Seminar on International Trade Finance and Transaction Banking at Bangalore
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FIEO, in association with Yes Bank, organized a seminar on "International Trade Finance and Transaction Banking" on 26 July in Bangalore. Over 70 exporters from Karnataka attended the seminar. The seminar provided valuable insights into managing foreign currency, which is extremely crucial for exporters in the wake of current volatility in forex market. Mrs. Nisha Nambiar, Deputy General Manager, RBI, who was the Chief Guest at the event, briefed the audience on various measures taken by the Central Bank to encourage India’s international trade and commerce, while simultaneously ensuring adequate risk management policies to protect its emerging businesses worldwide. |
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Mrs Nisha Nambiar, Dy. General Manager, delivering the inaugural address. Sitting on the dais are from left, Mr. V Srinivasan, Jt. Director, FIEO(SR); Mr. Sharadchandra Bhise, Asstt. Vice President Business Banking – Assets, YES Bank; Mr. Guru Prasad, Senior Manager, Treasury, YES Bank; and Mr. Munindra Verma, Senior Vice President, Transaction Banking Group, YES Bank. |
Mr. V. Srinivasan, Joint Director, FIEO, briefed the participants on the Federation’s role in promoting India’s exports and apprised them of its upcoming warehousing facility in Sharjah. Referring to the significance of foreign exchange for exporters, he said invoicing in foreign currency is risky by its very nature and the success of trading in the foreign exchange market depends critically on how well an exporter assesses, prices and manages the risk and on his ability to limit losses from particular transactions and keep his overall exposure controlled.
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Mr. Munidra Verma, Senior Vice President - Transaction Banking Group, Yes Bank, explained how an exporter could utilize latest developments in e-payment solutions and various trade finance products offered by his bank. Mr. Guru Prasad, Senior Manager - Treasury and Financial Markets, Yes Bank, explained the so-called ‘best practices’ in financial markets and risk management strategies and gave valuable tips on managing one’s forex exposure. Mr. Janaki Ram Babu, Cluster Business Leader - Business Banking from YES Bank proposed vote of thanks. |
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A view of the participants. |
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Exporters asked to strictly follow MDA guidelines The Ministry of Commerce through its letter dated 13th June, 2008 has informed FIEO/EPCs that no request for relaxation in MDA guidelines would be considered by the Ministry and as such no request in this regard should be forwarded. It further states that the guidelines are very specific regarding the eligibility, time schedule of the activity, processing of the proposals etc. and the same should be strictly followed. In view of above, exporters are requested to forward MDA application to FIEO/EPCs for claim well in time and in accordance with the MDA Guidelines to avoid any rejection/delay of settlement of the claim. |
