internship report letter

Acknowledgement
It was a great pleasure to perform internship on the various aspects of banking activities focusing Foreign Exchange by Jamuna Bank Limited. The internship program plays a very important role in Bachelor of Business Administration (BBA). The internship report has been designed to have a practical experience through the theoretical understanding. At first I would like to thank The Almighty “Allah” for giving me my life. Then my honorable teacher & supervisor Ashrafuzzaman, lecturer, Department of Accounting, Bangladesh University of Business & Technology (BUBT) for his assistance & guidelines, without this might not be able to complete my report. My Sincere thanks to, Md. Abu Taher Assistant Vice President and Manager, Jamuna Bank Limited, Mirpur Branch for his supervision, co-operation & guidelines to make my internship successful. I am also grateful to all of the officers and employees of Jamuna Bank Limited who extended their wholehearted cooperation to me despite their huge workload during this internship. At last I must mention the Wonderful working environment of this bank that enabled me to gather practical knowledge about the banking. My acknowledgement will be incomplete without acknowledging the blessings of my parents who have inspired me to complete the report in time. I am also thankful to my family members and well-wisher for moral support and inspiration at every stage of writing this report. However, to my best, I tried very hard and worked very sincerely on this report to make an informative one. At last my sincere apology goes to the readers for my conceptual and mistakes, if there is any.
Table of Content
SL No.
Title Name
Page No.
Chapter 1; Introduction
1.1
Rationale for selecting the report
2
1.2
Scope of the report
2
1.3
Objective of the report
2-3
1.4
Methodology of the report
3
1.4.1
Primary Sources are as follows
3
1.4.2
Secondary Sources of data and information
3
1.5
Organization of the report
4
1.6
limitation
4
Chapter 2: Company Overview
2
Background of the Company
6
2.1
Vision of JBL
6
2.2
Mission of JBL
6
2.3
Slogan of JBL
6
2.4
Strategic Priorities
7
2.5
Objectives
7-8
2.6
Values
8
2.7
Brief Profile JBL
9
2.8
Hierarchical Position of JBL
10
2.9
At a Glance Financial Performance of JBL (2008-2012)
11
2.10
Major divisions
12
2.11
Different Types of Scheme & Services of JBL
13
Chapter 3; Theoretical Aspects of Foreign Exchange of JBL
3.1
Foreign Exchange Division of JBL
15
3.2
Import Section
15-16
3.2.1
Types of Letter of Credit
16-17
3.2.2
Parties to Letter of Credit
17-18
3.2.3
Requirements for opening a L/C
18-19
3.2.4
Importer Application for L/C Limit
19
3.2.5
Letter of Credit Application
20
3.2.6
Security of L/C application
21
3.2.7
Before opening a L/C, the issuing bank must cheek the following 21-22
3.2.8
L/C Distribution
23
3.2.9
Amendment of L/C
23-25
3.2.10
Advising of Letter of Credit
25
3.2.11
Examination of Shipping Document
25-29
3.3
Export Section
29
3.3.1
Export Letter of Credit
29-36
3.3.2
Back-to-Back Letter of Credit
36-38
3.4
Foreign Remittance
39
3.4.1
Working of this department
39
3.4.2
Types of Foreign Remittance
40
3.4.3
Foreign Inward Remittance
40
3.4.4
Outward Remittance
41
Chapter 4: Performance Analysis of Foreign Exchange
4.1
Five Years Performance of Import Business of JBL

4.2
Growth Rate of Import Business of JBL

4.3
Import Earning and portion of Import Earning on Total Gain of Foreign Trade

4.4
Division Wise Contribution of Import

4.5
Five Years Performance of Export Business of JBL

4.6
Growth Rate of Export Business of JBL

4.7
Export Earning and portion of Export Earning on Total Gain of Foreign Trade

4.8
Division Wise Contribution of Export

4.9
Remittance Business Financing of JBL

4.10
Remittance Earning and portion of Remittance Earnings on Total Gain of Foreign Trade

4.11
Division Wise Contribution of Remittance

4.12

4.13

Some Important Abbreviations
L/C: Letter of Credit
LCAF: Letter of Credit Authorization Form
IMP: Import
EXP: Export
IRC: Import Registration Certificate
LCA: Letter of Credit Authorization
CRF: Clean Report of Findings
LTR: Loan against Trust Receipt
LIM: Loan against Imported Merchandise
ERC: Export Registration Certificate
CCI&E: Chief Controller of Import & Export
GSP:
NCCBL:
FDBC: Foreign Documentary Bill for Collection
NOSTRO:
FDBP: Foreign Documentary Bill for Purchase
BGMEA:
TT: Telegraphic Transfer
FDD: Foreign Demand Draft
IBCA:
IBDA:
FC: Foreign Currency
TC: Traveler’s Cheque
SWIFT: Society foe Worldwide Inter-bank-Financial Telecommunication EFT: Electronic Fund Transfer
DD: Demand Draft

Executive Summary
This report on “Foreign Exchange operation, A study on Jamuna Bank Limited” at Jamuna Bank Limited, Mirpur Branch aims to present the knowledge and experience accumulated from the internship report. As far as the working experience is concerned during the internship report, it is necessary to mention the Departments where I have worked. Because, as an employee I had the opportunity to work in Foreign Exchange Department at Jamuna Bank Limited, Mirpur Branch. Jamuna Bank Ltd is one of the most well known private in our country. It undertakes all type of banking transactions to support the development of trade and commerce in the country. As a part of fulfilling their objectives through customer JBL offers the following accounts: Current Deposits, Saving Bank Deposits, Fixed Deposits, Short Term Deposits, Monthly Term Deposits, Any other deposits as may be approved/ advised by Head Office. In General Banking, Clearing department receives cheques, DD, P.O etc from depositors attached with a deposit slip. The system of transactions of the bank is essentially double entry system of book keeping.

But for quick and accurate recording as well as for arriving at daily financial position specialized form of double entry system book keeping, named slip system under self-balancing method is followed by the bank. The golden principle of debiting or crediting is the same as those of double entry system. In the bank, instead of recording transactions in a journal initially, these are directly recorded and posted in the ledger (computer) separating the debits and credits by slips or voucher system. Foreign exchange is an important department of Jamuna Bank Limited, which deals with import, export and foreign remittances. It bridges between importers and exporters. This department is playing an important role in enhancing export earnings, which aids economic growth and in turn it helps for the economic development. On the other hand, it also helps to meet those goods and service, which are most demandable and not adequate in our country.

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