ASSOCHAM

CHALLENGES IN INTERNATIONAL PAYMENT SYSTEM & MASTERING THE LETTERS OF CREDIT

WORKSHOP Challenges in International Payment System and Mastering Letters of Credit Jagan Institute of Management Studies, Sector 5, Rohini, Delhi IB Department in association with ASSOCHAM organized a one day Workshop on Challenges In international Payment System and Mastering Letters of Credit on Wednesday 19th September, 2012 at ASSOCHAM House, Prithvi Raj Road, and New Delhi. The welcome address was given by Mr. K.C Mehra, Chairman SKF Limited. The theme address was given by Shri Ajay Sahai, Director General & CEO, Federation of Indian Export Organization where he mentioned the emerging scenario of export and import policy framework. Dr J.K Goyal, Director, JIMS gave the Vote of thanks and represented in his eloquent speech the association of ASSOCHAM as a Co-host on a larger scale and enthralled the audience with its teaching experience and gave an overview on the topic. The resource persons for the event were: Prof Ashok Bhagat-Dean ( International Business) JIMS, Rohini, Delhi

The programme concentrated on the various aspects of International Payment System& Letters of Credit where 35 participants from all the major sectors in Corporate participated. The participants from Export/Trading Houses, Trading companies, Managers in foreign exchange Deptt of Banks, Lawyers/Law firms dealing in international Trade disputes, Practitioners/Consultants in International Trade, Exporters & Importers participated in the event. It was divided into three technical sessions: The first technical session was conducted by Prof Ashok Bhagat on International Payment Systems which was highly interactive where he enthralled upon: Open Account and Documentary collections Value of Avalised bills/Promissory notes Risks associated with DA/DP Buyer and country Risk factor INCOTERMS

The session was open for discussion where all the participants were highly interactive. Further the second technical session was on the Letters of Credit-Types, Issues where he highlighted upon:

Guaranteed Payments, products and mechanism Roles and Responsibilities of the parties to the LC Advantages/ Disadvantages of LCs over Guarantees Dealing with documents under LC Lastly, the third technical session was on Financing Opportunities & Structured Letters of Credit where he discussed upon:

Honour and Negotiation Counter veiling/Transferrable/Red Clause/Assignments Buyers & Sellers Credit Factoring How safe Lcs are? Myths & Realities Our resource person gave excellent presentation and shared his corporate experiences as well as knowledge in their specific areas of interest. The participants shared their views and opinions in the networking session which was highly informative. The event received an overwhelming response from the corporate and was successfully implemented with all the

efforts of Dr Ashok Bhagat, Dean IB Department; JIMS. The programme opened an avenue of cross cultural interactions where all the corporate coming from diverse sectors interacted under one roof. Overall the session was fruitful and a learning experience for the JIMS Fraternity as well as the participants and the event was thoroughly appreciated.