trade finance if group 2
TRANSCRIPT
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Trade Finance- An International Finance Presentation
Group 2:Ayan Bose (07)
Sunmeet Kaur (21)
Tanushree Maheswari (31)
Meenu Mittal (34)
Devyani Pradhan (39)
Ketan Shah (45)
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Agenda
Export Facilities
Pre- Shipment Finance
Post-Shipment Finance
Documentary Credit
Documentary Collections Clean Collections
Documentary Collections
Factoring Forfaiting
Foreign Exchange Contract
Marine Cargo Insurance
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Pre-Shipment Finance
Working capital finance extended to anexporter for the purchase of rawmaterials, processing, manufacturing,assembling and/or packing of goodsmeant for export. It is popularlyknown as packing credit.
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Pre-shipment Finance - Forms
Pre-shipment finance is extended in thefollowing forms :
Packing Credit in Indian Rupee Packing Credit in Foreign Currency
(PCFC)
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Pre-Shipment Finance-Period ofAdvance
Depend upon the circumstances of the individualcase, such as the time required for procuring,manufacturing or processing (where necessary) andshipping the relative goods / rendering of services.
If pre-shipment advances are not adjusted bysubmission of export documents within 360 daysfrom the date of advance, the advances will cease toqualify for concessive rate of interest to the exporter.
RBI would provide refinance only for a period notexceeding 180 days.
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Eligibility for Packing Credit
Available to all exporters, merchantexporters or export houses, manufacturerexporter, manufacturers of goodssupplying to Export Houses
An exporter should usually hold an exportorder or letter of credit in his own nameto perform an export contract.
Exporter should not be in the caution list of
RBI Running Account Holders are also eligible
to this facility
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Pre-Shipment Finance-Quantum ofFinance
The advance should not exceed the FOB value of thegoods or their domestic cost, which ever is less.
Disbursement of Packing Credit: Advances should notbe disbursed in lump sum amounts, instead they should be
disbursed in a phased manner taking into account specificpurpose and needs of the exporter, shipment schedules,production cycle and other aspects. Each packing creditsanctioned is to be maintained as separate account for thepurpose of monitoring period of sanction and end-use of
funds.
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Pre-Shipment: Liquidation ofFinance
Proceeds of bills drawn for the exportedcommodities on its purchase, discount etc.(conversion of pre shipment credit into post-shipment credit).
Repaid/prepaid out of balances in EEFC A/c
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Pre-shipment Credit ForeignCurrency (PCFC)
The Scheme is an additional window for providing pre-shipment credit. The objective is to make creditavailable to exporters at internationally competitiverates. It will be applicable to only cash exports.
To enable the exporters to have operationalflexibility, it will be in order for banks to extend PCFC inone convertible currency in respect of an export orderinvoiced in another convertible currency. For example, anexporter can avail of PCFC in US Dollar against an export
order invoiced in Euro. The risk and cost of cross currencytransaction will be that of the exporter.
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Source of Funds for Banks
The foreign currency balances available with the bank in ExchangeEarners Foreign Currency (EEFC) Account, Resident ForeignCurrency Accounts RFC(D) and Foreign Currency (Non-Resident)Accounts (Banks) Scheme.
Foreign currency borrowings
Spread - The lending rate to the exporter should not exceed 1.00percent over LIBOR excluding withholding tax. LIBOR rates arenormally available for standard period of 1, 2, 3, 6 and 12 months.Banks may quote rates on the basis of standard period if PCFC isrequired for periods less than 6 months.Banks may collect interest onPCFC at monthly intervals against sale of foreign currency or out ofbalances in EEFC accounts or out of discounted value of the exportbills if PCFC is liquidated.
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PCFC- Period of Credit
The PCFC will be available for a maximum period of 360days. Any extension of the credit will be subject to the sameterms and conditions as applicable for extension of rupeepacking credit and it will also have additional interest cost of200 basis points above the rate for the initial period of 180days prevailing at the time of extension.
Further extension will be subject to the terms and conditionsfixed by the bank concerned and if no export takes placewithin 360 days, the PCFC will be adjusted at T.T. sellingrate for the currency concerned.
For extension of PCFC within 180 days, banks are permitted
to extend on a fixed roll over basis of the principal amount atthe applicable LIBOR rate for extended period pluspermitted margin 200 basis points over LIBOR
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Liquidation of PCFC Account
PCFC can be liquidated out of proceeds of exportdocuments on their submission fordiscounting/rediscounting under the EBR Scheme.
Packing credit in excess of F.O.B. value- PCFC would
be available only for exportable portion of the produce.
In case of cancellation of export order, the PCFC can beclosed by selling equivalent amount of foreign exchangeagainst Rupee at TT selling rate prevalent on the date of
liquidation.
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Interest Rate
Source: RBI Master circularon Export Credit
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POST SHIPMENTFINANCE
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Post Shipment Finance
Post Shipment Finance is a kind ofloan provided by a financialinstitution to an exporter or selleragainst a shipment that has already
been made. Post shipment finance is provided to
meet working capital requirementsafter the actual shipment of goods.
Thus finance provided after shipmentof goods is called post-shipmentfinance.
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Features
Basis of FinancePost shipment finances is provided againstevidence of shipment of goods or suppliesmade to the importer or any other
designated agency
Quantum of FinancePost shipment finance can be extended up to
100% of the invoice value of goods.
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Contd..
Period of Finance short terms or long term,
depending on the payment termsoffered by the exporter to theoverseas importer.
cash exports:maximum periodallowed for realization of exports
proceeds is six months from the dateof shipment
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Types of Export Buyer's Credit
Post shipment finance can be provided forthree types of export : Physical exports: Finance is provided to the
actual exporter or to the exporter in whosename the trade documents are transferred.
Deemed export: Finance is provided to thesupplier of the goods which are supplied tothe designated agencies.
Capital goods and project exports: Financeis sometimes extended in the name ofoverseas buyer. The disbursal of money isdirectly made to the domestic exporter.
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IMPORTANCE OF FINANCE AT POST-SHIPMENT STAGE:
To pay to agents/distributors and others fortheir services. To pay for publicity and advertising in the
over seas markets To pay for port authorities, customs and
shipping agents charges To pay towards export duty or tax To pay for freight and other shipping
expenses To pay towards marine insurance
premium, under CIF contracts. To meet expenses in respect of after sale
service.
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Contd
To pay towards expenses regardingparticipation in exhibitions and tradefairs in India and abroad.
To pay for representatives abroad inconnection with their stay board
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FORMS/METHODS OF POSTSHIPMENT FINANCE
Export bills negotiated under L/C: exporter can claim post-shipment finance
by drawing bills or drafts under L/C
necessary documents as stated in the L/C
bank negotiates the bill and advance isgranted to the exporter
Advance against claims of Duty Drawback (DBK)
DBK means refund of customs duties paid
on the import of raw materials, components,parts and packing materials used in theexport production.
banks grants advances to exporters at lowerrate of interest for a maximum period of 90
days.
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Contd
Advance against Undrawn Balance: leave small part undrawn for payment afteradjustment due to difference in rates, weight,quality etc
Advance against Deemed Exports:Specified sales or supplies in India are
considered as exports and termed as deemedexports
Credit is offered for a maximum of 30 days
Advance against Deferred payments: In case of capital goods exports, the exporter
receives the amount from the importer ininstallments spread over a period of time.advances at concessional rate of interest for 180
days.
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Contd..
Advance against export onConsignment basis:
Bank may choose to financewhen the goods are exported onconsignment basis at the risk ofthe exporter for sale and eventualpayment of sale proceeds to him
by the consignee. Advanceagainst Undrawn Balance
i
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Trade transactions handled byBanks:
Documents underDocumentary Credit
Documents not under documentary creditalso known as Documentary Collections
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In international trade, the followingmethods of settling payment are themost common:
by cheque
by transfer
by collection
by documentary credit (D/C), which isknown also as a letter of credit (L/C)
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What is a Documentary Credit
A written undertaking by a bank (IssuingBank) Given to the seller (Beneficiary) Acting upon the request and instructions
of a customer (the Applicant),
To pay -: at sight, or at a determinable future date up to a stated sum of money within a stated time limit,
against stipulated documents, and in compliance with the terms and conditions
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By using a documentary credit, an exporter
is certain of receiving payment at theagreed time, and of having a source offinance.
The importer, who is the party arrangingfor the issue of the documentary credit, willoften obtain advantages such as a reduction
in price, a source of finance(credit) andprompt delivery.
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Types of documentary credit
Irrevocable credits The vast majority of documentary credits is issued as irrevocable
credits. According to the Uniform Customs and Practice forDocumentary Credits, a credit will be revocable only if it isexplicitly defined as revocable.
An irrevocable credit cannot be revoked or amended without the
consent of all the parties to it.
Confirmed irrevocable documentary credits A confirmed irrevocable documentary credit is a documentary
credit to which the advising bank has added its confirmation. Byadding its confirmation to the credit the exporter's bank incurs an
irrevocable obligation to pay against presentation of conformingdocuments. A confirmed irrevocable credit gives the exporter who presents
conforming documents protection against political and financialrisks arising from conditions in the importer's country, andassurance of payment for the goods supplied.
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Two types of Collections
1. Clean collections The collection of a financial document
(such as a Bill of Exchange, Promissorynote) only.
2. Documentary collections whichconsist of:
Documents against payment Documents against acceptance
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Documentary Collections
A documentary collection is an instructionfrom an exporter (seller or supplier) to aremitting bank (usually the exporters local
bank) to collect payment immediately, or at afuture date, from an importer (buyer)against delivery of the relevant commercial
documents.
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Documentary Collection
A- Outward Collections: The bank obtains payment offinancial and/or commercial documentation froman overseas importer on behalf of an exporter. Theexporter may or may not be a customer of the bank
B-Inward Collections: The bank assists acorrespondent bank abroad to obtain payment ofBills of Exchange or Promissory note or cheques
from an importer on behalf of a foreign supplier.The importer may or may not be a customer of thebank.
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Types of documents required
Financial Documents: A Bill ofExchange, Promissory note, etc.
Commercial Documents: A documentof title such as Bill of Lading, invoice,insurance policy and possibly other
documents such as Certificate ofInspection or Certificate of Origin
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Which one is Riskier? Documents against acceptance is Riskier than Document
Against Payment.
Under DPSeller keeps control of goods until buyer pays. If buyerrefuses to pay, seller can
take the buyer to court,, or find another buyer in the importer's country,, or arrange for sales by auction ship back to sellers country..
Under DA Buyer signs, promising to pay the bill at a fixed future date.
Documents released. Seller effectively loses control of the goods from that point
onwards and runs following risks: buyer might refuse payment saying goods not to satisfaction or cheat or become insolvent.
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Factoring
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DEFINITION
Financial transaction
business job sells its accounts
receivable (i.e., invoices) third party (called a factor)
discount in exchange for immediatemoney with which to finance
continued business.
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The three parties directly involved are:the one who sells the receivable (client) ,the debtor, and the factor.
The receivable is essentially a financial
asset associated with the debtor'sliability to pay money owed to the seller
A Factor is, a Financial Intermediarythat buys invoices of a manufacturer
or a trader, at a discount, and takesresponsibility for collection ofpayments.
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PROCESS INVOLVED
Client concludes a credit sale with a customer.
Client sells the customers account to the Factor andnotifies the customer.
Factor makes part payment (usually up to 80% of invoicevalue) against account purchased, after adjusting forcommission and interest on the advance.
Factor maintains the customers account and follows up forpayment.
Customer remits the amount due to the Factor.
Factor makes the final payment to the Client when theaccount is collected or on the guaranteed payment date.
CHARGES FOR FACTORING
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CHARGES FOR FACTORINGSERVICES
Factor charges Commission (as a flatpercentage of value of Debts purchased)(0.50% to 1.50%)
Commission is collected up-front.
For making immediate part payment,interest charged. Interest is higher thanrate of interest charged on Working CapitalFinance by Banks.
If interest is charged up-front, it is calleddiscount.
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TYPES OF FACTORING
Recourse Factoring
Non-recourse Factoring
Maturity Factoring
Cross-border Factoring
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RECOURSE FACTORING
Upto 75% to 85% of the Invoice Receivable isfactored.
Interest is charged from the date of advance to thedate of collection.
Factor purchases Receivables on the condition thatloss arising on account of non-recovery will be borneby the Client.
Credit Risk is with the Client.
Factor does not participate in the credit sanctionprocess.
In India, factoring is done with recourse.
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NON-RECOURSE FACTORING
Factor purchases Receivables on the conditionthat the Factor has no recourse to the Client, ifthe debt turns out to be non-recoverable.
Credit risk is with the Factor.
Higher commission is charged.
Factor participates in credit sanction processand approves credit limit given by the Client tothe Customer.
In USA/UK, factoring is commonly donewithout recourse.
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MATURITY FACTORING
Factor does not make any advance paymentto the Client.
Pays on guaranteed payment date or oncollection of Receivables.
Guaranteed payment date is usually fixedtaking into account previous collectionexperience of the Client.
Nominal Commission is charged.
No risk to Factor.
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CROSS - BORDER FACTORING It is similar to domestic factoring except that there are four
parties, viz.,
a) Exporter,b) Export Factor,
c) Import Factor, and
d) Importer.
It is also called two-factor system of factoring.
Exporter (Client) enters into factoring arrangement withExport Factor in his country and assigns to him exportreceivables.
Export Factor enters into arrangement with Import Factorand has arrangement for credit evaluation & collection ofpayment for an agreed fee.
Notation is made on the invoice that importer has to makepayment to the Import Factor.
Import Factor collects payment and remits to Export Factorwho passes on the proceeds to the Exporter after adjusting hisadvance, if any.
Where foreign currency is involved, Factor covers exchange
risk also.
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FACTORING v/s BANK LOAN
The emphasis is on the value of thereceivables (essentially a financialasset), not the firms credit
worthiness.
Factoring is not a loan it is thepurchase of a financial asset (thereceivable).
A bank loan involves two partieswhereas factoring involves three.
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FORFAITING
Forfaiting is a mechanism by which the rightfor export receivables of an exporter (Client)is purchased by a Financial Intermediary
(Forfaiter) without recourse to him.
It is different from International Factoring inas much as it deals with receivables relating to
deferred payment exports, while Factoringdeals with short term receivables.
F F NG
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FORFAITING (contd)
Exporter under Forfaiting surrenders his right for claimingpayment for services rendered or goods supplied to Importerin favour of Forefaiter.
Bank (Forefaiter) assumes default risk possessed by theImporter.
Credit Sale gets converted as Cash Sale.
Forfaiting is arrangement without recourse to the Exporter(seller)
Operated on fixed rate basis (discount)
Finance available upto 100% of value (unlike in Factoring)
Introduced in the country in 1992.
MECH N C OF FORF T NG
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MECHANICS OF FORFAITING
EXPORTER IMPORTER
FORFAITER AVALLING BANK
HELD TILL MATURITY
SELL TO GROUPS OF INVESTORS
TRADE IN SECONDARY MARKET
ESSENTIAL REQUISITES OF
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ESSENTIAL REQUISITES OFFORFAITING TRANSACTIONS
Exporter to extend credit to Customers for periodsabove 6 months.
Exporter to raise Bill of Exchange covering deferredreceivables from 6 months to 5 years.
Repayment of debts will have to be guaranteed byanother Bank, unless the Exporter is a Government
Agency or a Multi National Company.
CHARACTERISTICS OF
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CHARACTERISTICS OFFORFAITING
Converts Deferred Payment Exports into cashtransactions, providing liquidity and cash flow toExporter.
Absolves Exporter from Cross-border political or
conversion risk associated with Export Receivables.
Finance available upto 90% (as against 75-80% underconventional credit) without recourse.
Acts as additional source of funding and hence does nothave impact on Exporters borrowing limits. It does notreflect as debt in Exporters Balance Sheet.
Provides Fixed Rate Finance and hence risk of interest
rate fluctuation does not arise.
CHARACTERISTICS OF
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CHARACTERISTICS OFFORFAITING (contd.)
Exporter is freed from credit administration.
Provides long term credit unlike other forms of bankcredit.
Saves on cost as ECGC Cover is eliminated.
Simple Documentation as finance is available againstbills.
Forfait financer is responsible for each of the Exporterstrade transactions. Hence, no need to commit all of his
business or significant part of business.
Forfait transactions are confidential.
COSTS INVOLVED IN
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COSTS INVOLVED INFORFAITING
Commitment Fee:- Payable to Forfaiter by Exporterin consideration of forefaiting services.
Commission:- Ranges from 0.5% to 1.5% per annum.
Discount Fee:- Discount rate based on LIBOR for theperiod concerned.
Documentation Fee:- documentation fees are alsoinvolved.
Service Charges:- payable to Exim Bank.
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FACTORING vs. FORFAITING
POINTS OFDIFFERENCE FACTORING FORFAITING
Credit Worthiness Factor does the credit rating incase of non-recourse factoringtransaction
The Forfaiting Bank relieson the creditability of theAvalling Bank.
Services provided Day-to-day administration ofsales and other allied services
No services are provided
Recourse With or without recourse Always without recourse
Sales By Turnover By Bills
C d
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Continued
Point of Difference FACTORING FORFAITING
Scrutiny Service of SaleTransaction
Individual SaleTransaction
Extent of
Finance
Upto 80% Upto 90%
Recourse With or Without RecourseWithout Recourse
Term Short Term Medium Term to LongTerm
STAGES INVOLVED IN FORFAITING
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STAGES INVOLVED IN FORFAITING:-
Exporter approaches the Facilitator (Bank) for obtainingIndicative Forfaiting Quote.
Facilitator(Bank) obtains quote from Forfaiting Agenciesabroad and communicates to Exporter.
Exporter approaches importer for finalising contract dulyloading the discount and other charges in the price.
If terms are acceptable, Exporter approaches theFacilitator(Bank) for obtaining quote from Forfaiting
Agencies.
Exporter has to confirm the Firm Quote.
Exporter has to enter into commercial contract.
Execution of Forfaiting Agreement with Forefaiting Agency.
STAGES INVOLVED IN FORFAITING:- (contd )
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STAGES INVOLVED IN FORFAITING:- (contd..)
Forfaiter commits to forefait the BoE, only against ImporterBanks Co-acceptance. Otherwise, LC would be required to be
established.
Export Documents are submitted to Bank duly assigned infavour of Forfaiter.
Bank(Exporters) sends document to Importer's Bank andconfirms assignment and copies of documents to Forefaiter.
Importers Bank confirms their acceptance of BoE to Forfaiter.
Forfaiter remits the amount after deducting charges.
On maturity of BoE, Forfaiter presents the instrument to theBank(Importer) and receives payment.
WHY FORFAITING HAS NOT
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WHY FORF I ING H S NODEVELOPED
Relatively new concept in India. Depreciating Rupee
No ECGC Cover
High cost of funds
High minimum cost of transactions (USD 250,000/-)
RBI Guidelines are vague.
Very few institutions offer the services in India.Exim Bank alone does.
Long term advances are not favored by Banks ashedging becomes difficult.
Lack of awareness.
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Foreign Exchange Contract
D fi iti
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Definition
A foreign exchange contract is a firmand binding contract between thecustomer and the bank for thepurchase or sale of a specific quantity
of foreign currency at a rate ofexchange fixed at the time of makingthe contract for performance bydelivery and payment at an agreed
future time.
I t f thi t t
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Importance of this contract.
This is to protect the bank, for in thefluctuations in exchange rates the bank may losemoney if it had bought or sold currency to meetthe customer's requirements which is notsubsequently taken up by him.
If exchange rates fluctuate it is possible for anexporter or importer who has transactions tocarry out in foreign currencies to lose throughmovements in rates of exchange between thetime of shipment of goods and the payment forthem.
F d h t t
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Forward exchange contract
Exchange risk can, however, beavoided if the merchant covershimself by taking out a forwardexchange contract with his bank.
If currency value depreciate: Loss can be avoidedas exporter will receive payment at a rate at thetime of contract and not at present value.
If currency value appreciate: Exporter wouldreceive less for his currency under the forwardcontract than he would in the spot market. In thiscase exporter will loose the chance of makingprofit more.
Risk remains
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Risk remains..
Customer may not be able to fulfill it.
Probable solution.
Consequently limits are required for this type ofbusiness and the customer's credit-worthinessshould be evaluated like any other facility.
Depending on the standing of the customer thebank may therefore ask for a cash marginequivalent to a certain percentage of theoutstanding balance of the currency to bepurchased or sold by the bank.
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Cargo Insurance
Three types
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Three types
Marine Cargo Insurance
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Marine Cargo Insurance
Marine cargo insurance is the most commonamongst all because a great majority of goods istransported by conventional ships or containerliners.
Removing the burden of risks from the
shoulders of the goods owners. Without this protection, difficulties would arise
between seller and buyer in their trading. Increased responsibilities may fall on carriers
and freight charges would increase.
Businessmen would be forced to think morecarefully about every project.
Who should apply for insurance
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pp y
Depending upon the terms of salescontract, insurance is either theresponsibility of the exporter or theimporter.
Example:CIF
Exporter is responsible to insure for the benefitof the buyer until goods arrive and are unloadedat the port of destination
FOB or CFR Importer is responsible to insure from the time
the goods are loaded on the seagoing vessel.
International trade insurance
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documents
The main documents are:
Insurance Policy Open Cover Policy
Insurance Certificate
1 Insurance Policy
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1.Insurance Policy
Once an insurance arrangement hasbeen made, the insurance companywill issue an Insurance Policy to showthat the goods have been insured.
An Insurance Policy gives completedetails of the terms and conditions ofthe insurance arrangement.
2 Open Cover Policy
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2. Open Cover Policy
Where a trader imports/exports
goods on a regular basis, he can takeout what is known as an Open CoverPolicy (OCP).
An Open Cover Policy covers allshipments up to a ceiling limit pershipment and under the same termsand conditions.
Under an OCP the insured mustadvise the insurance company of thedetails of each shipment and thepremium is calculated upon the
declared values.
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3.Insurance Certificate
Once an OCP has been arranged theinsured is automatically insured for eachshipment, against the risks specifiedunder the OCP. If anything happens, hewill be reimbursed up to the amount
agreed per shipment.
The insured may be authorized to issue apre-printed Insurance Certificate that
essentially describes the shipment andmakes reference to the Open CoverPolicy, the actual written contract.
Institute Cargo Clauses
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Institute Cargo Clauses
Institute Cargo Clause A
Institute Cargo Clause B
Institute Cargo Clause C Institute War Clauses (Cargo)
Institute Strikes Clauses (Cargo)
Clause A
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Clause A
Goods Covered Perils Insured Exclusions
Manufactured goods,new machinery,garments,electrical
packagedcommodities, etc.
All risks of physicalloss of or damage togoods.
Willful misconduct of InsuredOrdinary leakage, loss in weight,wear and tearInsufficiency or unsuitability of
packingInherent viceDelayInsolvency or financial default ofowner or charterer of vesselUn-seaworthiness of vessel if knownWar and Strikes
Nuclear Fission
Clause B
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Clause B
Goods Covered Perils Insured Exclusions
Wheat,cement, glass sheetsused machinery
Fire or explosionVessel being stranded, sunk orcapsizedOverturning or derailment of theland conveyanceCollision of vessel or conveyanceGeneral averageJettison or washing overboardEarthquake, volcanic eruption orlightningEntry of sea, lake or river waterinto vessel craft hold in which the
goods are locatedTotal loss of package duringloading onto or unloading fromvessel or craft.Discharge of goods at port ofdistress
Same as InstituteCargo Clauses (A),plus deliberatedamage
Nuclear Fission
Clause C
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Clause C
Goods Covered Perils Insured Exclusions
Steel,timber, loose grains (i.e. theftis unlikely).
Fire or explosionVessel being stranded, sunk orcapsizedOverturning or derailment ofland conveyance
Collision of vessel orconveyanceGeneral averageJettisonDischarge of goods at port ofdistress
Same as InstituteCargo Clauses (A),plus deliberatedamage
Nuclear Fission
Institute War Clauses (Cargo)
-
8/4/2019 Trade Finance if Group 2
78/80
Institute War Clauses (Cargo)
This insurance covers loss of or damage to the goods
caused by war, civil commotion, revolution, rebellion,capture or detainment, mines, torpedoes or bombs.
It excludes:
Willful misconduct of insured Ordinary leakage, loss in weight, wear and tear Insufficiency or unsuitability of packing Inherent vice Delay Insolvency or financial default of owner or charterer of
vessel Any claim on loss or frustration of the voyage Un-seaworthiness of vessel if known Nuclear Fission
Institute Strikes Clauses (Cargo)
-
8/4/2019 Trade Finance if Group 2
79/80
Institute Strikes Clauses (Cargo)
This insurance covers loss of or damage to the goodscaused by strikers, locked-out workmen, or personstaking part in labor disturbances, terrorists, riots orcivil commotion.It excludes: Willful misconduct of insured
Ordinary leakage, loss in weight, wear and tear Insufficiency or unsuitability of packing Inherent vice Delay Insolvency or financial default of owner or charterer of
vessel
Loss or damage or expense arising from absence, shortageor withholding of labor
Any claim on loss or frustration of the voyage War Un-seaworthiness of vessel if known Nuclear Fission
-
8/4/2019 Trade Finance if Group 2
80/80
Thank You!