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
Chapter 1; Introduction
Rationale for selecting the report
Scope of the report
Objective of the report
Methodology of the report
Primary Sources are as follows
Secondary Sources of data and information
Organization of the report
Chapter 2: Company Overview
Background of the Company
Vision of JBL
Mission of JBL
Slogan of JBL
Brief Profile JBL
Hierarchical Position of JBL
At a Glance Financial Performance of JBL (2008-2012)
Different Types of Scheme & Services of JBL
Chapter 3; Theoretical Aspects of Foreign Exchange of JBL
Foreign Exchange Division of JBL
Types of Letter of Credit
Parties to Letter of Credit
Requirements for opening a L/C
Importer Application for L/C Limit
Letter of Credit Application
Security of L/C application
Before opening a L/C, the issuing bank must cheek the following 21-22
Amendment of L/C
Advising of Letter of Credit
Examination of Shipping Document
Export Letter of Credit
Back-to-Back Letter of Credit
Working of this department
Types of Foreign Remittance
Foreign Inward Remittance
Chapter 4: Performance Analysis of Foreign Exchange
Five Years Performance of Import Business of JBL
Growth Rate of Import Business of JBL
Import Earning and portion of Import Earning on Total Gain of Foreign Trade
Division Wise Contribution of Import
Five Years Performance of Export Business of JBL
Growth Rate of Export Business of JBL
Export Earning and portion of Export Earning on Total Gain of Foreign Trade
Division Wise Contribution of Export
Remittance Business Financing of JBL
Remittance Earning and portion of Remittance Earnings on Total Gain of Foreign Trade
Division Wise Contribution of Remittance
Some Important Abbreviations
L/C: Letter of Credit
LCAF: Letter of Credit Authorization Form
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
FDBC: Foreign Documentary Bill for Collection
FDBP: Foreign Documentary Bill for Purchase
TT: Telegraphic Transfer
FDD: Foreign Demand Draft
FC: Foreign Currency
TC: Traveler’s Cheque
SWIFT: Society foe Worldwide Inter-bank-Financial Telecommunication EFT: Electronic Fund Transfer
DD: Demand Draft
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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