Banking News

Author Archives: Surendra Naik

  • Forensic audit in banks

    Forensic audit in banks

    Forensic audit is a process of conducting the audit of an organization or of an individual’s financial information, to produce the same as evidence in the court. The forensic auditor’s report may help to nail and prosecute the parties involved in fraud, embezzlement or for other types of financial…

  • Legal audit in banks

    Legal audit in banks

    Legal audit is normally used by insurance and other users of legal services, by appointing an auditor to check the documentation of expenses for which the lawyer and the law firm has billed. The auditors not only reviews the fees charged by the law firm according to billing standards…

  • E-Commerce explained

    E-Commerce explained

    Definition of e-commerce: Buying and selling of goods including digital products* and services through electronic channels such as internet are called e-commerce. *Any products that are stored, delivered and used in its electronic format are called digital products. These products are shipped electronically to the consumer through the internet.…

  • What is E-Wallet?

    What is E-Wallet?

    E-wallet or digital wallet basically refers to a prepaid virtual wallet used for making online transactions including purchase something at a store, through a computer or a smartphone. An individual registering and create e-wallet profile with the service provider has to upload requisite amount in his /her e-wallet through…

  • How to open HUF Bank account?

    How to open HUF Bank account?

    HUF is the acronym to Hindu Undivided Family. An HUF can be formed by members of a family, wherein the members are lineal ascendants or descendants of Hindus, Buddhists, Jains, and Sikhs religions. The eldest member becomes the Karta of HUF. Other members of the family are called coparceners.…

  • Eligibility norms for bank finance to exporters

    Banks extend export credits to exporters of goods and services, where the loans are released for procuring, Packing processing (where necessary), manufacturing and finally for packing of goods. The credit facility is also available to service providers for the working capital requirement like the purchase of consumables, wages, and…

  • Export credit facility for service exporters

    The Exporters of services may seek finances from banks for their requirements to buy consumables, supplies, and wages. Such exporters shall register with the Electronic and software Export Promotion Council or Services Export Promotion Council or with Federation of Indian Export Organizations, as applicable to their unit to be…

  • Packing Credit- Running Account

    Packing Credit- Running Account

    In the cases of commodity exports, the exporters have to procure raw material, manufacture the export product and keep the same ready for shipment, in anticipation of export orders from the overseas buyers. This is in view of, seasonal availability of raw materials or when the time taken for…

  • Crystallization of import bills under LC

    Crystallization of import bills under LC

    The process of converting foreign currency liability of the importer into Indian Rupee liability is called crystallization of import LC bills. The idea behind crystallization of import bills is to transfer the probable exchange risk of non-retired bill amount in foreign currency to the importer. An LC can be…

Latest Tweets

error: Content is protected !!