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Import on “FOC” or “No Cost Basis” by Export-Oriented Industries in Bangladesh

FOC sounds like the Incoterms, FOB. However, it is a trade term not a recognized Incoterms. People dealing with import business may have seen various types of imports. In most of the cases payments must be made for the items imported. In some cases no payment is made. Every country has its own import policies and guiding rules for international trade. Procedures for import on FOC basis also differs based on those policies and rules. In Bangladesh this procedure is guided by the Import Policy Order (in force) from Ministry of Finance. It is also termed as Import on “No Cost Basis”. What is FOC or Free of Cost Import FOC or Free of Cost import means the process of importing goods for which no payment has to be made from the importing country. When goods are sent from abroad as a gift, free sample, replacement or raw materials for producing the ordered produce in the receiving country, no payment is required to be made by the importer. There are some limits for maximum amount of such impo

Operational Exchange Rate for Banks and their Application in Banking Transaction

Many of us want to know about the operational exchange rate of banks and their application in day-to-day foreign-exchange-related banking activities. Customers receive different amounts of local currency for the same amount of foreign currencies in separate transactions. They often become confused. This article will help you understand the rates applied for different transactions in banks. Trade finance professionals, customers, students, and even resource persons may find this piece of writing worthwhile. Here we will discuss the definition of the exchange rate, its different types and use, types of quotation, and how different rates are determined. What is Exchange Rate The exchange rate means the rate at which one currency is exchanged or calculated in another currency. In other words, we can say this rate indicates how many units of one currency (for example, local currency)you need to pay to get one unit of another currency(foreign currency). Conversely, it is the rate at which

Sample Process Flow of Export

Sample Process Flow of Export: Many newbies in the International Trade arena want to know about Export. In this article, we will discuss a sample process flow of Export for them. It will help new professionals, including new bankers working with commercial issues, understand the basic Export process. Let us discuss first what Export is? Export is the process of selling goods to other nation or country. Selling within the country is also considered as an Export. However, we call this process a “Deem export” or “Local export”. Local export is much an easier process than foreign Export or Final Export. We will cover here a sample process of “Final export” or “Export”. One thing you should keep in mind that this sample process is a Basic process. So, there may be some differences in a real-life scenario. Don’t be disheartened. We will also focus on Local Export in a later section of this article. Parties Involved in Export: The actual process of the Final Export is more

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