Customer Service Operation and excellence (Scenario Based Project Essay

Customer Service Operation and excellence (Scenario Based Project Report) - Essay Example It is therefore important that the management of academic libraries understand that successful service organisations like successful product oriented firms, must understand the way the customer goes about making a decision to purchase a service, how quality is evaluated, and in what ways a company can present a â€Å"differential advantage† relative to the competition (Berkowitz et al. 1997, p. 352). According to Quinn (2007) in recent times the educational community, generally and the library profession in particular have placed increasing emphasis on the service quality model. This model has customer satisfaction as its primary objective as traditional measures of academic library quality such as collection size becomes secondary. In assessing service quality the customer compares expectations about the service offered to actual experience with the service. Gap analysis is a tool that is used to identify the differences (gap) between what is expected and what is experienced. According to Berkowitz et al (1997, p.353) this type of analysis requires consumers to assess their expectations and experiences on dimensions of service quality as described in the table that follows. Dimension Definition Reliability Ability to perform the promised service dependably and accurately. Tangibles Appearance of physical facilities, equipment, personnel and communication materials. Responsiveness Willingness to assist customers and provide prompt and efficient service Assurance Knowledge and courtesy of employee and their ability to convey trust and confidence to customers Empathy Caring, individualised attention that is provided to customers. Table 1 – Dimensions of Service Quality Adapted from Marketing 5th Edition – Berkowitz et al (1997, p. 353) Dimensions of service Quality in Academic Libraries In the context of service quality and customer satisfaction, of importance, is the need to look at the service that the library provides in order to see how i t can fulfil expectations. The role of the library is to provide resource materials for its customers. But, who exactly are these customers? They are students, administrators, faculty members and the general public. Reliability In terms of reliability the library must be able to provide the student with a book, journal or other resource material which will enable the completion of a required task. While the librarian is expected to provide the service in a timely manner, there is the need for the student to exercise some skills in how to access required materials to carry out his or her role. The librarian however, is available to provide some guidance but the student independence is of extreme importance in the development of worthwhile skills which will be required in the future. The student or faculty member will need, at some point in time, the necessary guidance from the librarian, who possess the necessary skills and experience, and who will be able to provide information and resources that will be useful in carrying out the required task in a timely manner. Tangibles While the aesthetics of the environment is of extreme importance, it is not very important in a non-profit making environment as it is in a profit making organisation. However, the library as a facility for research and a learning environment should provide a measure of relaxation and comfort that is conducive to studying. The emphasis is on providing an environment that will allow for the

Civil War Position Paper Essay Example for Free

Civil War Position Paper Essay The American Civil War almost tore early America and its population apart. Still today people debate weather slavery was the primary cause for the war. In this paper I will explain why I believe slavery was not the primary cause of the American Civil War. Also I will point out many other factors that may have played a bigger role in the cause of the Civil War. Southern states believed STRONGLY in states’ rights. States’ rights are the belief that one should be loyal to their state instead of the country as a whole, also they believed that states should be able to make their own laws to their liking without having to answer to the country. This alone created tension between the southern states and the northern states for northern states felt that the constitution clearly stated that states can create laws as long as they do not conflict with the laws of the country. In addition to the tension between the north and south congress placed a tax on goods bought outside of the country otherwise known as tariffs. In 1828 and 1832, congress raised tariffs higher and higher. These taxes were hated by the southern states for they did not have many factories unlike they’re northern counterparts, and thus they paid tariffs more often. In one instance a southern state refused to pay the tariff nullifying the tax congress had placed this event known as the nullification crisis drove the wedge between the north and south further The bloody fighting between northern and southern voters in Kansas was another step in the path of the civil war. Due to the popular sovereignty act suggested by Senator Stephen Douglas the people where able to vote on whether that territory would’ve been a free state or a slave state, this caused voters from both the north and the south to pour into these states hoping to tip the scale in their favor in doing this conflict between the two erupted as homes were burned and people were murdered. In conclusion I do not believe that slavery was the primary cause of the civil war. My reason for thinking this is because of all the events that the country had to push though on top of slavery. For starters states rights, tariffs, nullification crisis, the Kansas Nebraska act, and the bleeding Kansas scare all played a bigger part in the cause of the civil war rather then slavery.

Research On The Importance Of Market Efficiency Finance Essay

Research On The Importance Of Market Efficiency Finance Essay Liquidity is a very desirable characteristic for a financial market product. Moreover, efficient market is one where the market price is an unbiased estimate of the true value of the investment. The concept of efficiency is central to finance. Primarily, the term efficiency is used to describe a market in which relevant information is impounded into the price of financial assets. Efficiency is central to finance. Market efficiency is guided by two principles which are Information and competition. Systematic and good market efficiency leads to market pricing .Any buyer who is willing to buy a product wants to be fully satisfied with the product that the seller is selling to him. Past, present and even discounted future events are reflected in market price but often show no apparent relation to price changes. Efficient markets hypothesis does not rule out small abnormal returns, before fees and expenses. Analysts could therefore still have an incentive to acquire and act on valuable information, though investors would expect to review no more. Only new information should affect stock prices, price changes are random and unpredictable.While it was clear that markets cannot completely be efficient in the strong forms, there was striking support for the weak and semi- strong forms. All investors aim to maximize economic utility (in other words, to make as much money as possible, regardless of any other considerations). This is a key assumption of the efficient market hypothesis The Buyers know that what is going on in the market and what is the price everywhere All investors have access to the same information at the same time. This also comes from the efficient market hypothesis. In fact, real markets contain information asymmetry, insider trading, and those who are simply better informed than others boooks se shareholders.. Importance of market efficiency It is important to understand how securities are valued because these principles provides values to the managers to keep up in managing the business in good way as it can help in dealing with the owners best interest. If stock prices are formed inefficiently, that creates the potential for inappropriate investments in the economy. If stock prices accurately reflect future firm performance, then this creates the premises for efficient resource allocation. Even if sometimes errors are made in valuation, markets can be efficient. Even if many market participants are irrational, markets can be efficient. Markets dont allow investors to earn above-average risk-adjusted returns. Implications of market efficiency They suggest that markets reach quickly to the new public information. The conditions required for markets to exist are No one investor can affect the price of the security through their own buying or selling. Information is available to the market participants all time. Investors react quickly and fully to the new information Efficient Market Hypothesis The theory that markets are efficient and all available information keeps on fluctuating with the price at any given time. It reflects all information both public and private which means all the sectors. It is associated with idea of random walk which means that if the flow of information reflects the stock prices then next days prices will reflect only next days news and will be independent of price changes today. IMPORTANCE OF EFFICIENT MARKET HYPOTHESIS Stakeholders can determine the effectiveness of the appointed management by observing the stock price. Anomalies The ease of experimenting with financial databanks of almost every conceivable dimension makes it quite likely that investigators will find some seemingly significant but wholly spurious correlation between financial variables or among financial and nonfinancial datasets. Moreover, the published literature is likely to be biased in favor of reporting such results. Significant effects are likely to be published in professional journals while negative results, or boring confirmations of previous findings, are relegated to the file drawer or discarded. Data-mining problems are unique to non experimental sciences, such as economics, which rely on statistical analysis for their insights and cannot test hypotheses by running repeated controlled experiments. Share prices can be highly sensitive as a result of rational responses to small changes in interest rates and risk perceptions. Suppose stocks are priced as the present value of the expected future stream of dividends. For a long-term holder of stocks, this rational principle of valuation translates to a formula: r = D/P + g, Where r is the rate of return, D/P is the (expected) dividend yield, and g is the long-term growth rate. For present purposes, consider r to be the required rate of return for the market as a whole. Suppose initially that the riskless rate of interest on government bonds is 9 percent and that the required additional risk premium for equity investors is 2 percentage points. In this case r will be 11 percent (0.09 + 0.02 = 0.11). If a typical stocks expected growth rate, g, is 7 percent and if the dividend is $4 per share, we can solve for the appropriate price of the stock index (P), obtaining 0.11 = 07.04$+P P = $100. Now assume that yields on government bonds rise from 9 to 10 Â ½ percent, with no increase in expected inflation, and that risk perceptions increase so that stock-market investors now demand a premium of 2 Â ½ percentage points instead of the 2 points in the previous example. The appropriate rate of return or discount rate for stocks, r, rises then from 11 percent to 13 percent (0.105 + 0.025), and the price of stock index falls from $100 to $66.67: 07.013.04$+=P 67.66$=P The Performance of Professional Investors Most convincing tests of market efficiency are direct tests of the ability of professional fund managers to outperform the market as a whole. Surely, if market prices were determined by irrational investors and systematically deviated from rational estimates of the present value of corporations, and if it was easy to spot predictable patterns in security returns or anomalous security prices, then professional fund managers should be able to beat the market. Direct tests of the actual performance of professionals, who often are compensated with strong incentives to outperform the market, should represent the most compelling evidence of market efficiency Empirical Evidence Weak form efficiency is very well supported, and it is reasonable to conclude that markets are weak form efficient, although a few anomalies do exist.All information that can be derived from past performance: prices, trading volumes Semi-strong form efficiency is well supported; however, more contradictory evidence exists for this version of the EMH than for the weak form.Fundamental information, quality of management, accounting standards. Strong form efficiency is not very well supported by the evidence, and it is reasonable to conclude that markets are not strong form efficient in the strictest sense.All information about a firm, including information available only to insiders Active portfolio management Serious analyses could to pay off but they come at a very high cost and are only feasible for the managers. Passive Portfolio Management Invest in a well diversified portfolio without attempting to outperform the market. It is suggested by Efficient Market Hypothesis as compared to active portfolio management. . Elements of market efficiency Operational Efficiency The transaction cost are low which enhances the trading of securities Informational Efficiency It is one of the most important efficiency as compared to other two as it quickly reflects the market price Allocational Efficiency Securities to allocate risk Implications for investors Technical analysis TO BE REWWARDED Fundamental analysis UNLIKELY TO BE GENERATING ABNORMAL PROFIT. Investors should focus on an investing which gives them good return. Active trading strategies -UNLIKELY TO OUTPERFORM PASSIVE BUY AND HOLD STRATEGIES Implications for Corporate Finance Stock prices at historical lows are likely to go up Mean reverting interest rates means that when interest rates are high based on historical levels they are likely to come down Implications of regulators Holders of securities in a company should be treated in a fair and equitable manner Accounting and auditing standards should be of a high and internationally acceptable quality CONCLUSIONS That an efficient market is one that reacts quickly and relatively accurately to new information, and therefore its prices are correct on average. That the Efficient Market Hypothesis (EMH) is tested in three forms; weak, semi-strong and strong. That empirical evidence suggests that markets are reasonably efficient, but not perfectly so. Investors and corporate officers should modify their behaviours and expectations in light of the evidence of market efficiency. As long as stock markets exist, the collective judgment of investors will sometimes make mistakes. Some market participants are less than rational. The market cannot be perfectly efficient or there would be no incentive for professionals to uncover the information that gets so quickly reflected in market prices Grossman and Stiglitz (1980). Undoubtedly, with the passage of time and with the increasing sophistication of our databases and empirical techniques, we will document further apparent departures from efficiency and further patterns in the development of stock returns. But I suspect that the end result will not be an abandonment of the belief of many in the profession that the stock market is remarkably efficient in its utilization of information. If any $100 bills are lying around the stock exchanges of the world, they will not be there for long.

black and chinese americans :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚   In the present day, people view America as a land where everyone can be seen equal to one another, but this was not always the case. In the 1800s black and Chinese Americans went through a ruthless period of discrimination, due to the white man’s ignorance. Even though the Chinese and blacks were singled out they both were treated differently but also had many similarities.   Ã‚  Ã‚  Ã‚  Ã‚  Harsh treatment, long hours, and extremely low wages were only a small part of the brutal-ness both races faced. The Chinese men came to America hoping to provide a better life for theirs families back in China. Most of them received jobs working for the corrupted railroad companies. They faced horrific working conditions, which some died from, low wages, and long hours. The Chinese men wasted years of their lives and sacrificed seeing their families so that they can make enough money to support them.   Ã‚  Ã‚  Ã‚  Ã‚  The blacks have faced similar conditions to the Chinese men. They too worked long hours and earned very low pay. Many of the blacks became sharecroppers once they were emancipated. Sharecroppers were tenant farmers who gave a share of the crops raised to the landlord in lieu of rent. These landlords were cruel and took a good portion of the crops grown by the black farmers. Whatever the landlords did not take was left for farmer and his family, which was not much. They had to survive through the winter with the limited supply. Both the Chinese and blacks could not do anything about the working conditions due to the fact they could not unite and form labor unions.   Ã‚  Ã‚  Ã‚  Ã‚  Though both Chinese and blacks faced many similarities they also had differences. The blacks have lived in American for generations while the Chinese were just starting to immigrate. Blacks were forced to come to America to be slaves as opposed to the Chinese coming here by their own free will. Also the America did not allow Chinese women into the country due to the fear of an even more rapid rate of increase in the Chinese population, while black women were in the country and had a prominent role in their family lives. Another difference between the two races was that the black Americans had families in the country and the Chinese left their families back in China. Another differentiation was that once the blacks were emancipated most stayed in America while a good number of the Chinese left to go back home.

Report on Prime Bank

CHAPTER-SIX SERVICES OFFERED BY FOREIGN EXCHANGE DIVISION 5. 1 Meaning of Foreign Exchange Foreign Exchange means exchange foreign currency between two countries. If we consider ‘Foreign Exchange’ as a subject, then it means all kind of transactions related to foreign currency. In other wards foreign exchange deals with foreign financial transactions. H. E. Evitt defined â€Å"Foreign Exchange† as the means and methods by which rights to wealth expressed in terms of the currency of one country are converted into rights to wealth in terms of the currency of another country 5. 2-Activities of foreign exchange: There are three kinds of foreign exchange transactions: Import. Export. Remittance. 5. 3 Local Regulations for foreign exchange. Foreign exchange transactions are being controlled by the following rules & regulations: ? Foreign Exchange regulation act 1947. ? Bangladesh Bank issues foreign exchange circular from time to time to control the export, import & remittance business. ? Ministries of commerce issues export & import policy giving basic formalities for import & export business. ? Sometime CCI&E issues public notice for any kind of change in foreign exchange transaction. Bangladesh bank published two volumes in 1996. This is compilation of the instructions to be followed by the authorized dealers in transitions related to foreign exchange. 5. 4 Parties involved in Documentary Credit: The parties are: ? The Issuing Bank, ? The Confirming Bank, if any, and ? The Beneficiary. ? The Applicant, ? The Advising Bank, ? The Nominated Paying/ Accepting Bank, and ? The Transferring Bank, if any. i. Importer – Buyer Who applies for opening the L/C. ii. Issuing Bank – It is the bank which opens/issues a L/C on behalf of the importer. ii. Confirming Bank – It is the bank, which adds its confirmation to the credit and it is done at the request of issuing bank. Confirming bank may or may not be advising bank. iv. Advising / Notifying Bank – is the bank through which the L/C is advised to the exporters. This bank is actually situated in exporters country. It may also assume the role of confirming and / or negotiating bank depending upon the condition of the credit. v. Negotiating Bank – is the bank, which negotiates the bill and pays the amount of the beneficiary. The advising bank and the negotiating bank may or may not be the same. Sometimes it can also be confirming bank. vi. Paying / Accepting Bank – is the bank on which the bill will be drawn (as per condition of the credit). Usually it is the issuing bank. vii. Reimbursing bank – is the bank, which would reimburse the negotiating bank after getting payment – instructions from issuing bank. 5. 5 IMPORT: Under the import policy of Bangladesh the Importer has get the valid Import Registration Certificate (IRC) from the Chief Control of Import & Export (CCI&E). 5. 5. 1- Letter of credit: Letter of Credit means any arrangement whereby a Bank (the issuing Bank) is committed (on behalf of the buyer/applicant) to pay certain amount at the seller’s disposal under some agreed conditions. 5. 5. 2 – Types of documentary credit: Documentary credit may be of three types. †¢ Revocable credit. †¢ Irrevocable credit. †¢ Add confirmed credit. Revocable credit: This type of credit can be cancelled or amended at any time by the issuing Bank without prior notice to the seller. It is not now in use. Irrevocable credit: This type of credit can’t be cancelled or amended by the issuing Bank without the agreement of parties concerned thereto. All the credits issued in our country are of irrevocable nature. Add confirmed credit: When a third Bank provides guarantee to the beneficiary to make payment, if issuing Bank fail to make payment, the L/C is called confirmed L/C. In case of a confirmed L/C a third Bank adds their confirmation to the beneficiary, to make payment, in addition to that of issuing Bank. Confirmed L/C gives the beneficiary a double assurance of payment. 5. 5. 3 Special documentary credit. There are some other special documentary credits that are given below: †¢ Revolving credit. †¢ Transferable credit. Back- to- Back credit. Revolving credit: Which provides for restoring the credit to the original amount after it has been utilized. Transferable credit: If the word ‘Transferable’ incorporated in an L/C, then the L/C is transferable. The first beneficiary can transfer transferable L/C to second beneficiary. But second beneficiary cannot transfer it further to another beneficiary. Back -To- Back credit: The Back To Back is a new credit opened on the bases of an original credit in favor of other beneficiary; under this concept the seller of the first credit offers it as security to the issuing Bank for the assurance of the second credit. The beneficiary of the back-to-back credit may be located inside or outside the original beneficiary’s country. 5. 5. 4 Operations of Documentary Letters of Credit: The following five major steps are involved in the operation of a documentary letter of credit: ? Opening. ? Advising. ? Amendment. ? Presentation. ? Settlement. Opening of Letter of Credit: Opening of letter of credit means, at the request of the applicant (importer) issuance of a L/C in favour of the beneficiary (exporter) by a Bank. The Bank, which open or issue L/C opening Bank or issuing Bank. L/C Advising: Advising through a Bank is a proof of evident authenticity of the credit to the seller. The process of advising a credit consists of forwarding the original credit to the beneficiary to whom it is addressed. Before forwarding the advising Bank verify the signature (s) of the officer (s) of the issuing Bank & ensure that the terms & condition are not in violation of existing exchange control regulation & the other regulation relating to export. If credit is transmitted via telex, advising Bank will match the test used in the telex. Amendment of Credit: Parties involved in a L/C, particularly the seller and the buyer, cannot always satisfy the terms and conditions in full as expected due to some obvious and genuine reasons. In such a situation, the credit should be amended. Presentation of Document: The seller being satisfied with the terms and conditions of the credit proceeds to dispatch the required goods the buyer and after that, has to present the documents evidencing dispatching of goods to the negotiating bank on or before the stipulated expiry date of the credit. After receiving the entire document, the negotiating bank then checks the documents against the credit. If the documents are found in order, the bank will pay, accept or negotiate to the issuing bank. The issuing bank also checks the documents and if they are found as per credit requirements, either effects payment, or reimburse in the pre-agreed manner. Lodgment: If import documents found in order, it to be made entry in the bill register and necessary voucher to be passed, putting bill number on the documents, these processes is called lodgment of the bill. Since the documents stay at this stage for a temporary period i. . up to retirement of the documents, the process is called lodgment. Bank must lodge the documents immediate after receipt of the dame, not exceeding seven (7) Banking days, following the day of receipt of the documents. Retirement of Import documents: When the importer releases the import document from the Bank by acceptance/cash payment or under post import Bank finance it is known as retirement of the import document. Refusal Notice: After examination, if the documents become discrepant, issuing Bank will through the refusal notice to the negotiating Bank with seven Banking days. Settlement: Settlement means fulfilling the commitment of issuing Bank in regard to effecting payment subject to satisfying the credit terms fully. This settlement may be done three separate arrangements as stipulated in the credit. 5. 6 Import Financing: The post import finance extends the import credit in the following forms: ? PAD (Payment against documents). ? LTR (Loan against trust receipt). ? LIM (Loan against import merchandise) 5. 6. 1 Payment Against Document (PAD): PAD Loan is created upon lodgment of import documents. This Loan is created for 21 days -the time being the tolerance for taking documents for the importer. If after 21 days the documents are not taken by the importer, the Bank may sell the imported goods to recover the given amount. 5. 6. 2 Loan Against Trust Receipt (L. T. R): Under this, Loan is allowed only to first class importers. Here only on the basis of trust without paying the Bank anything or a partial amount, the importer takes the documents. Then importer is allowed 60-90 days time to make payment. 5. 6. 3. Loan Against Imported Merchandise (LIM): Advance (Loan) against the security of merchandise imported through the Bank may be allowed either on pledge or hypothecation of goods, retaining margin prescribed on their Landed Cost, depending on their categories and Credit Restriction imposed by the Bangladesh Bank. Bank shall also obtain a letter of undertaking and indemnity from the parties, before getting the goods cleared through LIM Account. 5. 7 Export Under the export policy of Bangladesh, the exporter has to get the valid export registration certificate (ERC) from chief controller of export & import (CCI&E). The ERC is required to renew every year. The ERC number is to be incorporated on export Form & other paper connected with exports. 5. 7. 1-Receiving the letter of credit: After getting contract for sale, exporter should ask the buyer for L/C clearly stating terms & condition of export & payment. 5. 7. 2 – Procuring the materials: After knowing that the L/C has opened in his favor, the next step for the exporter is to set about the task of procuring or manufacturing the contracted merchandise. If the exporter has to procure the raw materials from another supplier (local or abroad) he has to open Back-to-Back L/C. 5. . 3 -Back-to-Back L/C: Back-to-Back L/C is one type of L/C, which is opened against lien on a valid export L/C. It is opened for inland & abroad as well. Bank will supply the following papers/documents for opening a Back-to-Back L/C: ? L/C application form. ? LCA form. ? IMP form. ? Charge document papers. The above papers must be completed, filled & signed by the party thereto. The party will submit the e ntire filled document along with application in printed form of the designated Bank. Which is also an agreement between applicant & the Bank. Procuring the materials: After making the deal & on having the L/C opened in his favor, the next step for the exporter is to set about the task of procuring or manufacturing the contracted merchandise. 5. 8 Export Financing An exporter is one who exports the goods to another customer whether in domestic country or in abroad. In exporting the stipulated goods he may require financing. So export financing may be required at two stages. Pre shipment credit. Post shipment credit 5. 8. 1 Pre shipment credit: Pre shipment credit is the credit, which is given to finance the export activities of an exporter for the actual shipment of goods. The purpose of each credit is to meet the working capital needs from the procuring of raw materials to the transportation of goods for the export the foreign country. Before sanctioning of that credit the Bank takes into consideration the credit worthiness, export performance of the exporters together worthiness all other information required for sanctioning the credit in accordance with the existing rules & regulations. Pre shipment credit takes the following forms: ? Export cash credit (Hypothecation). ? Export cash credit (Pledge). ? Export packing credit. ? Back-to-Back letter of credit. Export cash credit (Hypothecation): Under this arrangement the Bank sanction the Loan to the first class exporter because there is no security against this Loan. The letter of hypothecation creates a charge against the merchandise in favor of the Bank but neither the ownership not the possession is passed to it ( Export cash credit (Pledge): Under this arrangement the Bank advance Loan to exporte r against pledge of raw materials or exportable goods. The exporter surrenders the physical possession of goods under Bank’s effective control till the payment of dues to the Bank as security. If the exporter does not able to pay the Loan the Bank can sell the exportable goods to recover the amount. ( Packing credit: Under this arrangement credit facilities are extended against security of Railway receipt/Steamer receipt/Truck receipt/Vessel receipt, evidencing transportation of goods to the port for shipment of the goods in addition to the usual charge documents & lien of export letter of credit. This type of credit is sanctioned for transitional period from dispatch of goods to negotiations of export documents. It is mainly given for payment of factory salary & wages. ( Back to back letter of credit: Under this arrangement the Bank Finances export business by opening a letter of credit on behalf of the exporter who has received a letter of credit from the overseas buyer but not the actual manufacturer or producer of these exportable goods. Since the second letter of credit is opened on the strength of & backed by another letter of credit, it is called â€Å"Back to back† credit. The need for a back-to-back letter of credit arises because the beneficiary of the original letter of credit may have to procure the goods from actual producer who may not supply the goods unless the Bank guarantees its payment. . 8. 2- Post Shipment Credit: There is a time gap between export of the goods and realization of the proceeds. So exporter may require finance in that period to continue his business. So Bank may finance against export documents ensuring the following: 1. Export documents comply the credit terms. 2. Party’s past performance is satisfactory. 3. Any other security in c ase of export under contract. 5. 9 Foreign Remittance Foreign remittance means remittance of foreign currencies from one place/person to another place/person. In broad sense, foreign remittance includes all sale and purchase of foreign currencies on account of Import, Export, Travel and other purposes. However, specifically foreign remittance means sale & purchase of foreign currencies for the purposes other than export and import. PBL performs the remittance function with different countries. It maintains the foreign remittance in the following form: Foreign Demand Draft. Inward Outward. 5. 9. 1 – Foreign Demand Draft (FDD): A foreign demand draft is a negotiable instrument issued by a Bank drawn on ther Bank with another country the instruction to pay a certain amount to the beneficiary on demand. Remittance through demand draft may be inward or outward. 5. 9. 2 – Inward Remittance Inward remittance refers to the extent where the Bank makes payment to the client against foreign demand draft. Bank will make payment to the client by verifying the, test number, and signature of the authorized officer. Two forms as prescribed b y Bangladesh Bank are used for purchase of Foreign Currencies such as. EXP Form: Remittances received against exports of goods from Bangladesh are done by form EXP. Form C: Inward remittances equivalent to US$2000/- and above are done by Form† C†. However, declaration in Form C is not required in case of remittances by Bangladesh Nationals working abroad. 5. 9. 3 – Outward Remittance It refers to the extent where by the Bank issues foreign demand draft. The Bank charges TK. 300 per Demand Draft. Two forms are used for Outward remittance: IMP Form: All outward remittance on account of Imports is done by form IMP. T. M. Form: For all other outward remittances form T. M. is used. 5. 9. 4 -Collection of foreign currency instruments: To collect proceed of Foreign Instrument following procedures to be maintained: 1. Receive instrument with deposit slip. 2. Affix crossing stamp of the Bank. 3. Entry in the register putting IBCA number. 4. Affix endorsement â€Å"pay to the order of any Bank or trust company, prior endorsement guaranteed†. 5. Instrument to be sent to adjacent correspondents. 5. 9. 5 Miscellaneous Services given by this Department: |Student |Students who are desirous to study abroad can open file in the bank. By opening this file, bank assures the | |File |remittance of funds in abroad for study. |NRIT |‘Non –resident Investors’ Taka Account is an account by which Non-resident Bangladeshi can deposit foreign | |Account |currency for | | |investment in security of stock exchanges. For such accountholders, 5% of primary shares are reserved. | |F. C. |Foreign Currency accounts are opened in the names of Bangladeshi nationals or persons of Bangladeshi origin | |Account |workin g or self-employed in abroad and are maintained as long as the account holders’ desire. |NFCD |Stands for Non-resident Foreign Currency Deposit Eligible | | |Persons may open such accounts even after their return to Bangladesh, within six months of their arrival. | |RFCD |Stands for Resident Foreign Currency Accounts Persons ordinarily resident in Bangladesh may maintain foreign | |Accounts |currency accounts with foreign exchange brought in at the time of their return to Bangladesh from visit | | |abroad. Balance of such accounts is freely remittable to abroad. CHAPTER-SEVEN PROBLEMS & OPPORTUNITIES Problems and opportunities of prime bank limited are discussed through the sowt analysis which is given below: SOWT Analysis: By analysing the Bank’s performance, I get the following Strength opportunity, weakness and threat (SOWT). Strength: It has well reputation in the market Not engaged in unfair business practice. Officers are highly educated. Executives are highly qu alified and experienced. Bank has many attractive deposit schemes. Well-furnished and Air-conditioned Bank. Efficient management practice in the Bank. Faster (T24) software is under implementation. In Singapore there is a PRIME EXCHANGE HOUSE. In CAMEL rating Bank achieved as No. 1 Bank. Percentage of bad loss is very significant (prox. 2%) Membership with SWIFT. Good Banker-customer relationship. Weakness: Deposit is lower than advance. Long-term credit is not sufficient. Small market shares in Banking-business. In present time Bank facing liquidity problem. Daily basis interest on deposit offered by other banks. Existing PCB software does not fulfill all requirement Opportunities: Can increase the credit scheme. Can increase the advertising of the Bank. Private Banks becomes more reliable to local public. Govt. as banned some ‘Jatiya Sanchaya patra’. Threat: There are many competitors in the market. Competitors have more deposit. Govt. imposes tax and VAT on profile. Govt. pressures to reduce interest rate. CHAPTER –EIGHT CONCLUSION & RECOMMENDATION Conclusion: Bank is the largest organization of mobilizing surplus domestic savings. Attractive Savings Sche mes are offered by PBL such as Contributory Savings Scheme, Monthly Benefit Deposit Scheme, Special Deposit Scheme, Education Savings Scheme, Fixed Deposit Scheme, Prime Bank Money Scheme, Prime Bank Insured Fixed Deposit Scheme as well as different accounts to save money. Schemes are designed concentrating in different purposes to help the fixed income group people to help in need. Bank-Officials are also whole-hearted and dedicated to serve their customer with utmost care. Credit Management policies and techniques used in PBL at present no doubt is comparable to international standards. The officials follow the policy very strictly. They are choosy and conservative in sanctioning loan. The proposal is thoroughly scrutinized by the loan sanctioning authority. The total function of the credit division is monitored periodically. The bank’s classified loan to the total Advance is very low. Management and others related to Prime Bank are trying to formulate new services and products. PBL always try to increase foreign exchange through import, export and remittance. This bank always conceives amicable behaviour with exporters and helps them in their business activities as a trustee friend. It encourage importer to import goods in legal procedure and provide financial assistance for doing business smoothly. This bank contribute to our economy in a great deal by transacting remittance from different countries. Keeping this thought in the management’s mind they made different deed with several foreign banks in abroad to collect money from our service holders and remit it to our country through this bank. In Singapore bank open a â€Å"PRIME EXCHANGE HOUSE† to help our people who employed in that country. Recommendation: Prime Bank Ltd. is one of the most potential Banks in the banking sector. It has a large portfolio with huge assets to meet up its liabilities and the management of this bank is equipped with the expert bankers and managers in all level of management. So it is not an easy job to find out the drawbacks of this branch. I would rather feel like producing my personal opinion about the ongoing practices in Motijheel Branch. For the improvement of the service the following measures should be taken: ? Providing more industrial loans: It seemed to me that the bank having a large amount of deposit is not encouraging the large scale producers that much of long term industrial loans to accelerate the economy as well as to help the economy to solve unemployment problem. ? Ensure Proper Division of manpower In The Desk: There is lack of division of manpower in the branch. Therefore every body has to handle every type of banking services. This decreases the level of performance of the personnel, though it reduces monotonousness. But lack of division of manpower hampers the discipline of working environment. So customers are to wait for some time for the desired service, which is contrary to the Baking’s objective. ? Development of Human Resources: Human resource is another sector for the branch to be developed urgently. Human resources, in the branch, need to be equipped with adequate banking knowledge. Majority of the human resources must be having basic knowledge regarding money, banking, finance and accounting. Without proper knowledge in these subjects, efficiency cannot be optimised. Bank can arrange training program on these subjects. ? Ensure Proper Maintenance of Files: Prime Bank Ltd. gives personalized services. All the officers have to give concentration to the customers, while doing this they cannot properly maintain the customer files. In many cases, application forms are not properly filled up and documents are not properly filed. Every staff should try to reduce these irregularities. ? Ensure Proper Maintenance of Office Premises: Motijheel Br. is supposed to be very neat and clean and well decorated. But sometimes it loses its glamour. The facility staffs are not regular in their duties and files and papers are kept here and there by the officers during the busy hour. This habit must be changed. Moreover, the sitting arrangement is very insufficient comparing with the number of customers. So Motijheel Br. Of PBL must pay attention to this issue. ? Ensure Proper Communication System and Maintenance of Machineries: Most of the time the branch’s computers remain out of order and it is also true for the photocopiers. Attention should be given on proper maintenance of phone, computer, fax machine and photocopier. Ensure Sufficient Forms and Brochures: There are always shortages of application forms, brochures, etc. in the branch. These Forms and Brochures must be maintained in sufficient quantity. Otherwise, customer service will be hampered ? Offer Some Loan and Deposit Scheme Exclusively for The Premium Customers: All the lending and savings packages offered to the Premium cu stomers are same as offered to the general customers, excepting the waiver of service charges for Premium Ones. Prime Bank Limited should try to introduce more attractive lending and savings scheme to its Premium customers to create more business for the Bank. The Bank can pay more attention to this segment of customers, as it is the most solvent group from which income can be generated if the package is designed properly. ? Implement T24 software more quickly: Bank’s implementation of T24 software and data migration activities should continue more quickly because day to day overhead cost increases for that purpose. ? More Gifts and Discounts for The Marginal Customers: Premium Customer should be offered occasional gifts and discounts, which can make the Premium Service more attractive and keep consumer delight. The interest rates on several loan and deposit schemes should be differentiated for the Premium customers Reference By: Peter Rose. By: L. R. Chowdhury. Consultation with the Following Persons ? Iftekher Uddin, SAVP and In-Charge of General Banking Division Motijheel Br. PBL. ? Mohammad Faruq, SAVP and In-Charge of Foreign Exchange Division. Motijheel Br. PBL. ? A. K. M. Jan-e ALAM,AVP; and In-Charge of Credit Division Motijheel Br. PBL. ? Hafizur Rahman Mollik, FAVP; Supervisor of L/C opening. Motijheel Br. PBL. ? Afzalun-Nnhar,FAVP. General Banking Division,Motijheel Br. PBL. Arif Hasan Khan, EO, Credit Division, motijheel Br. PBL. ? Mohammad Abdul Matin; Principal Officer, Credit division, Head office ,PBL. ? Masum Mahmud Baqui, Principal Officer, Corporate Banking, Head Office, PBL. ? Fahmida Sultana, Officer; General Banking Division, Motijheel Br. PBL. ? MD. Rashedul Hasan Khan, Joiner Officer, General Banking Division. Motijheel Br. PBL. ? Khaleda Farhana, Jonier Officer, Gene ral Banking Division; Motijheel Br. PBL. ? Zahid Hasan; Junior Officer; Accounts Section; Motijheel Branch; PBL. ———————– Issuing Bank (Bangladesh) Advising Bank (India) Reimbursing Bank (Japan) Negotiating Bank (India)

Political Cartoon Essay

This political cartoon shows President NoyNoy with the word â€Å"political maneuvers† written on his arm pushing two letters, the R and the H with difficulty because of big rocks with the words objection, 2013 polls and moral issues written on each rock. The cartoon also shows how hard it was for Pnoy because of the sweat on his head. Symbols that were used in this political cartoon are 1) the word â€Å"political maneuver† on Pnoy’s arm, 2) the letter R and H, and 3) the rocks with the word â€Å"objection†, â€Å"2013 Polls† and â€Å"moral issues† Looking at this political cartoon it only illustrates that Pnoy with his skillful tactics push RH bill passing through many objectives, through his political maneuvers, he will be able to have good performance and even crash political and moral issues thrown against him. As a teacher, I am a leader and as a leader, I am not fond of manipulating my student, their grades and even what is happening inside the class. We all know that Pnoy is a good leader whom played the most in achieving economic growth of our country is also known to be a person who wants to promote RH bill no matter how hard it is for the majority to accept it still he will not let it go. I am not against RH bill, and I am not pro abortion, it’s just I want to teach people lesson on giving birth among children whom they can’t support and will be like others begging on the streets and in the end be one of the government dependents. But I am not allowing manipulations or tricks just to fool us around, just to crash moral issues and other objections. I still believe in the moral values our late Pres. Cory imbued to our present president today and will do what is good for our country with due respect and transparency to all Filipino citizens. A pro-RH candidate shaking upon seeing two big feet with â€Å"Catholic Vote† written on it is shown in this political cartoon. This cartoon uses a big foot which represents the majority who opposes the RH bill because they called themselves Catholic, a Christian who lives in a Christian country and should be against violation of life and liberty. This only shows that being a pro-RH bill is a big threat to get big chance of winning in election. The cartoon shows how great is the power of the catholic people who are against the RH bill. A candidate must have a strong political spirit whom he can fight for what he stands for. Yes, majority of the people in the Philippines are Catholics but we must also realize that there are also Catholics who are  pro-RH bill. Catholic Church must not influence voters in not voting pro-RH candidates. Even they have strong influence among the Filipinos; still we must practice a free and democratic way of choosing and electing government officials. Knowing a candidate whether he is a pro or anti-RH bill will never stop him in wanting to serve our country. We must really know who among them are real and who are not. For me, the Catholic Church must not enter with the voting issues anymore, they must listen on how those candidates would love to serve our country whether they are pro or anti-RH bill.