Prime Bank Limited
a bank with a difference
Besides this foreign Inward Remittance also includes remittance on account of export, purpose of bills, purpose of T.C Foreign currency notes and coins, cheque issued onforeign banks in favor of beneficiaries in Bangladesh etc.
Cable or telex instructions of payment are called as Telegraphic Transfer, where foreign banks issue a T.T in favor of some one in Bangladesh. It credits the amount, received fromthe remitter to the NOSTRO A/C of its correspondent bank. On receipt of the T.T inforeign currency or in equivalent Bangladesh Taka to the beneficiary.
M.T is an instrument issued by a remitting bank to the paying bank advising in writing tomake payment of certain amount to specific beneficiary.
A demand draft is a negotiable instrument issued by a bank drawn on other bank with theinstruction to pay a certain amount to beneficiary on demand.
It is an instrument issued by the Banks/Company’s payable to the purchaser on presentation.
A payable order is a written under issued by a branch of bank, to pay a certain sum of money to specific person or a bank. It may be said as to be a banker’s cheque as it issued by a bank and payable by itself.
6.2.1 Purpose of Inward Remittance
Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch,Chittagong as standard)