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INFOImports | |
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The modules of the system
shown in the block diagram previously, are detailed for better understanding. |
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| IMPORT LC | |||||
| Banks are required to issue letters of credit in
favour of the beneficiary at the request of their customers. LC's can be opened for foreign or inland transactions. Also, LC's once issued can also be amended at a later date. Issuance - The Imports system allows the Bank to capture all the details required while issuing an LC at the request of it's customer. Amendment - Amendment of an LC involves changes in terms and conditions of the LC. The system allows the user to change certain terms of the LC and maintains an Audit Trail of all such amendments. |
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| INWARD BILLS | |||||
| Inward Bills under LC - On receiving the bill drawn
under an LC, the issuing bank scrutinises it to ensure that the bill is conformance with the terms of the LC. On conformance the bank arranges for payment of the same. Inward Bills for Collection - The system provides a facility to record and process inward bills received on collection basis. These bills are either drawn under buyer/ seller contracts or under Lcs. |
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| SHIPPING GUARANTEE | |||||
| When the arrival of goods preceeds the receipt of
the bill of lading and the importer needs to take delivery of goods, the bank issues a Shipping Guarantee in favour of the shipping company at the buyers request. This functionality is handled through the Shipping Guarantee module. |
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| CORE SYSTEM | |||||
| Accounting entries are generated based on the accounting
rules defined. Charge entries are also generated based on the charges defined for the transaction. SWIFT messages can be generated based on the pre-defined message template. On validation of the transaction by the supervisor, the transaction is marked as signed. |
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| REPORTS AND ENQUIRIES | |||||
| The system can generate related advices and letters,
pre-defined by the user. Some of the reports generated by the system are, FIBC Ledger, Bills Register, Bills Crystallised, Unpaid FIBC reminder, Bill Advice, Delivery Order, etc. |
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