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ECGC IS Export Credit Guarentee Corporation of Inda.It funtions under Minstery Of Commers and Industry and managed by Bord of Directors
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Long form of ECGC?
Export Credit Guarantee Corporation of India Limited
What is ECGC in banking?
its plays an important role in export and import of goods and services ex
What are the risk covered by ECGC?
What is ECGC? Export Credit Guarantee Corporation of India Ltd. ( ECGC ) is a Government of India Enterprise which provides export credit insurance facilities to exporters and banks in India. It functions under the administrative control of Ministry of Commerce & Industry, and is managed by a Board of Directors comprising representatives of the Government, Reserve Bank of India, banking , insurance and exporting community. Over the years, it has evolved various export credit risk insurance products to suit the requirements of Indian exporters and commercial banks. ECGC is the seventh largest credit insurer of the world in terms of coverage of national exports. The present paid up capital of the Company is Rs. 1000 Crores and the authorized capital is Rs. 1000 Crores.ECGC is essentially an export promotion organization, seeking to improve the competitive capacity of Indian exporters by giving them credit insurance covers comparable to those available to their competitors from most other countries. It keeps it's premium rates at the lowest level possible.. What does ECGC do?Provides a range of credit risk insurance covers to exporters against loss in export of goods and servicesOffers Export Credit Insurance covers to banks and financial institutions to enable exporters to obtain better facilities from themProvides Overseas Investment Insurance to Indian companies investing in joint ventures abroad in the form of equity or loanhttp://www.ecgcindia.in/en/Pages/ECGCAPOverview.aspx?qstrSelVal=Overviewhttp://playquiz2win.com/tothepoint.html
How do you calculate net npa?
Net NPA = Gross NPA - (Balance in Interest Suspense account + DICGC/ECGC claims received and held pending adjustment + Part payment received and kept in suspense account +Total provisions held).
What is the difference between Net NPA and Gross NPA?
Net NPA = Gross NPA - (Balance in Interest Suspense account + DICGC/ECGC claims received and held pending adjustment + Part payment received and kept in suspense account +Total provisions held)
Does hydroxy cut kill people?
The misuse of hycroxycut can cause somebody to die. Listen to this warning excerpt from their website: "Consult a medical doctor before use if you have been treated for or diagnosed with, or have a family history of any medical condition including (but not limited to) cardiovascular complications, diabetes, or liver or kidney disease, or if you are using any prescription or over the counter drugs. Do not use if you are using a monoamine oxidase inhibitor (MAOI), selective serotonin reuptake inhibitor (SSRI), or any other product containing ingredients with a known stimulant effect. " GREEN TEA EXTRACT: I have green tea extract, nothing added or taken out, just the extract. It has 90mg ECGC and 50 mg caffeine. Now, with hydroxycut, I'm guessing that isn't added in to the total caffeine in their product. They seem to only measure ANYHDROUS (without water/dried) caffeine. Whit tea extract......I can't answer now. I must sleep. } oh yes, I have to stop before I sleep type and say something I don't meam.
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What are the Key result areas in finance department?
The main job KRA's of Account and Finance dept are as follows: - · Establishes systems controls for and procedures for financial and accounting systems to achieve corporate objectives. · Directs installation and maintenance of accounting, timekeeping,payroll,inventory,property and related procedures and controls · Designs, manages and monitors reporting systems to all departments and to aid management decision in achievement of stated objectives regarding revenue, profitability, and market share. · Prepares statements and reports of estimated future costs and revenue. · Directs the maintenance of ledgers, journals, accounts receivable, revenue depreciation, cost, property, operating expenses, insurance etc. · Oversee bank work regarding documents, inward/outward remittances etc. · Directs and participates in cost analysis and rate studies. This includes scrutiny of inventory of investory costs, charges from banks/agencies/service providers, cash vouchers, supplier bills, utility bills (Phone/electrical/mcd etc.) etc. · Negotiates contract/service/loan/credit terms with outside financial agencies such as banks, financial/trade institutions, ECGC, insurance companies etc. · Directs internal audits involving review of accounting and administrative controls. Coordinates preparation for external audits and external financial reporting. · Direct the preparation and filing of returns for sales tax, Income tax, Excise and other forms of taxes and charges. Also directs and monitors issuance of forms to suppliers/employees such as H-form, st-49, C-form, Form-16 etc. · Review any contracts before they are signed
What are the different steps involved in export of goods by private company in india?
Step 1. Receipt of an orderThe exporter has to get himself registered with various authorities like RBI, income tax authorities, etc. In addition, he has to appoint agents or distributors for collection of orders from foreign countries. Exporter receives an order from importer directly or through Indent House.Step 2. Obtaining License and QuotaAfter obtaining order, exporter has to secure export license from the government. For this, he has to apply to the Export Trade Control Authority and obtain the valid license. Quota is the total quantity of goods that is permitted for exports.Step 3. Letter of CreditExporter demands letter of credit from importer or sometimes importer may send it himself along with the order.Step 4. Fixing exchange rateExchange rate means the rate at which the currency of one country is exchanged for the currency of another country. It fluctuates from time to time. Hence the exporter and importer fix the exchange rate mutually.Step 5. Foreign exchange formalitiesHere the exporter has to undergo certain foreign exchange formalities as laid down under exchange control regulations. According to FERA (Foreign Exchange Regulation Act of India) every exporter has to furnish a declaration in the form prescribed for this purpose.The declaration states :-Foreign exchange earned by way of exports will be disposed in the manner and within the period specified by RBI.Negotiations of shipping documents will be through authorised dealers in foreign exchange.The payment for goods exported will be collected only through approved method.Step 6. Preparation for executing the orderThe exporter makes necessary arrangements for executing the order.In this respect he performs the following activities :-Packing and marking of the goods as per the specifications of the importer.Arranging the pre-shipment inspection by the Export Inspection Agency and getting the inspection certificate from it.Securing insurance policy from the Export Credit Guarantee Corporation (ECGC) to get protection against the credit risks.Obtaining a suitable marine insurance policy, consular invoice and certificate of origin, if required.Appointing a forwarding agent for handling the customs and forwarding activities.Step 7. Formalities done by forwarding agentThe Forwarding Agent completes the following formalities :-He obtains the Customs' Permit from the Customs Department for exporting goods.The Forwarding Agent discloses the details of the goods such as their nature, size, quantity, weight, etc. to the shipping company.The Forwarding Agent prepares a Shipping Bill.The Forwarding Agent prepares two copies of the dock challans and pays the dock dues.The Captain of the ship gets the goods loaded on the ship on the basis of the Shipping Order in the presence of customer officers.When the goods are loaded on the ship, the Mate (Vice Captain or the Captain) issues a receipt, called Mate's or Captain's Receipt.Step 8. Bill of LadingThe exporter approaches the shipping company, presents the Mate's Receipt and in exchange receives a document called Bill of Landing. It is an official receipt given by the shipping company as an acknowledgement of the receipt of goods to be transported to the port of destination. It is also a contract for the carriage of goods. It gives full description of goods loaded on the ship, name of the port of destination, etc.Step 9. Shipment advice to importerThe exporter sends Shipment Advice to the importer informing him about the dispatch of the goods. He sends a copy of packing list, commercial invoice and a non-negotiable copy of the Bill of Lading, along with the Advice Note.Step 10. Presentation of documents to the bankThe exporter confirms that he has secured a complete set of the shipping documents namely, the Bill of Lading, Marine Insurance Policy, Certificate of Origin, the Consular Invoice and the Commercial Invoice. He then draws a Bill of Exchange on the basis of the commercial invoice. The Bill of Exchange accompanied by these documents is called Documentary Bill of Exchange. Such a bill may be a D/P (Documents against payment) bill or D/A (Documents against Acceptance) bill. The exporter hands over the documnetary bill to his bank.Step 11. Realisation of export proceedsFor realisation of export proceeds, the exporter has to undergo certain banking formalities. Generally he receives payment in foreign currency by bill of exchange or by bank draft.Step 12. Follow upAfter the sales, exporter should always have a follow-up, to find out buyer's reactions towards the goods. Such follow up builds goodwill and the exporter can get more and more orders in future.
What are the different methods of international payment settlement?
INTRODUCTION The central bank of any country is usually the driving force in the development of the national payment system. The Reserve Bank of India (RBI) as the central bank of the country has been playing this developmental role and has taken several initiatives for a safe, secure, sound and efficient payment system. The buyer and the seller incorporate the details in the contract of sale itself that how payments for goods to be send. Depending upon the bargaining power of the buyer and seller, provisions of Exchange Contracts in the countries concerned, the duration of trade relationship between the buyer and seller and also the credit worthiness of the parties concerned, terms of payment are arrived at. It can also be said in general that, terms of payment reflects the extent to which the seller requires a guarantee of payment before he loses control over the goods. There are four main methods using by the exporters and importers to fulfil the contract value. These are Advance payment, open Account System, Consignment Sale and Documentary Collection. ADVANCE PAYMENT 1) Meaning:- An amount paid before it is earned or incurred, for example, a prepayment by an importer to an exporter before goods are shipped, or a cash advance for travel expenses. 2) This method is the most desirable for the Exporter, the Importer has to rely on the integrity of the Exporter and his capacity to execute the order in time. More than that, the entire transaction is financed by the Importer in this method thereby making the transaction more costly for him; besides exposing the Importer to credit risks. On account of the above factors some countries have imposed Exchange Control restriction regarding imports. 3) In India advance payment is allowed only in respect of import of books, periodicals, life saving payment apparatus, capital goods, machinery and a few other items. 4) Advance payment of USD 2500/- or equal to this amount can be made for commercial purposes. If the following condition are followed by the contract party. a) Documents produced by the parties must be evidence showing the demand of the overseas supplier. b) Payment must be given to the overseas supplier. c) Endorsement in the import licence if any. d) Import is permitted either by a licence covered under OGL. As regards exports, depending on the nature of goods exported and the competitiveness of the product, advance payments are insisted. For example in the case of export of vegetables and fruits, it is customary to demand 100% advance payment. e) Application in F.A.I. in duplicate. f) Importer will submit evidence of import in the Exchange Control Copy of Bill of Entry/Postal wrapper within a period of 3 months. OPEN ACCOUNT SYTEM 1) It is just opposite to the Advance payment. 2) Meaning: When an Exporter agrees to sell the commodity on open account system to the Importer, he despatches the goods to the buyer directly followed by the transport documents and an invoice requesting payment. 3) The Exporter loses control over the goods completely and leaves everything on the integrity of the buyer. 4) It is beneficiary to the Importer; the Exporter bears the entire financial and commercial risks. This system is normally resorted to when the goods command buyer's market. 5) The commercial risk is, to some extent minimised by taking a policy of ECGC. To take care of the interest of the Indian Exporters, there are Exchange Control restrictions imposed by RBI on open account export Sales. CONSIGNMENT SALE If you sell goods sold on consignment, you have agreed to sell the goods without first buying those goods from the owner. Typically, your agreement specifies one of the following: 1) you agree to sell the goods on behalf of the owner as an agent 2) you agree to purchase the goods for an agreed price when you find a buyer. There are no restrictions on what goods can be sold on consignment. Goods regularly sold on consignment include: motor vehicles, boats, wedding and formal dresses, cameras, farm machinery and artworks. For Example: Selling on consignment means giving your car to someone else, usually a motor dealer, to sell on your behalf. Generally you set the minimum price you will accept and the dealer will add a commission to it. While the ownership and possession passes to the buyer in the case of open account system, the ownership remains with the seller in the case of consignment sale. In the case of goods exported on consignment basis, freight and marine insurance must be arranged in India. DOCUMENTARY COLLECTION The Exporter prepares the proper financial and commercial document including the transport document and hands over to his Banker requesting in clear terms as to how the documents are to be delivered to the Importer at the other end. Four main parties to a documentary collection are The Principal i.e.. the Exporter, The Remitting Bank - The Exporter's Bank , The Collecting Bank - The Bank in the Importer's country and The Importer, the consignee. When the Exporter wants the Bank to hand over the export documents to the Importer only against payment immediately, the Bill of Exchange is called a Sight Draft. In case the Exporter wishes to give some time (30 days, 60 days, 90 days etc.) to the Importer to arrange for the funds but at the same time would not like to part with the documents before payment of money, the appropriate bill of exchange is called a D/P (Document against Payment). Banks act as intermediaries to collect payment from the buyer in exchange for the transfer of documents that enable the holder to take possession of the goods. The procedure is easier than a documentary credit, and the bank charges are lower. The bank, however, does not act as surety of payment but rather only as collector of funds for documents. For the seller and buyer, a documentary collection falls between a documentary credit and open account in its desirability. By Kishan Singh Rana
What are fat burning foods?
!2 Fat burning food that you have to try 1 egg 2 fish 3 coconut oil 4 coffee 5 green tea 6 greek yogurt 7 yogurt 8 oolong tea 9 olive oil 10 chili pepper 11 whey protein 12 apple cider viniger
