Post-Shipment Credit in Rupee (FBD/FBP/FBN) :
Post Shipment Finance is available against Export Documents evidencing shipment of goods by Negotiating / Purchasing / Discounting / Discounting of Export Bills or by granting Rupee advance against Export Bills sent on collection basis. The Export Bills could be on sight or Usance basis, as per terms of contract / LC.
Pre-Shipment Credit in Rupee (PCL) :
Pre-shipment (Packing Credit) in Indian Rupees is available to Exporters having firm Export orders / confirmed Letters of Credit, to meet the requirements of producing raw material from domestics as well as from International markets for manufacturing / processing and packing of goods, and meeting costs related to Shipment for Exports.
EEFC Accounts :
Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in Foreign Currency with an Authorized Dealer Category – I bank. It is a facility provided to the Foreign Exchange Earners, including Exporters, to credit 100 percent of their Foreign Exchange Earnings to the Account, so that the Account Holders do not have to convert Foreign Exchange into Rupees and vice-versa, thereby minimizing the transaction costs. An EEFC Account can be held only in the form of a Current Account. No interest is payable on EEFC Accounts. 100% Foreign Exchange Earnings can be credited to the EEFC Account subject to the condition that the sum total of the accruals is the Account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments.
Opening of Import Letters of Credit :
The Bank issues LCs on behalf of Importer client for purchase of goods from abroad, through its vast network of correspondents. The LCs can be opened on DP sight or Usance basis, as per the contract between the Indian Buyer and the Overseas Supplier.
Issue of Guarantee :
Exporters require guarantee for submission of bid bonds for participating in Tenders, Performance for Supply of Goods or Services as also for satisfactory services. The Bank issues FBGS/SBLC in favour of Overseas Buyers through its network of Foreign correspondents.
Arrangement of Buyer’s / Supplier’s Credit :
The Bank can arrange for Buyer’s/Supplier’s Credit for the benefit of Importer Customers. As per extant RBI guidelines Import Finance by way of Buyer’s / Supplier’s Credit can be arranged for a maximum period of 360 days for Commodity / Raw Material Imports, while it can be arranged up to period of 3 years for imports of goods. We extend all facilities for such financing options through our correspondents, at competitive rates.
FEDAI has defined Forward Contract as a contract deliverable at a future date, duration of the Contract being computed from spot value date at the time of transaction. Forward Contract is an agreement to exchange one Currency for another Currency on a specific date in future, at a pre – determined Exchange Rate, set at the time the contract is made. The Contract locks in an Exchange Rate and regardless of what the Exchange Rate may be on the future date, the transaction will be put through at the Contracted Rate. Under Forward Contract, the customer has not only the right to acquire or sell Foreign Currency on a future date at a pre – determined rate, but also has an obligation to meet the commitment. The Forward Contract is priced either at a Premium or Discount over the Spot Rate.
List of our Foreign Currency accounts with Foreign Banks or Foreign Branches of Nationalised Banks :
|Sr. No.||Currency||Our Correspondent / Location||Account No.||Correspondent’s SWIFT- BIC Code|
|1||USD||HABIB AMERICAN BANK,NEW YORK||20729115||HANYUS33|
|2||GBP||COMMERZ BANK AG., FRANKFURT,AM MAIN,GERMANY||400875007700GBP||COBADEFFXXX|
|3||EURO||COMMERZ BANK AG.,FRANKFURT,AM MAIN,GERMANY||400875007700||COBADEFFXXX|
|4||JPY||COMMERZ BANK AG. FRANKFURT,AM MAIN,GERMANY||400875007700JPY||COBADEFFXXX|
|5||CAD||COMMERZ BANK AG.,FRANKFURT,AM MAIN,GERMANY||400875007700CAD||COBADEFFXXX|
Forex Direct Tel No. 079 – 27541774 – 27582027
Forex Direct (M) No. +91-9825011497 – Mr.Jignesh Mehta
Forex Back Office (M) No. +91-9825011497 – Mr.Jignesh Mehta
Forex Direct Fax No. 079 – 27582032
E-mail : firstname.lastname@example.org