Foreign Exchange of Janata Bank

CHAPTER: 5

FOREIGN EXCHANGE OPERATION OF JANATA BANK LIMITED

5.1 Foreign Exchange |

Foreign exchange is the means and methods by which rights to wealth in a country’s currency are converted into rights to wealth in another country’s currency. Foreign Exchange Department (FED) is the international department Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers.  If the branch is authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries.

Foreign exchange means foreign currency and includes:

All deposits, credits and balances payable in any foreign currency and any drafts,  travelers

           cheques, letters of credit and bills of exchange, expressed or drawn in Indian currency but   Payable in any foreign currency;

Any instrument payable, at the option of the drawee or holder thereof or any other party thereto. Either in Indian currency or in foreign currency or partly in one and partly in the other. Thus, foreign exchange includes foreign currency; balances kept abroad and instruments payable in foreign currency.

5.2 Foreign Exchange Business  |

The Foreign Exchange department of the bank provides various foreign exchange services, which are:

Foreign Remittance

Import

Export

5.3 Remittance  |

Remittance means sending or transfer money or money-worth from one place to another. Generally the process of remittance can be divided into two major categories:

* Inward Remittance

* Outward Remittance

5.4 Foreign remittance  |

Foreign remittance section of Janata Bank Ltd, Mohammadpur Corporate Branch is an integral part of Foreign Exchange Department. And this section of Foreign Exchange Department deals with

* Inward foreign remittance

* Outward foreign remittance

* Opening Foreign Currency Accounts.

* Governing Wage Earner’s Bond.

* Opening Student File etc.

* Medical Purpose

* Travels...