DEPARTMENTS

The bank has following department:

v Account Opening department

v ATM Department

v Credit Card Department

v Account Department

v Credit Department

v Remittance Department

v Foreign Trade Department

v Cash Department

ACCOUNT OPENING DEPARTMENT

Borrowing funds from different sources has become an essential feature of today's business

enterprises. But in the case of a bank borrowing funds from outside parties is al l the more vital

because the entire banking system is based on it . The borrowed capital of a bank is much greater

their own capital. Banks borrowing is mostly in the form of deposits. These deposits are lent out

to different parties. Such deposit creation is done through opening an account in the Bank.

In ACBL Multan Mr. Asif Awan is operating the account opening department along with

performing some auxiliary functions of Cheque Book Issuing and receiving IBC’s (inward Bills

for Collection).

TYPES OF ACCOUNTS

In ACBL, there are the following types of accounts:

· Current account.

· Saving Account.

· Askari Special Deposit Account.

· Askari Bachat Certificate.

· Term Deposit.

CURRENT ACCOUNT

In current account there is no interest on it. It is for only transaction purposes. They are paid on

demand. When a banker accepts a demand deposit, he incurs the obligation of the paying all

cheques drawn against him to the extended of the balance in the account. As there is no profit

paid on this account it is also called chequing account because cheques can be drawn on it.

Current account is mostly opened for business.

SAVING ACCOUNT

The purpose of this account is to induce the habit of saving individuals in the neighborhood. The

profit is on the basis of 8.5% per 6 month. The minimum deposit for opening the account is

Rs.100/- (as obvious in the Annexure).

Though individuals open such accounts for saving purpose, persons belonging to Armed forces

and different military institutions are free to use this account on current basis.

ASKARI SPECIAL DEPOSIT ACCOUNTANT

ASDA account is an interest bearing current account interest is paid. The payment of return is

monthly, where as the rate of return with aspect to the amount of minimum deposit clear from

deposit schedules in following table). It is also checking account because cheques can be drawn

on it. It is necessary for this account that the client must maintain a minimum balance of Rs.

50,000 at the end of the month. That’s why it is similar to current account. It is mostly opened by

Business but individuals too open this account.

Amount in Rs. Interest Rate

50,000 – 499,999 8%

500,000 – 4.99 million 9%

5 million – 20 million 10%

ASKARI BACHAT ACCOUNT

ABCs are long term fixed deposit for 3 and 5 years. Theses are not term deposits because

payment of return is on monthly basis rather than on maturity of deposits. The minimum balance

requirement is Rs. 25000/- and maximum balance requirement is Rs. 1.0 Million. If ABC is for

3-years, the rate of return for 3-years is 12% if ABCs is for 5-years the rate of return is 13%.

Because in such account the balance is kept for either '3' or '5' years within the bank no cheque is

drawn on it. That is why it is not a checking account. Return is made monthly.

TERM DEPOSITS

A term deposit is a deposit that is made for a certain periods of time at the end of the specific

period. The customer is allowed to with draw the principle amount .

ACBL Term deposits are of types clear in the deposit scheme in the table). One of them is

"Askari" Advantage one month. The rate of return on this account is 9.75%. The term deposit

account vary one month to 5 years and the min balance requirement is Rs.5000/- for all

following accounts (as clear from Deposit Scheme in the table ).

Period Interest Rate

One month 9.5%

2nd 9.75%

3rd 10%

6th month 10.5%

One year 11%

2 year 11.5%

3 year 13%

The amount of profit is given to depositors in three ways:

· By cash

· By sending a bank Draft to depositors Home address or Officers or whichever is specified as

mailing Address.

· The amount is credited in any one of the checking Accounts of the depositor.

ACCOUNT OPENING PROCEDURE

For the checking accounts (C/A, ASDA, SAVING), there are different types of account holders

are required for all these types of account holders. The operation /procedure requirement that is

needed for " Individual Account " differ greatly from " Joint account " proprietorship "Partner

ship “, "Limited Company"

and "Club society or Association " as explained below.

INDIVIDUAL'S ACCOUNT

When a single man or women opens an account in his/her own name and has the right to operate

it is called individual Account.

DOCUMENTATION REQUIREMENT

For literate person copy of National Identity Card is required as a primary requirement. For

illiterate person and Veiled Women, along with the copy of National Identity Card requirement

he or she must come in person for opening the account.

OPERATION

· The person place a "Check Mark " in the type of account and type of operation required

· He/She fills in part-I of the form , a fix his /her either two or four similar signature (or thumb

expression in the signature space and get it introduced and signed by a person who already

has an account with the bank and write his account no in the specific rows in a specific space.

· The person fills in "next of Kin " position where he/she father, mother, husband/wife or any

other relative's name, his /her address, phone no and affix his/her signature to certify this

requirement. This requirement is needed because in his/her absence bank can have

correspondence with the specific person.

· The person put her /his signature (" or thumb expression) on the signature Specimen Card (SS

CARD) similar in the area on the form. One the back of S.S card mailing address, telephone

no, Person to contact and introducer space is filled in. All these requirement are necessary for

future

· The person deposits the initial amount for opening account on to the cash counter.

The person put his signature on form -A (check book requisition) on two places in

"authorized signature" and fills in the "Title of Account space by writing his name.

· If the person put his signature in Urdu or any language other than English, he signed a

"Vernacular form" where under take that affixed signature are original and his own signature

and two postal size photos are needed.

The next day is the opening of account.

JOINT ACCOUNT

When two or more persons, neither partners, nor trustees, open an in their name is called joint

Account. Husband and wife or two persons of same sex can open joint account.

DOCUMENTATION

For joint account copy of National Identity Card of all the persons is obtained other things

remaining same as in individuals account.

OPERATION

· The person checks the type of account and type of operation required in the respective box on

the form.

· The persons fill in the Part-I and part-II in the form.

· Signatures of both persons are obtained on the form in the area specified for signature and S.S.

Card.

· In the title of account space names of all the persons are mentioned.

· Accounts holder specified in the form that they will operate the form singly or jointly.

PROPRIETORSHIP ACCOUNT

When an owner of a firm operating singly, opens an account in his firm name, this account is

called a proprietorship Account the proper himself liable for all his acts.

DOCUMENTATION REQUIRED

For this kind of account, an application for opening the account on the firm letter -pad (having

the firm name) is required along with the N-I-C- Card of proprietor.

OPERATION

Al l operation remains the same except that the firm name is written in the "Title of the Account"

area and signature of the proprietor are affixed in the S.S. Card and the area specified for

signatures on the form.

PARTNER SHIP ACCOUNT

The account is opened in the firm name and all partner designate one two persons to act on

behalf of the partner ship firmer all acts on behalf of firm. The partners in the partnership firm

are liable for the acts of the firm jointly and severely. Every partner has in a firm has an implied

authority bind his co. partners by drawing and enclosed cheques.

DOCUMENTATIONS

· Copy of N.I. card of all partners

· Application to open the account on the firm letter pad.

· Partner ship deed in case registered partnership firm.

· Letter showing the implied Authority of one or more partners to act on behalf of the firm.

· In case of non -registered partnership firm, understanding on behalf of the firm to remain liable

for all acts of the firm.

· Name, address of all partners is written on the pad.

OPERATION

All other requirement remain same except that the form is dully signed by all partners cards are

signed by all those partners who will act on behalf of the firm and along filling part-I , Part-Iv is

also filled.

LIMITED COMPANY ACCOUNT

This account is for limited companies. In order to facilitate their transaction with outside parties,

bank provides many facilities.

DOCUMENTATION REQUIRED

· Memorandum of Association.

· Articles of the Association

· Resolution of the Board of Director.

· Certificate of Incorporation.

· Certificate of commencement of business

· N-I-C

OPERATION

The persons authorized in the Resolution of the Board of Directors put their signatures on S.S

Cards. Next of kin "requirement "is not need in case of a Limited Company. After completing

each and every formality, introducer signature is verified by S.S card and is stamped "Verified"

customer signatures are admitted by stamping "Admitting" near signature and again signatures

on S.S card are admitted in the same way. The same process of verification and admission of the

signatures is repeated on Form-A and next of Kin area.

After completing each and every formality, Accountant is open in the computer by writing name,

address, A/C Number etc.

LETTER OF THE THANKS

At the start of the letter 2nd day, ACBL issues letter of thanks to "Account Opener" and

"Account Introducer" for the trust they have on ACBL.

OTHER RESPONSIBILITIES

CHEQUE BOOK ISSUING

Check books are issued only for checking account such as current Account, saving Account and

ASDA Account. They are not issued for other fixed and term deposits because of their Long

term Accounts “nature.”

ISSUING PROCEDURE

v Signatures on cheque – book requisition are verified by matching with signatures on SS.

v Cheque – book leaves number, account number, account holder’s name are mentioned in

the cheque- book is made by mentioning the and the total of sum of excise duty and

provincial tax.

v The name of A/c holder and date of cheque – book issuance is written on cheque – book

requisition the account-opening officer puts his initials on requisition leave.

v A/c number is stamped over the leaves of cheque – book and finally authorized person affix

his signature over the debit voucher and cheque book is handed over to the customer.

RECEIVING INWARD CHEQUES

Another responsibility and function of account Opening Department is to receive Inward cheques

for collection of other Banks as well as of ACBL. Then these cheques are sent to clearing official

who clears these checks at SBP from other banks. Inward bills from collection opposite are IBC

number, their OBC number. Lodge in clearing cheques pending on realization. Cleared cheques

are credited in the bank account.

ENCASHMENT OF CHEQUE

Issuance of Token

After scrutinizing the apparent tenor of cheque a token is issued to the account holder.

Verification of Signature

After affixing the two stamps i.e. paid stamp and branch stamp, a cheque Is sent to the

accountant for the verification of signature from signature specimen card. After authentication a

cheque is sent to cash department

Encashment of Cheque

Cashier pays the amount to token holder after getting back the token from him.

Deduction of Zakat

Form the profitable accounts zakat is deducted at the rate of Rs. 2.5 % .annually on the

outstanding balance of accounts on the first day of every valuation dale i.e. first day of Ramzan.

The Central zakat Authority (CZA) fixes minimum balance for the deduction of zakat before the

valuation date

Exemption from Zakat

The accounts of foreigners (including Muslims of other nations) and Pakistani non-Muslims

arc exempted from (lie compulsory deduction of Zakat. The accounts of the followers of Fiqah-

e-Jafria sect are also exempted from the deduction of Zakat after the submission of affidavit on a

legal stamped paper.

Withholding Tax

Whenever a profit is paid on any deposit it is subjected to the withholding tax @ 10% annually.

Closing of Accounts.

There are many reasons for closing of account. Some of the more common reasons are as

follows: -

1 - Account holder's own request

2- Death of account holder

3- Bankruptcy of account holder

4- Closing of account due to bad demeanor of account holder etc. An account

is .closed at the request of an account holder or as a result of improper conduct of the account

holder or because of nil balance of the account. In first case account holder’s request the

manager of the Bank to close his account in black and white.

Account is closed on the written request of the customer ACBL debits Rs. 100/- as charges for

closing the customer account from that account. The account holder with draws the amount by

writing a cheque and just leaves Rs. 100/- in his account. But to surrender the cheque book yet if

some leaves are yet to be write to the bank as a necessary requirements for closing the account.

PROCEDURE

1. The customer for individuals account write an application to the manager of the bank an a

simple paper about the closing of his account with the bank (In case of proprietor ship

partnership and limited company account the application should be written an firm or

company letter –head)

2. The individual or in case of other type- proprietor firm and company surrender the cheque

book to the bank.

3. The cheque book is then torn from one side and is attached with the application.

4. In case of Ltd. Company account resolution of the board of directors is also obtained to attach

it with the application.

5. The account opening form of the account holder is taken from the account-opening file, and

the application, cheque book, and resolution of board of directors in case of limited company

account are attached with the form.

6. Lastly, it is written in “Red Ink on the form that account closed” and “Date of account

closing.”

EVERYDAY POSTING

Following transaction of cheque book is posted:-

Dr_____________ party A/c 25(for 10 leaves)

Cr______________ excises duty on cheque book 20

Cr______________ provincial tax on cheque book 5

ATM- CARDS DEPARTMENT

This department deals in issuing ATM-Card, term deposits and Askari Bachat Certificate. Mr.

Kamran deals this department.

ATM CARD

ATM – Cards are only issued to Account Holder. Any account holder of ACBL (current “Saving

Value plus Saving Account”) can obtain ATM card from ACBL with in 15 days. Maximum limit

of daily cash withdrawal is Rs. 10000.

ISSUING PROCEDURE

1. The person, first open the account within the blank.

2. Then he fills the ATM application form in which name of account holder, account number,

address, phone number are mentioned.

3. Then on the same application form bank officer guides branch code, application number and

signatures are verified by the bank. Bank manager puts his signatures.

4. After completing this process, the application package is sent to card centre.

5. Card along with pin code is sent to the branch from the head office. ACBL head office takes a

period of 3-4 weeks for preparing and processing of ATM – cards. First, list of card holder is

issued and then after 15 days cards are sent to ACBL issuing branch. The card and list are not

sent simultaneously in order to avoid any mishandling.

6. ACBL takes Rs. 200/per year or Rs. 100/semi annual as charges for a card.

You can deposit money “withdraw” get balance inquiry “transfer the fund” 24 hours a day at any

branch of ACBL which has ATM facility. ACBL ha shared ATM network with ABN AMRO

and HBL.

ASKARI BACHAT CERTIFICATE

The ABC application form is filed and signed. All the requirements are properly fulfilled. The

details are written. The credit voucher is made against the cash that the customer deposits to the

bank. The certificate is filled according to the specification. The certificate is then handed over

the customer. The entry is made in the ABC register. The application is then posted in the file.

TERM DEPOSIT

Any person can open a term deposit. He needs not have an account in the bank.

PROCEDURE

· The customer comes to the bank and specifies the number of days for which he wants to

Deposit hid money in term deposit.

· The credit voucher is made for the amount of cash to be deposited. The presence of account is

not necessary.

· The term deposit form is then filled by the officer. The date of opening, the period, the name of

the customer, the signature etc is all written on the form.

· The term deposit Receipt is filed according. All the requirements are carried out, the signature

of the customer and the authorized officer, the stamp of the bank etc.

· The term deposit Receipt is then given to the customer.

· The number of the term deposit form and term deposit is noted receipt is then given to the

customer.

· The number of the term deposit form and term deposit receipt is noted in the term deposit

Register.

· After completion of the form, it is posted in the term deposit file.

· A 0.2% tax on the provincial amount is taken while issuing the receipt.

· A credit voucher made and the amount is credited to the tax on TD.

ACCOUNTS DEPARTMENT

Accounts department is a department which deals and checks all the activity of all the

department .It also deals in expression of finance of the bank. Salary payment is also one

function of the bank. Mr. Kamran and Miss. Shagufta deal this department.

CHECKING BANK’S DAILY ACTIVITY

Accounts department deals and checks the entire working of the Branch; all the vouchers that

have been posted at the computer are scrutinized in accounts department. The “End of Day” i.e.

computer print is also received from the computer. The next day the activity is separated some

statements from the “End of Day”. Then next day activity separated some statements from the

“End of Day”. The vouchers are sorted out head wise. The vouchers are matched with the entries

in the statements.

Any abnormality if occurs, is immediately dealt with. All the vouchers and instruction are

checked individually are checked individually against the computer printouts. After checking

they are signed by Mr. Kamran and the internal auditor Mr. Shafiq.

OTHER ACTIVITIES

v Preparation of daily bank positions statement

v Payment of salaries

v Preparation of the statements

v Depreciation calculation

REMITTANCES DEPARTMENT

Remittance department provides services to the customer of the bank. The main function of this

department is transfer of funds. Incharge of the department is Mr. Ahmad Feroz.

INSTRUMENTS OF BILLS & REMITTANCE DEPARTMENT

The instruments that are handled in the B & R department are as follows:

v Demand Draft.

v Telegraphic transfer.

v Mail transfer.

v Pay order.

v Pay slip.

v OBC.

v IBC.

DEMAND DRAFT

A demand draft is an instrument, which is drawn by one bank upon another bank for a specific

sum of money payable on demand. It is made by the bank and given to the purchaser against

cash or cheque. If two banks are involved, then one banks sends a DD to another bank. But in

customer - Bank case the customer sends his DD to the receiver.

ISSUANCE PROCEDURE

A demand draft application (Annexure--) to given to the customer, he fills in a relevant

information and signs it.

v The Officer in charge then checks the information form.

v The charges such as commission, excise duty, postage is charged as per effective schedule of

charges. Tax is exempted if he is taxpayer & knows his No.

v In case of cash deposit the cashier counts he amounts & signs the DD application and enters it

in the register.

v The cash received equals the amount of remittance & the cheques there on.

v Then the officer of the bills & remittance department signs it and operation manager counter

signs it.

v The entry is made in the DD issuing register.

v It is given to the customer.

v Vouchers are passed.

Commission charges Cr

Excise duty Cr

v The vouchers and the DD form given for posting at the computer.

v The DD advises are printed at the computer and mailed to the respective branch.

NOTE

On the contra, when a DD is received i.e. a customer comes to us with the DD, the procedure is

as follows.

v The DD credit advice is received through mail. The No’s are checked & signatures are verified.

v An entry is made on the DD payable register, and the vouchers are made.

The Branch Dr

DD payable Cr

v The DD credit is attached with the vouchers and given for the posting at the computer.

v When DD is received, the test No’s are checked, and the payment is made.

v The vouchers are given for posting. And the entry that was made in register is closed. i.e. DD

payable is Nil.

TELEGRAPHIC TRANSFER

A telegraphic transfer is a fastest & safest way to transfer money. The message is fixed.

ISSUANCE

v The request for maintenance through T.T is taken on the standard printed form.

v The customer fills it & signs it.

v The Head & remittance department checks it, the charges such as commission, tax, telex as per

effective schedule and signs it.

v If he fills the tax exemption from then no tax is levied.

v Then a neat T.T is made on the white slip. There are 3 copies. The original faxed to the Branch,

one to the Head Office and one is kept as record.

v The entry is made in the TT issuing register.

v The following vouchers are posted.

Commission Charges Cr

Fax charges Cr

W.H. Tax. Cr

v When commission bill is received, it is attached to the T.T office copy in the file.

PAYMENTS

v When a T.T arrives, the test numbers are checked and the signatures are verified.

v The entry is done in the T.T pay able register.

v The following vouchers are prepared & given for posting.

Head Office Dr

T.T Pay able Cr

T.T Payable. Dr

Party A./C. Cr

v If there is no a/c then the T.T receipt needs revenue stamps and then the payment is made. The

T.T receipt is strictly non negotiable.

PAYORDER

It is a cheque drawn by a bank on itself. Pay order is an instrument in which the parties are

involved the purchase, the bank and the receiver. It can he purchased by any customer. It is

usually made by govt. Bodies. A single bank is included in this case.

ISSUANCE

v The standard form is given to the customer; he fills in the detail and signs it.

v The concerned staff checks the form.

v Charges as per effective schedule are applied.

v The cash of the pay order is received.

v A cost memo is signed, stamped and handed over to the applicant as a receipt.

v Then the pay order receipt is filled accordingly.

v Counter foil is also filled.

v An entry is made in the pay order issued register.

v Then the authorized office after checking the pay order signs it.

v The pay order is then handed over to the application after obtaining his signature on the P.O

form.

A voucher is also made and posted at the computer Cr bills payable account P.O issued.

PAYMENT

v On representation of the pay two authorized officers of the branch sign order receipt the

receipt.

v The P.O entry is made in the P.O issued register.

v Then the amount is credited to the account of the customer or paid in cash.

v The P.O is posted at the computer.

Dr bills payable A/C P.O issued.

PAY SLIP

It is an instrument used by the bank s for its payment. The slips are issued to the employees of

the banks their bills & invoices. The bills are transferred payments. In this case only one bank is

involved. He is the issuer as well as the payer.

Procedure prescribed for P.O for issuance and payment is followed for payment is followed for

pay slips with the following expectations.

1. Pay slips are the issued by the bank for the settlements of this own payment.

2. No excise duty is applicable on P.S.

ISSUANCE

v A credit voucher is sent from the accounts dept. to the b debt. According to the b debt.

v The P.S books is taken out & filled according to the credit voucher.

v It is entered in the P.S. /P.O register.

v It is signed by, an authorized officer, Operational Manager Mr. Zubair Sheikh.

v The pay slips is handed to the customer.

v A voucher made and posted payment.

v The P.S. is received on the counter, clearing or transfer.

v On receiving the P.S. if it is transferred in the P.S. register.

v The payment is made and the P.O. is posted at the computer.

v Dr. Bills payable P.S. issued.

If Askari branch is in that city, the OBC forwarding schedule in sent to that Askari Branch.

Otherwise it is addressed to the particular Branch to whom the cheque belongs.

OUTWARD BILLS FOR COLLECTION

The bills, which are sent to their cities banks for the local clearing in that city, are called

outward bills for collection.

PROCEDURE

v The cheques that are banks in other cities are separated.

v They are entered in the OBC register, the number is written on the stamps.

v The OBC forwarding schedules / (Annexure) are prepared for the different branches.

v The respective cheques are attached with the schedule.

v Two authorized officers sign the schedule.

v The office copy is filled and the original schedule is mailed.

v On clearance the respective banks send back the OBCS along with IBCA. Inter branch credit

advice.

v The OBC no are checked for the OBC register and the received any entry is made.

v Charges i.e. commission charges and postages charges are deducted from the A/C.

Vouchers of following entries are made.

Party A/C Dr

Commission Charges Cr

Postage charges Cr

At the end of the day the contra vouchers are.

OBC collection Dr

OBC lodged Cr

OBC collection Dr

OBC lodged Cr

INWARD BILLS FOR COLLECTION

The bills are received from other banks out of city for the local clearing are called inward bill for

collection.

PROCEDURE

v The OBC of the other branches will be the IBC’s of this branch. So an OBC forwarding

schedule is received by mail.

v The cheques are entered in the IBC register. The IBC numbers are allotted to them.

v The cheques are lodged for clearing.

v After realization, an IBCA is prepared and mailed to the branch.

v At the end of the day two contra vouchers are made & posted.

IBC collection Dr

IBC logged Cr

IBC Collection Dr.

IBC lodged Cr

OTHER FUNCTIONS

BALANCING THE REGISTER

At the end of the day, all the registers are balanced with the computer balances. The heads and

checked are as follows.

v DD payable

v IBC collection.

v MT payable.

v OBC lodged.

v OBC Collection.

v TT payable.

v IBC lodged.

v Bills payable. P.S. issued.

v Bills payable P.O. issued.

If the payables are not cleared for a lot of days, a reminder is sent to the respective branches.

FOREIGN TRADE DEPARTMENT

Incharge of the department is Mr. Noor. Foreign trade department deals in:

v Foreign currency account

v Exports

v Imports

FOREIGN CURRENCY ACCOUNT

Mainly this account deals in individual, personal and companies account

CRITERIA FOR OPENING FOREIGN CURRENCY ACCOUNT

There are not hard and fast rules for becoming the Foreign Currency Account holder. Bank wants

only introduction of the Client and very little about the background. I.D card is also not

necessary, if someone has; well and good, otherwise no restriction will be there for him.

FEATURES OF FOREIGN CURRENCY ACCOUNTS

There will be legal protection for the account holders.

According to foreign exchange rules and regulation every citizen of Pakistan, either within the

Pakistan or outside the Pakistan, can open the foreign currency account.

Resident firms and Resident Companies including investment Banks can open Foreign Currency

Accounts.

All foreign nationals and foreign Companies in Pakistan or abroad can open Foreign Currency

Accounts.

Opening of Foreign Currency Accounts in the joint names of residents/non-residents is

permissible. Foreign Currency can be deposited by:

v Remittance received from abroad

v Foreign Currency Notes

There will be no restriction and questioning to him about the currency, which he wants to deposit

that from where he got that money.

No Zakat will be deducted on these accounts; no Income Tax deduction, no Wealth Tax

deduction will be there.

These incentives reinforce and motivated the people to invest in foreign currency accounts rather

to keep the foreign currency idle.

Foreign currency accounts can easily be transferred from one person to another, one place to

another, with in the ACBL Branches or in other Bank.

The account holder can transfer the funds freely, in any currency to any part of the world.

Foreign currency Accounts can be used for payment of purchases at Duty Free shops.

FACILITIES

This account provides following facilities:

1) Traveling quota

2) Out ward remittances

3) In ward remittances receiving

4) To make remittances procedure flexible

EXPORT

Mainly export deals in:

v Negotiation of documents

v Sending the documents for collection

v Pre-shipment financing

v Post-shipment financing

v Remittance against agent commission

v Forward covered booking

v Handling the documents for negotiation according to the UCP 500 (uniform custom and

practices)

v Handling the documents for collection according to URR (uniform rules for collection)

v E form.

v Internal transactions are through Nostro and Vostro accounts.

This section helps the exporters to settle the financial affairs

Registration

Who so ever desires to export the goods first of all he has to get his name, name of firm, or his

limited company registered with the export promotion bureau. After getting registration, the

exporter will be allowed to export his commodities. In order to get his name registered with EPB,

he has to submit the following documents.

· Bank certificate, showing that the exporter is account holder and have a good dealing with us.

· Income tax certificate.

Documentation.

The exporter must submit the following documents to the negotiation bank.

· Bill of exchange

· Invoices

· Insurance documents

· Bill of loading

As an evidence of dispatch of goods the shipping documentary bill are indispensable part of

documents. It is essential for the shipping documents to clearly sale the parties. The name and

address of the shipper, the name of consignee. Shipping documents must be drawn out in

prescribed from by valid shipping or airlines.

The quantity, description, weight and packing of the goods should agree with the invoices

documents must also clearly sale the route that the vessel or airline shall take. The route must be

signed and initials should be appears on it.

Sometimes the buyer through the documentary credit requests the sellers to certificate of origin

and packing list.

After submission of the documents to the negotiating bank seller is bound to receive his

payment. The bank on its part to also duly bound to make the payment however it is only

reasonable to allow the bank sufficient time to scrutinize the documents that exporter has

submitted.

If the bank finds the documents correct then the bank will make payment to the exporter after

confirming with the buyer’s bank. The necessary documents includes the L/C form normally

directly comes to the exporter and not to the bank. The exporter brings all these documents

comes from foreign banks either through telex or courier service then the documents are sorted

and test is applied and if it is correct, then stamp of test corrected without engagement on our

part is affixed. After examining the documents, the advising bank made a scrutiny sheet to check

the amount of L/C as well as amount of bill of exchange etc.

The advising bank certifies From-E after checking the invoices, L/C and the contract attached

with From –E. after certification from the bank the exporter then goes to the custom authorities

and makes certify form there and finally goes to the port for shipment.

E-Form.

Every exporter is required 10 furnish a declaration to customs authorities for goods exported.

This deceleration is submitted on a prescribed Form-E in quadruplicate which is certified by the

authorized Dealers.

1. Maintenance of Record of E-Form:

The Stock of E form is provided by the authorized dealers Head Office to the Exchange dealing

branches and the proper record is maintained in the E-form Stock Register the dealing branches

maintained two registers one for the purpose of issuance of 'E' form and the other for

certification of E-Form.

2. Issuance of E-Form:

Blank 'E' form in quadruplicate is issued to the exporter having an account with the branch

against little request. In case the exporter maintains his account at a branch other than the

exchange dealing branch, the request is routed through his branch. Before issue E-Form it is

ensured that the exporter has tendered the attested photocopies of required documents e.g. valid

export registration corticated, N.I.C., NTN, Challan Copy of renewal few paid. Credit report of

the exporter is also obtained to ensure the credit worthiness of the exporter. The set of E-Form

after completion of all formalities is then entered in the E-Form issuance register and

acknowledgement is obtained from the exporter or any authorized person of the exporter.

3. Certification of E-Form

Before lodgment of E-Form to custom authorities is requested to be certified by the authorized

dealers. When the quadruplicate set of E-Form is presented for certification the same is very

minutely scrutinized and following details are checked

1. Export registration number is correctly mentioned on the E-Form

2. Signatures of the exporters or his authorized signatory are duly verified at the counters.

3. E-Form should be correctly and properly filled in withiest any overwriting unauthentic

corrections etc.

The following columns should be properly filled

a) NTR NUMBER, Income Tax Circle, and CCI & E Register number and date.

NIC number with dale and place of issue.

I) Name and complete address of the exporter along with Telephone number.

II) Item of export showing quantity and that it is not a banned item.

III) Value of the: invoice mentioning the currency.

IV) Terms of payment e.g. C+F, C1F or FOB.

V) Country of export (destination) to ensure that the country where export is made is not a

restricted one e.g. Israel.

VI) Term of sale e.g. against Letter of Credit, firm contract or consignment safe. Whether on

sight basis or on usance basis. It terms is of usance are beyond i20 days, .Stale Bank of

Pakistan permission is also required to be obtained.

i) Mode of transportation.

j) Name and address of the foreign buyer (Importer).

Advance Payment

Sometimes the exporter may receive the payment for the item to be exported in advance without

waiting for documents in such a case the advance payment received for this purpose is required

to be declared by the exporter on the prescribed form. Advance payment voucher. A proceed

certificate is issued to the exporter. For such payments which is required to be produced at the

time of presentation of documents for negotiation.

Advance payment is certified on the reverse side of ‘E’ from under the seal and signatures of the

authorized dealer which is required for reporting to the state bank of Pakistan.

CERTIFICATION

After certifying the correctness of the E-' Form certification register in the folio allocated to each

exporter separately. Bank / branch stamp is filled beneath the duly certified are delivered to the

exporter or his authorized person.

Submission of 'E* Form:

After certification of 'E' form all the four copies are submitted by the exporter along with

shipping bill to (he customs authorities for clearance (^'consignment. Three copies of ‘E' form

are returned by the custom authorities retaining the original after endorsement of shipment on

relative portion on 'E' form. The duplicate copies retained by the exporter while the duplicate and

triplicate copies are submitted to the authorized dealers along with other documents for

negotiation within 14 days from the date of shipment. The bank retains the quadruplicate copy

for its record while the duplicate coy is surrendered to State Bank of Pakistan or realization

proceeds.

Utilization of ‘E’ Form

‘E’ form should invariably be utilized and received within 21 days from the date of certification

for 14 days from the date of shipment failing which the exporter is persuaded to submit without

further delay. In case the exporter does not respond to the requests, the matter is reported to State

Bank of Pakistan.

Cancellation of form ‘E’

‘E’ form is canceled is 2 ways.

1. If goods are not exported and ‘E’ form is not presented to the customs the authorities, the

same is surrendered to the cancellation which is recorded in the separate file duly

marked ‘canceled’.

2. If ‘E’ form has been tendered to customers authorities but the goods could not be shipped

due to non – availability of space in shop or due to any other reason, the exporter is

required to submit three copes of ‘E’ form along with original.

Shut out notice duly stamped and certified by customs to the bank. The bank submits all the

three copies along with shut out notice to the state bank of Pakistan under a covering letter

for cancellation and record at their end.

Collection mechanism explained diagrammatically.

COLLECTION MECHANISM

Collection Mechanism Step by Step

Step 1. Exporter and importer conclude sales contract.

Step 2. The exporter ships goods to the importer’s country.

Step 3. The exporter through a covering letter and lodgment form forwards his bill of

exchange along with the supporting commercial and transport documents to the

remitting bank.

Step 4. The remitting bank forwards the documents to its branch or correspondent bank in

the importer’s country called COLLECTING BANK, under cover of its collection

schedule called the COLLECTION BANK.

Step 5. The collecting bank if it is not the importer’s bank will forward the documents to

the importer’s bank for presenting them to the importer of payment or acceptance

of the bill of exchange, as the case may be.

Step 6. The importer pays the sight bill o9r accepts if it is a usance bill.

Step 7. The collecting bank (or the presenting bank if it is other than the collecting bank)

presents the accepted bill to the drawee (importer) on the maturity of the bill for

making payment.

Step 8. The collecting bank remits proceeds to the remitting bank.

Step 9. The remitting bank credits the proceeds to the exporter’s account.

IMPORT

v Opening the letter of credit

v For issuing the L/C bank requires sufficient funds in the account of importer.

v Scrutinize the documents receive from flowing bank under letter of credit. Account to UCP

500 and extending the credit facility to the importer informs FIM (finance against

imported merchandise) FATR (finance against trust receipt).

v Arrange forward cover booking regarding import payments

v Also arrange forward cover booking for letter of credit open other then ACBL

v Submission of monthly returns to SBP regarding the import on form I

CREDIT DEPARTMENT

Credit department deals with the extension of advances to individuals, companies etc. basic

function of credit department is to extend advances by checking carefully all the documents,

securities necessary for fulfilling the requirements which are necessary, for extending advances.

Incharge of the department is Mr. Shaukat Babar.

Types of Advances.

i) funded advances

ii) non funded advances

Funded Advances

Funded advances are those advances in which funds of banks are involved.

Term Finance.

Main features of term finance are

i) It is for proper time period. May be of one year, two year, and three year. House building

finance is including in term finance.

ii) Account will be debited only once adjustments are possible further but account will be

debited only once.

Secured Finance.

Financing against

Govt. securities i.e.

price bonds,

defense saving

certificate.

Documents Required.

L/C, demand promissory note, L/G.

Clean Finance.

These funds are extended against personal guarantee for salaries people.

Documents Required.

LC of Govt. salaries personal, letter of guarantee.

Revolving Facilities.

Proper limit is facility is called summing.

Types of Revolving Facility.

i) Running finance

ii) Cash finance.

Running Finance.

It is extended the business community and Govt. enterprises.

Cash Finance.

Cash finance against tangible securities.

Non Funded Advances.

Non funded advances in which bank funds are not involved e.g. L/C, L/G.

Credits policies & contract guidelines

Ø Directors determine the commercial credit activity of ACBL

Ø Delegation of authority to credit committee

Policies are as follows

Ø Credit principles

Ø Credit portfolio limits

Ø Credit approval

Ø Credit administration

Ø Credit monitoring

Objectives

Ø Provision of suitable credit services and products

Ø extension of credit is out compromising the rules and regulations

Performance

The advancement shall focus on the development enhancement of customer relationship

Administration

Administration should insure compliance that is all laws and regulations of regulatory authorities

loans / facilities and related security shall be closely and regularly monitored and reviewed at the

branch level. By a separate unit unconnected it credit approval.

Ø Total facilities

They must confirm it to the regulatory requirements.

Ø Term facilities

Aggregate term facilities in excess of one year should not exceed 30% of the total credit

portfolio

Ø Exposure to customer group

Credit facilities extended any one or group must not exceed the guidelines currently inforce by

the regulatory authorities.

Ø Unsecured facilities

Similarly the aggregate of all advances to a single person should not exceed the guideline.

Exposure against none funds based facilities. The aggregate of contingent or non-funds based

facilities should not exceed ten times paid up capital and open all resources.

Ø Financing against shares

Unsecured credit facilities will not be extended towards floatation of share capital listed

companies.

Ø Conditions

Borrowers liquidity ratio. The current ratio of the borrowers must be equal to or less then one.

The debt to equity ratio should not exceed 60:40.

Ø Credit reviews

All limits shall be subject to at least an annual review.

Ø Credit Approval.

The primary individual factor determining the quality of the bank’s credit portfolio is the ability

of each individual authority. Credit will be extended in accordance to the authority levels.

Approved by the BOD from time to time.

Ø Credit risk assessment

Prevention of criminal use of banking channels. Efforts should be made to determine the true

identity of a customer and in case of cash transactions the source of funds is established.

Ø Credit administrations

The principle amount of credit add are as follows

· Credit approval

· Credit file maintenance

· Facilities evidence

Ø Credit monitoring and review

§ Bank ACBL

§ Capital funds

§ Credit facilities / extensions

It means granting of financial accommodation or considerations to a customer, which incur the

back in monitory loss in the case of non payment or non performance by the customer.

Ø Secured Advances

Pledges, hypothecation, charges or mortgages on tangible readily realizable assets.

Ø Security is often an additional security over & above the assets. For example advance allowed

against stock in trade.

Ø Unsecured / clean

Which are not covered by any tangible security.

Ø Credit committee

Head office credit committee only

Objectives of Lending

In the modem economics, more than 90% business concern raises their funds from various

financial institutions to meet their multifold transaction. Actually it is very difficult for the

modem businessman to run his business on a huge scale solely. He has to float his shares to the

public or knock the doors of financial institutions, for example Bank. The most easy way to

make fund available to seek assistance by such agencies including Banks which have got surplus

funds and will to come to the assistance of producing units, and distributing units, and

exchanging units. This is the primary factor which toads towards lending of money by Banks. No

doubt, we cannot neglect the second factor profit orientation while running the credit business,

the single way for the bank to earn profit lies in lending money to the customer on comparatively

higher rate to mark-up that it gives to the depositors.

Principles of Lending

Apart from the instructions and directives sent by the state Bank of Pakistan, Muslim

commercial Bank, Ltd. Guided by three basic principles of profitability, safety, and dispersal.

1. Profitability

The management of Muslim Commercial Bank, ltd. Is very careful to seek advances where

advances can generate a higher return. Bank has to spend huge amounts on establishment,

payment of profit to depositors, salaries of the staff, other variable expenditure and to provide a

fair return to the share holders, it must therefore, earn profit.

2. Safety

Safety principle is very important. No one will take a risk of losing the principle in order to earn

profit. So bank will prefer to lend at lower rates than to risk his money for higher rates. For

making his advances safe, a bank select his borrowers cautiously. Safety does not necessarily

means the taking of security. It would be wise, not to lend however, good the security be if it is

clear that it will have to be realized for clearance the debt. Safety also employs the borrower's

ability to reply without difficulty. Another aspect of safety is the lenders legal right to claim

repayment from the borrower.

3. Liquidity and Disposal

In its simple definition liquidity means the easy convertibility of an asset into cash. But when we

speak of liquidity in relation to advances, it is rather different, It means the adjustment of

advances at a short notices. Bank advances are made in such a manner that they are repaid in

reasonable period so that the bank can make new advances. Dispersing the advances in

reasonable amount over a large number and types of borrower is necessary to avoid bid debt,

stick up by single or few borrowers. It is therefore, necessary to advance moderate sums to a

large number of customer engaged in different types of industries.

Selection of Borrowers

The selection of a reasonable and trustworthy borrower is complicated and at the same time very

sensitive task which requires decision-making power from the bank employees. In the words of

the manager of a branch of Muslim Commercial Bank, Ltd. "Good selection of borrowers does

the half task in the profit of the Bank. 'Bank do not through money away but every application is

tested carefully before being sanctioned.

To assist the Branch manager in this test, bank provides a performed, outlining the manner in

which a proposal should be put forward for consideration. If any specific information that is

required is not mention, it affects the proposal as a whole, making it appear weak or

inconvenience, it is therefore, necessary for credit officers to see that all relevant questions

following are, as far as possible completely and exhaustively answered.

Following are 6'C, S and 3P's, which are considered before lending:

1. Character

The bank get to know the customer we!! and be able to judge his intentions, for the bank shall be

entering into a contract with him involving the financing of his business. It is, therefore, common

and business senses to make sure that the other party to this contract will live up to his

obligations, this factor, therefore, contributes significantly to the safety of the advances, as it

relates to the willingness to repay under all circumstances. Particularly adverse circumstances.

Are the partners or directors of the business unit, which is seeking finance, persons who can be

relied upon as regards details of their proposal as will as promise of repayment? What is their

reputation in the market place for meeting their commitments in respect to prices & delivers to

purchasers and timely payment to their trade creditors? Confidential and tactful inquiries from

wholesalers, suppliers and other bankers are necessary to obtain this essential information.

2. Capacity

This factor relates to the ability of the borrower to manage his business successfully. Do they

have the necessary management, accounting and technical skills? And the degree of experience,

in the particular line of business for which the finance is required, to utilize the advance

productively and profitably, so that repayment is possible, along with our share of the profits?

This ability can be judge from the trading results. A study of the company's audited financial

statements for the past few years would real whether sales have deep growing, stagnating or

declining or declining. Similarly, the trends of gross & net profit margins indicate the

profitability or other wise of the business. The efficiency of the management can be Judge from

the turn-over ratios, collection of receivable and management of accounts payable.

3. Capital

The proportion of the borrower's own resources to the amount of finance is requested, is the next

point to receive the branch manager's attention.

Is the amount required in proportion to the borrower's capital and contribution to the project? Is

it within the powers of the borrower? In the case of a corporate customer, a check on the

memorandum & articles of association is necessary to ensure it is within prescribed limits. If the

amount describe to be borrowed is too large. Under the circumstances, can it be sagely reduced

to an acceptable & practicable level? Past experience has taught bank that it is unwise to lend

more than is actually required, as it sometimes has led to speculative uses of the surplus.

4. Cash Flow

The source of repayment should be ascertained at the beginning. As commercial banks, bank

advances must, be largely confirmed to provide short" term finances to business customer. Hence

financing the current assets of traders and manufactures. Would ensure that repayment would

normally come from the sale of inventory and the realization of account receivable of our

customers. If we are confident of the customer's ability to buy the right materials, at right

markets and be able to produce finished goods which can be readily sold, at a satisfactory profit,

there should be no doubt about repayment. Therefore, cash flow statements and profit projections

need to be submitted by the borrower and carefully evaluated by the credit officers.

5. Conditions

From quantitative and qualitative information the bank need, to examine the conditions which

the firm is operating. This requires identification of the factors that have up to now contributed

to the success of .the business, and to

Examine factors change has recently occurred or is likely to occur in the near future which will

adversely affect the profitability and prospects of the customs. Accordingly to nature and

prospects of the customers' business need to examine will it continue to prosper, or will

additional competitors or new competitors with the latest technology result in reduced profit

margins? Is the product essentially required, in a wide market with continued demand? The

industry conditions and the firm's place in industry and its market share need to be examined

demand? The industry conditions and the firm's place in the industry and its market share need to

be examined. An important quality here is the management's tendency to look and think ahead to

anticipate and adapt to change by diversification or otherwise, which will instill confidence in

the banker. For this purpose, it is necessary to maintain & update at the time of renewing the

advances.

6. Collateral

Since the bank is lending money, which it has, received form depositors, the bank must ensure

that there is a second way out. Security is, therefore, taken as a form of insurance. In case the

business plans of the borrower, do not work out, due to circumstances or developments beyond

his control.

It is the final safe and credit officer should be able to identify appropriate assets, which would

most suitably serve as security, in the given circumstances. The qualities which constitutes a

good banking security are transferability i.e. whether a valid charge should be created by the

borrower over his asset in favor of the bank should be such that the bank can obtain a good title

with minimum formality and expense. Its value should be easily ascertainable and stable. It

should be easily realized, in case of nee. Finally security be obtained & formalities completed

before the finances is disbursed.

7. Purpose

Credit resources are scarce but have alternate uses- The unity's needs demand that banks put

them to the best possible for which the finance will be used, within the credit policy the bank? In

conformity with the country's laws, credit control and exchange control requirements. Is it a

desirable one from the economic and banking viewpoint? Is it for productive of emulate

purpose?

In short, they're in need to ensure mat the purpose is conductive & within the borrower's normal

sphere of business activities and scale operations.

8. Period

Short-term advances are favored that is for not more than a year, renewable each year, if still

justified. Accordingly the most usual purpose is to assist manufacturing and trading customers in

their need to purchase current assets in line with their production or trading cycle, and seasonal

loans for agricultural purposes.

Being a developing country, EBI do grant medium-term loans but to a limited extent, for the

fixed- asset financing need industrial customers.

CREDIT CARD DEPARTMENT

Mr. Ali Gardezi deals this department. Credit card is also called Plastic Money. In modern world

it is modern mode of money transaction because it is easy to carry. There are two procedures for

issuing credit cards. One for the existing customers and other for new customers.

PROCEDURE FOR ISSUANCE OF CREDIT CARD.

1. Essential documents are obtained from the customer which are:

a. National ID Card

b. Statement of Accounts of last 3 months.

c. Three Photographs

d. Hypothecation agreement

e. Prove of income.

f. Letter of Lien.

g. Letter of set off.

h. Direct Debt Authority

i. Latest Financials of the Company.

j. Customer Guarantee.

2. American companies are Visa Card and Master Card. ACBL has the facility of master

card only. They have to sent their credit cards, they have given the authority of master

cards to two banks. First is City Bank and second is Bank of America. ACBL has the

agreement with City Bank. ACBL takes master card from city bank and then issue to the

customer.

3. ACBL takes the yearly fee, interest fee, late payment fee, credit sale fee for issuance of

the card. ACBL also pays certain percentage to City Bank.

4. City Bank has the authority for the master cards for applying credit cards, master cards

certain limit is mentioned.

ASKARI MASTER CARDS.

1. ACBL is incorporated under the companies ordinance 1984. Card means applicable

master card, visa card issue by the bank to the account holder. But ACBL is issuing only

master cards.

2. Card center means credit division which is in Rawalpindi.

3. Card holder means primary card applicant.

4. Card account means master card and visa card accounts opened by the bank for the

purpose entering debt.

5. Credit advances means an include any amount sanctioned and advance by the bank. On

the request of card holder the determination of such cash advance shall however be at the

discretion of the bank.

6. Credit limit means the maximum limit permitted by the bank on the card account for the

applicable card. In ACBL limit is for 40 days and after 40 days the card holder must have

to pay 10% of the total expenditures. 5 days are grace period.

He told me that the bank is authorized to issue the credit card of two companies, which are under

bank of America.

v Master Card

v Visa Card

But due unavailability of visa card machine in Multan, ACBL Multan branch deals n only Master

Card.

There are following types of master card.

v Silver card

v Gold card

These are different due to their credit amount limit. For example for silver card, cardholder

can take the maximum amount ranging between Rs. 30,000 to Rs, 200,000. For gold

cardholder this limit has been extended to Rs. 300,000.

ISSUING CHARGES

When the card is given to cardholder, there are certain fee charges to by the bank, which is

different for different cards.

v Local cardholder is charged Rs. 1200 but if the cardholder is Army officer there is

special discount for him. And he is special charged Rs. 750.

v Silver cardholder is charged Rs. 2500.

v Gold cardholder is charged Rs. 3500.

ISSUING PROCEDURE

Credit card is issued to three types of parties.

v Professional (Govt & private officers)

v Business man

v Landlord.

PROFESSIONALS

For professionals bank require

v Authorized letter from the concerned organization in which he works. This letter shows all

particulars about the person, on the basis of these particulars; bank open on account and

some feasible amount is required.

BUSINESS MAN

In the case of businessman bank need

v Balance sheet of businessman.

v Type of business.

v Turnover of 5 years.

And then when it is sured that the business has the ability to cover the expenses of credit card

and to pay it at any time, the bank issues the credit card.

Land Lord

In the case, the person is totally new, and the bank doesn’t know anything about him. For this

bank need an account having the amount over and above the credit card limit of that credit card.

Usually, there is more chance of default in this case; so, the bank avoids issuing credit card to

that person.

PAYMENT PROCEDURE

The cardholder should have to pay all the amounts what he has consumed. But in order to

facilitate the cardholder, 5% is the minimum limit that the bank requires and that should be paid

monthly. If you paid only 5% then 2% interests will be charged on remaining amount and it is

added into the next month payments.

If that 5% is not paid then Rs. 100 are the additional charges charged to the next month payment

apart form the 2% interest.

TODAY’S POSITION OF BANK

RECOMMENDATION

During my internship, what I feel should be there are:

v Human Resources Department should be there in order to motivate and trained the

employees. I have noted some dissatisfaction among the employees, due to in efficient

promoting system. So the bank should provide clean and on the merit basis promotion

system.

v The bank is now over staff. The building under operation is in adequate for such a large

staff. So the building should be extended LATTER

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