What are Fedai rules?
FEDAI Rules – 10th Edition The member banks are totally free to determine their own charges for various types of forex transactions, keeping in view the advice of RBI that such charges are not to be out of line with the average cost of providing services.
What is packing credit limit?
Packing Credit Limit (PCL) is provided to an exporter for financing the purchase, processing, manufacture or packing of goods prior to shipment /working capital expenses.
Is packing credit a post shipment advance?
The packing credit / pre-shipment credit granted to an exporter may be liquidated out of proceeds of bills drawn for the exported commodities on its purchase, discount etc., thereby converting pre-shipment credit into post-shipment credit.
What are the different methods of post shipment finance?
Types of Post Shipment Finance Export Bills purchased/discounted. Export Bills negotiated. Advance against export bills sent on collection basis. Advance against export on consignment basis.
Who are the members of Fedai?
List of FEDAI Education committee members for the year 2021-2022:
| 1 | Bank of America NA |
|---|---|
| 7 | JP Morgan Chase Bank NA |
| 8 | Punjab National Bank |
| 9 | Societe Generale |
| 10 | State Bank of India |
Where is Fedai headquarters India?
| Kochi | C/o. The Federal Bank Limited Head Office Operations Department Parackal Towers Parur Junction, Thottakattukara Kochi – 683 102 |
|---|---|
| Chennai | C/o. Indian Overseas Bank Post Box No.3765 762, Anna Salai Chennai – 600 002 |
How packing credit is different from post-shipment credit?
As their name suggests, pre-shipment finance is the credit advanced to the exporters before the shipment of goods, whereas post-shipment finance refers to the credit extended when the goods are already shipped.
How do I check my packing credit limit?
In order to avail packing credit facility, exporter has to submit formal application along with the necessary documentary proof. Exporter is sanctioned a regular packing credit limit based on the assessment of the bank in respect of the credit needs of the exporter.
How does post-shipment credit work?
Post-shipment credit refers to the credit extended to exporters after the goods are shipped. This money is to help exporters meet working capital requirements, such as purchasing raw materials and meeting other business expenses.
What is FBP facility?
FBP is a discounting solution provided to clients who are looking to fund their working capital requirements. While discounting, the bank buys the bill (i.e. bill of exchange or promissory note) before it is due.
What is post financing?
Letter of credit post-financing is a financial instrument under which confirming bank provides a loan to the letter of credit issuing bank, funding the exporter at sight after examining the documents submitted under the letter of credit subject to their compliance with letter of credit terms.
What is full form of forex?
Foreign Exchange (Forex)