or if it feels that the issuing bank is repute and reliable institution and good enough to discharge this obligation.

h) Amendment

The letter of credit opened by a bank may need amendment. If the supplier finds that the term of the credit cannot be complied with in full, he would arrange for necessary amendments by the opener before the goods are shipped. These amendments must be advised by the opening bank to the supplier through advising bank.

Sometimes the opener also may like to amend the credit after it has been advised. These amendments may relate to the decrease or increase in amount of credit, change in foreign currency, and change in the dates of shipment or negotiation, change in merchandise and other terms o1’thc credit. These amendments must also be advised by the opening bank to tile supplier through the advising or confirming bank before the shipment is made.

i) Cancellation

The liability under the letter of credit is reversed as and when bills arc received and paid under it. If, at the end of period of negotiation allowed under the credit, a portion or full value of credit is unutilized, it is automatically cancelled. However, the date is valid for negotiation at the other end.

j) Shipment

Import policy sets down the validity period applicable to each type of license on the basis of the goods covered by them. Unless otherwise specified, shipment of goods shall take place within the validity of License/LCAF.

In case of shipment made by sea the date of shipment will be the date on the Bill of Lading.In case of imports by air, the date of the relevant consignment note/airway bill will normally be taken as the date of dispatch, provided this represents the date on which the goods left the last airport in the country from which the import is affected.

In case of post parcels the date of stamp of the office of dispatch on the packet or the dispatch note is taken to be the date of dispatch.

In case of imports made from countries connected with land, the date of dispatch of goods by rail, road, or other recognized mode of transport to the consignee in Bangladesh or on consignment basis will be taken to be the date of shipment.

k) Lodgment of Documents

After shipment of contracted goods, the supplier prepares shipping documents and presents these to negotiating bank. On being satisfied that the documents are in order in terms of letter of credit, the negotiating bank makes payment to the supplier by debiting the opening bank’s account.

On receipt of the shipping documents from the negotiating bank L/C opening bank should carefully examine these to ensure that they conform to the terms of the credit.

If there be any discrepancy in the documents, the bank should immediately advise the importer to seek his acceptance of the documents despite the discrepancy. If the importer refuses to accept the documents, the bank should advise the negotiating bank by cable or telex for instruction with regard to disposal of tile goods and the documents. If 110 replies are received regarding disposal of dishonored documents, the same should be returned to the concerned bank with the instruction to reverse the entry if the issuing bank is debited with the value of the goods.

If the documents are found in order and these are acceptable to the importer, the bank lodges the bill in PAD (Payment against Documents).

l) Accounting Procedure at the time of Lodgment

Whether the documents are paid or dishonored, the opening bank will reverse the liability entries in their books as under:

Contingent liability reversal voucher

DR- Banks liability on L/C CR- Customer’s liability on L/C

m) Vouchers of lodgment of documents

DR Payment against document (PAD)

Or

Bill of exchange (B/E)

CR- Balance with Correspondent Bank account (Responding to the debitentry)

Or

In case of Authorized Dealer Branch HO. General A/C is to be credited

CR- Exchange Account

n) Retirement of Import Documents

After retirement of documents by the importer, the bank will put endorsement on the draft stating “Received Payment” under seal and signature of the bank’s authorized officer. The invoice is certified as “certify invoice value” (stating foreign Currency equivalent of Tk). The B/L is endorsed in favor of the importer.

Before delivering the import documents to the importers the Authorized Dealer should invariably endorse on the invoices accompanying the bills the amount in figures and words which they have remitted from Bangladesh. In case of payment on DA terms, the amount for which the bill has been accepted should be endorsed in the invoices.

The aggregate amount of foreign exchange sold against an LCAF whether under L/C or otherwise, should not exceed the value mentioned in the LCAF.

In all cases of remittances for imports into Bangladesh, the importer must submit within 4 months from the dates of remittances the relevant exchange control copy of the customs bill of entry. In case of import by post, the importer must submit the invoice certified by the customs authorities in lieu of the exchange control copy of the bill of entry.

The Authorized Dealers will obtain invoice, in duplicate, both of which will be certified by them as usual. After recording in the IMP form the particulars of the remittance effected, the original copy of the IMP form along with a copy of the certified invoice shall be forwarded to the Bangladesh Bank with the usual monthly returns.

The duplicate copy of’ IMP form will be retained by the Authorized Dealer. Subsequently when the exchange control copy of the bill of entry/customs certified invoice is submitted by the importer, the particulars therein should be matched and checked with those in the IMP form and invoice filed earlier, to see if the merchandise for which remittance was made has been duly received in Bangladesh.

o) Clearance in Absence of Shipping Documents

Shipping Guarantee: It is a guarantee-cute-indemnity issued by the bank in favor of the Shipping company on prescribed form provided by the shipping company. When shipping documents against L/C are not received by the bank but goods have arrived at port needing immediate clearance of the consignment to avoid demurrage, this guarantee is issued.

Procedure for issue of guarantee: Importer should submit the following documents to the bank issue of the guarantee

i. Counter guarantee signed by the importer on prescribed form of the bank.

ii. Copy of invoice

iii. Non-negotiable copy of Bill of Lading/Airway bill etc.

iv. Deposit of 100% margin on invoice value (foreign currency converted into Taka at BC selling rate)

p) Liability Voucher

Liability vouchers of L/C are to be reversed. Fresh voucher on liability against guarantee is to be passed in the following way:

DR Customer’s Liability on L/G

CR Banker’s Liability on L/G

On receipt of documents from the foreign bank, the Bill of Lading is detached and surrendered to the shipping company for release of guarantee.

q) Retirement Procedure for Deferred Payment of Usance Bill (D.A.)

When the draft is returned by the drawer (importer) having been duly accepted by him, the following retirement procedure is followed:

i. The maturity date of the bill is to be worked out and noted in the PAD/BE register and also in due date diary.

ii. The Foreign correspondent should be advised the due date of maturity and be authorized to debit the nostro account of Authorized Dealer or to claim reimbursement on due date as per terms of L/C from the reimbursing bank.

iii. In case of’ DA. Bill, all documents except the accepted draft are delivered to the importer against a simple receipt.

iv. The invoice is marked “Documents Delivered against Acceptance and remittance of wil1 be …………………………..effected on due date”.

r) Bill Negotiated under Reserve or on Indemnity

Negotiation of bills under reserve or on indemnity is prevalent in international trade. When there is discrepancy in the documents the Foreign correspondents or the banks negotiate documents under reserve or on indemnity at the risk and responsibility of the paying bank (negotiating bank).

On receipt of such documents the bill will be lodged and retired after acceptance from the importer and such case must be disposed of within maximum period of 7 days.

s) Bills on Collection outside L/C terms

When a beneficiary is unable to get a bill negotiated under the L/C owing to major discrepancies, he may request the Foreign Correspondent to send the documents on collection basis outside L/C terms. In this connection, the procedure to be followed will be the same as stated above.

t) Import Procedure under Aid/Loan/Barter/Grant etc

The procedure for import under Aid/Loan/Barter/Grant etc. is, by and large, the same in respect of ordinary imports as outlined above.

For tile purpose tile nominated banks in Bangladesh, a banking agreement is to be concluded with the nominated bank of the donor country. All the transactions relating to certain loan is enrolled through the dummy accounts opened in the respective nominated banks in tile respective countries.

u) Barter

It is a self-balancing account in the books of designated bank wherein all the proceeds of exports and imports arc credited and debited as the case may be and the balance, if any. Left in the account is set off as per agreement at the end of the barter agreement.

v) Loans

Under loans the L/Cs are opened specifying the source of finance. The contract of purchase is to be made and the L/Cs are to be opened strictly in terms of provisions made out in tile relevant foreign exchange circular and/or loan agreement.

4.5. Export Section

The objective of the government is to encourage exports to the extent possible so as to earn valuable foreign exchange for the country. All efforts have to be made to boost up exports of the country. Therefore, export control is exercised over far less a number of items as compared to import control. The control is mainly on such items which arc essentially needed in the country whose indiscriminate exports may affect the domestic economy.

 Registration:

Any firms/parties desirous of undertaking export trade are required to obtain Export Registration Certificate (ERC) from the offices of the Chief Controller of Imports and Exports (C.C.I & E.), Government of Bangladesh. No person is allowed to export any goods from Bangladesh to any other country without obtaining such a certificate.

For the purpose of registration, an application in the prescribed form is required to be submitted to the C.C.1 & E authority along with the following documents:

i)         Nationality Certificate from the Local Authority.

ii)         Trade license from Municipal Authority.

iii)       Bank Certificate.

iv)        Income Tax Certificate.

v)         Registered Partnership deed in case of partnership concern, Memorandum & Articles of’ Association and Certificate of Incorporation in case of Limited Company.

vi)       Copy of rent receipt of the business premises.

Export Order:

On receipt of registration, the exporter will proceed to contact the buyers directly through correspondences or through a business visit to different foreign countries. TCB, BJMC and other Trade Corporation sometimes secure bulk contracts and assign or allocate the contracts to the actual exporters.

Contract:

When sale is agreed, a contract between buyer and seller is executed specifying the detail terms about the sale, such as full descriptions and quantity of merchandise, value Of commodity quoting its FOB, CFR, CIF, etc. with provision for payment at sight, DP, CAD, or nuisance terms, whether inspection before shipment is necessary.

Export Letter of Credit:

When export is made against L/C, the exporter should examine the following terms of L/C to avoid any future complicity to execute the order:

i)            The terms and conditions of L/C are definite, clear and explicit and also in conformity with those of the contract.

ii)            The L/C should be an irrevocable one and be confirmed by the advising bank.

iii)       If the import of goods is under control in buyer’s country, the buyer holds a valid import license.

iv)       If the L/C is transferable or otherwise, it should be clearly mentioned in the L/C.

v)       File L/C should provide sufficient time for shipment and a reasonable time for shipment and a reasonable time for negotiation. If nothing is mentioned, tile shipper would be allowed 21 days to negotiate the documents.

If any of the terms of the L/C appears to be vague ambiguous or too difficult for the banker to ensure compliance, the banker should immediately refer to the concerned correspondent by letter or cable and get the vagueness removed before advising the L/C to the beneficiary (exporter)

 Shipment:

On conclusion of the contract securing the sales order, the exporter should set him earnestly to the task of’ delivering the goods on time. Failure to maintain the delivery schedule will expose the exporter to claim from the buyers for damages on account of non-shipment or late shipment, and in addition the exporter may also lose the patronage of the buyer for future export orders.

On dispatch of the goods to the docks, C&F agent should be given clear instructions to effect shipment as per schedule and arrange to make necessary payments towards port charges. To observe the customs formalities, the following documents should be sent to C& F agent by tile exporter.

i) Export Registration Form (GRC)

ii) Commercial Invoice

iii) Packing List

iv) Copy of the Sale contract/Export L/C

v) Form VBF 9A prescribed by the Customs Authority for declaration of export goods

iv) Any other documents relevant to the specific cargo, such as, GSP* certificate or Export permit.

EXP Form:

All exports must be declared on EXP Form. These forms will be supplied by the Authorized Dealers for use of the exporter. The Authorized Dealers should, before certifying any’export form. Ensure that exporter is registered with tile CCI&E under the Registration (Importers and Exporters) Order 1952.

 Certification of EXP Forms by Authorized Dealers:

Before lodging the EXP Forms with tile Customs/Postal Authorities, the exporter should get copies of the forms certified by an Authorized Dealer. After receipt of the EXP Forms from the exporters for certification purposes, the Authorized Dealers will see and ensure that each set of the forms is duly filled in.

Authorized Dealer’s Code

Number

Register Serial

Year

   

Preparation of Export Documents:

As soon as the Bill of Lading or Airway Bill or Postal Receipt is received the exporter would prepare the relevant documents and submit the same immediately to avoid being stale and for early repatriation of export proceeds to help liquidate bank’s loan etc.

The exporter should be very careful in the preparation of export documents, otherwise he will face difficulty in the negotiation of export documents and collection of export proceeds from the buyer.

 Bill of exchange or Draft:

i) The bill of exchange or draft is usually drawn by the exporter in sets of two or three. It must bear a date and, the number and date of the L/C or export order under which it is drawn, and is signed by the exporter.

ii.) It must be made out in the name of the beneficiary’s bank or to be endorsed to the order of the bank depending upon the terms of the Letter of Credit. The draft is to be drawn on the issuing bank.

iii). The draft may be at Sight or Usance. Under the Foreign Exchange Regulations in Bangladesh, export proceeds must invariably be repatriated into the country within 4 months from the date of export. Therefore, drafts cannot be drawn with longer period than 120 days sight. Usance bill is to be paid after the period, say, 30, 60, 90 or 120 days, specified in the bill has expired

iv). In case of usance bill, the requisite foreign bill stamp must be affixed as per Stamp Act in force in the country.

v.) Amount of the draft must correspond to the value of the invoice and must not exceed the UC amount or 10% of the L/C amount if it contains the word “About”.

vi. Under the Exchange Control Regulations in Bangladesh, draft must be drawn to the order of an authorized dealer.

vii. It must have interest clause where necessary.

Commercial Invoice:

A commercial invoice is a statement prepared by the shipper containing full details of the goods shipped. It gives description and price of the merchandise, quantity, quality, packing details and marks, names and addresses of the seller and buyer, L/C and contract Nos. terms of trade-FOB, CFR or CIF etc., details of freight charges, insurance premium and other charges, names of vessels, date of shipment, number of bills of lading etc.

It is to be scrutinized to ensure the following.

i.            The invoice is made out in tile name of the foreign buyer and signed by the exporter.

ii.         It bears the reference of the L/C or the export order and contains a full description, quantity, number of packing units, shipping marks, etc of the goods shipped.

iii.        The full description of merchandise must be given in the invoice strictly as per LIC or export order.

iv.        The amount of draft and invoice must be same and within the UC value.

v.             Required number of invoices as per L/C plus two copies duly signed by tile beneficiary should be submitted.

vi.        The mark and number on the packing shown in tile l3/I, must be identical will those given in the invoice and other documents.

 Bill of Lading:

The document evidencing the carriage of goods by sea is the Bill of Lading. Bill of Lading is the most important of the documents in connection with export of goods and negotiation of documents. It is a document of title to the goods issued by the shipping company or its agent, acknowledging the receipt of goods for carriage up to destination which arc deliverable to tile consignee or his agent in the same condition as they are received

Airway Bill or Air Consignment Note:

The document evidencing the contract of carriage of goods by air is known as the “Airway Bill or Air Consignment Note”. Air-way bills or Air Consignment Notes are issued by airlines or their agents as a receipt of consignment as carriers.

Marine Insurance Policy:

‘File safe conduct of the goods from the time it leaves the exporters godown and till it reaches the warehouse of the importer is what all parties in the transaction pray for. It depends upon the safety of the goods during the voyage as well as the safety of the vessel that carries the goods.

Under a marine insurance policy, the insurer is liable for loss of or damage to tile goods only if it is actually caused by a marine peril, and the principal marine perils.

Packing List:

A packing list prepared by the exporter serves to indicate the exact nature, quantity, and quality of the contents of each package in a shipment. The list helps the importer to identify the goods and check them against his won order. Banks may require such a list when they have financial interest in the merchandise.

Consular Invoice:

It is an invoice signed by a consul, or some other member of the consular service of the importing country. The main purpose of a consular invoice is to enable the authorities of the importing countries to collect accurate information about the volume, value, quality, grade, source, etc. of their imports for assessing import duties and also for statistical purposes.

 Certificate of Origin:

It is a document certifying the country of origin of the goods. In many countries, permission to import is refused unless a certificate of origin is produced by the buyer. This document may form a part of the invoice itself. The essential feature is a certification of the country of origin indicating where the goods were originally produced and/or manufactured.

 Negotiation of Documents:

Soon after the shipment the exporter should make arrangement for early submission of tile documents to tile bank, correctly prepared in conformity with tile terms of tile credit for negotiation. The exporter should remain in constant touch with the negotiating bank for early negotiation of export bills.

Mode of Payment

There is wide range of choices to receive payment against the exports of goods. This choice may not entirely lie neither with the exporter nor with the importer.

i) Advance Payment: The exporter may require that the importer should make full payment for the goods to be exported in advance. This is possible where the goods enjoy sellers’ market. The exporter would dispatch the goods only after he receives the full payment from the importer.

ii) Open Account: Under this method, goods are dispatched directly to the buyer who takes delivery of them without making payment. He is free to dispose of the goods as he pleases. It is arranged that he will make payment to the seller at a predetermined future date, say, two months alter each shipment.

iii) Consignment Sale: The exporter may have his selling agents abroad. The goods are dispatched to the selling agents abroad. They receive the goods, arrange for their storage and sale without making any payment for them. The goods arc sold by the selling agents on behalf’ of’ the exporters and as and when the sale proceeds are received they are remitted to the exporters.

iv) Bills for Collection: A documentary collection is an operation in which a bank collects payment on behalf of seller by delivering documents to the buyer. Under this method, the goods are dispatched to the importer s country but the relative shipping documents, including the documents of title to the buyer and a bill of exchange arc sent through a bank for collection of the payments saving the expenses incurred on account of imports under L/C.

v) Letter of Credit: The most important of the payment method used universally is a letter of credit (L/C) which serves as a bridge between buyers and sellers around the world.  

Conclusion

As an internee of Bank Asia Ltd, I have truly enjoying my internship program from the learning and experience viewpoint. I am confident that this three months internship program at Bank Asia will definitely help me to realize my further career in the job market.

The Bank is performing well in all aspect. At present the bank is in growing stage, so there are great change of deposit growth, investment growth, loans & advances growth. NI and TA also increased at a very high rate. As there are lots of local and foreign banks in Bangladesh, The Bank Asia Ltd. is promising commercial Bank among them In this competitive market Bank Asia has to compete not only the others commercial banks but also with the public Bank. Bank Asia Ltd. Invested more funds in exports and imports business. It is obvious that the right thinking of this bank including establishing a successful network over the country and increasing resources will be able to play a considerable role in the portfolio of development. Success in the banking business largely depends on foreign exchange.

During the course of my practical orientation I have tried to learn the practical banking activities to realize it with my theoretical knowledge, which I have greathearted and going to acquire from various courses of my Bank Asia program.

Recommendation

If they establish networking system with their branches then it can easily transfer data within short time.

If they cancel the introducer system then they can collect more deposit through new account and it also satisfied the customer.

Try to avoid giving loan the political person who had bad reputation of loan repaying.

Evaluate the securities value properly to avoid the risk of loan recovery. The punishment system should be established to discourage the unlawful activities of employee.

Bangladesh Bank should more active to provide CIB report.

In foreign exchange department it is require communicating with foreign bank frequently and quickly. To make the process easy and quick the whole system should be computerized and modern communication.

Bank Asia Ltd. Should give more attention to advertisement to create more attraction among their customer, which is collect, more deposit and increase investment scope.

To establish a well occupied information desk in every branch.

Set target as whole branch not as personal target.

Proper and effective training about the newly changes, new concept and money laundering rules.

Bibliography

1. Bank Management

By- “Dr. A.R.Khan”

2. Business of Banking

By-“Dr. R.M.Debnath”

3. Annual Report of Bank Asia Ltd. 2007 & 2008

3. The Brochure of Bank Asia Ltd.

All types of scheme and manual newspaper, journal, report.

4. Website-

www.bankasia-bd.com

5. Personal Ledger of Bank Asia Jessore Branch.

6. Bangladesh Quarterly economic update, ADB, Dec-2007

7. State of Bangladesh economic in FY 2006-07

8. Major economic indicators, Bangladesh Bank, March-2008

9. Economic trend, March 2008, Bangladesh Bank.

10. Monetary Policy Statement, January- June 2008.

Foreign Exchange Remittance

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