Banking

Introduction

Remittance means transfer of fund from one place to another place. Foreign remittance is the transfer of foreign currency from one country to another country. In another word, foreign remittance means, remittance in foreign currency that are received in and made out abroad. Actually, foreign remittance is purchase and sale of freely convertible foreign currencies as admissible under exchange control regulations of the country. The purchase of foreign currency constitute inward foreign remittance and sale of foreign currency constitute outward foreign remittance. The foreign remittances are affected either through the respective banker’s foreign branches or corespondents. These sources are known as formal channel of receiving or paying foreign currency. To increase the reservation of local currency a country insists it’s people to increase inflow of foreign remittances. Beside, the formal channels some people are engage in criminal activities and illegal receipt or transfer of fund from one place to another place which is not formal channel. This practice another way can be said as Money Laundering. These illegal activities and crime process as a whole creating serious problem for the economy of Bangladesh. This study is on foreign remittance through formal channels in case of Southeast Bank Limited (SBL).

1.1 Origin of the Study

This project has been prepared for fulfilling the requirement of the internship program (BBA 499). Duration of the internship program was for 12 weeks, commencing on September 1, 2004 and finishing on November30, 2004. This project was assigned by the organizational supervisor A. F. M Badiuzzaman, Senior Principal Officer (SPO, Southeast Bank Ltd.) and was approved by the faculty supervisor Mr. Ajoy Das (Lecturer, School of Business, Independent University, Bangladesh).

1.2 Objective of the Study

1.2.1 General Objective

The general purpose of this study is to gain a practical knowledge...