Internship Report on Foreign Remittance Activities of...

CHAPTER-04 OPERATION OF FOREIGN REMITTANCE IN NBL KAWRAN BAZAR BRANCH 4.1 FOREIGN EXCHANGE: Foreign Exchange Department is the international department of a bank. It deals globally. It facilities international trade through the various modes of services it possess. If the branch is an authorized dealer in foreign exchange market, it can remit foreign exchange from home country to foreign countries. The department mainly deals with foreign currencies. Hence it is called foreign exchange department. The department brides with the export, import and foreign remittance. Following flow chart depicts the multifarious functions usually done by the FED. Chart: multifarious functions usually done by the FED 4.2 FOREIGN REMITTENCE The†¦show more content†¦He A/C holder may deposit currency notes, Traveler’s cheque, drafts etc. brought into Bangladesh. Both the A/C holder and nominee can operate the A/C. The nominee can withdraw every dollar from the A/C but he/she can not deposit foreign currency in this A/C. Foreign currency can be remitted to aboard from this A/C but no business deal can be done using this account. 4.3.1.2 Residential F/C deposit A/C (RFCD): Only Bangladesh resident can be open this type of A/C with foreign currency brought in by the time of their return to Bangladesh from traveling a country. Any amount brought in with it with declaration to custom authorities on from â€Å"FMJ† can deposited in this A/C (amount below $5000 no need to declaration). But processed from export or any service from Bangladesh would not be deposited here. Foreign currencies of their foreign travels (i.e. cash endorsement in passport and ticket) up to $300 in the from of cash and reminders can be issued in the traveler’s cheque. 4.3.1.3 Non-Resident F/C deposit A/C (NFCD): It is an interested term deposit A/C. This A/C can be opened for 1/3/6/12 months or more basis auto renewal term. All non –resident Bangladeshi nationals and persons of Bangladeshi origin including who have duel nationality and having nationality but working aboard can open this A/C at the time on their return to Bangladesh. This A/CShow MoreRelatedInternship Report on One Bank13005 Words   |  53 Pages Origin of the Report This internship report is generated under the supervision of Ms. Nadia Farhana Asst. Professor and Head of Marketing Department of Business Administration in North South University . This internship report is required to fulfill award of BBA Degree. The topic of this report is â€Å"General Banking Activities of one Bank Limited and Its Impact on Economic Development of Bangladesh†.A Case Study on ONE Bank Limited. 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