What is normal transit period allowed by Fedai?
120 days
Agency to the effect that the exports conform to the guidelines laid down by United Nations, the applicable Normal Transit Period shall be for a maximum of 120 days from the date of shipment for which concessional rate of interest shall be recovered.
What is Fedai rate?
USD 1 = 81.6275. VaR Rates for USD 1 Mio. ( Rs. in Lakhs) 3.30 p.m. On 26/9/2022.
What is Fedai function?
The FEDAI’s core functions include: Advising and supporting member banks with issues that arise in their dealings. Representing member banks on the Reserve Bank of India (India’s central bank) Announcement of daily and periodical interest rates to member banks.
What is TC selling rate?
The TTB rate is the rate at which the bank will transfer foreign currency to India, into INR for example.1 The selling rate is used when the bank is sending INR out of the country, and into a different currency.2.
What is known holiday as per Fedai?
A holiday which is known at least 3 working days before the date is a “known holiday”.
What is packing credit limit?
‘Pre-shipment/Packing Credit’ means any loan or advance granted or any other credit provided by a bank to an exporter for financing the purchase, processing, manufacturing or packing of goods prior to shipment, on the basis of letter of credit opened in his favour or in favour of some other person, by an overseas buyer …
What is full form of Fedai?
Foreign Exchange Dealer’s Association of India (FEDAI) was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers – ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956.
How is TT selling rate calculated?
The TT selling rate is calculated on the basis of interbank selling rate. The rate to the customer is calculated by adding exchange margin to the interbank rate.
What is OD and TT?
TT & OD (Telegraphic Transfer and On Demand) rate: This rate is used for outward remittance from one country to another. The T.T & O.D selling rate is used for Mail Transfer or Telegraphic Transfer (TT rate) and issuance of Foreign Currency Demand Draft & Travelers Cheques (OD rate).
How to calculate TT Buying rate?
TT Buying Rate (TT stands for Telegraphic Transfer)
The rate is calculated by deducting from the interbank buying rate the exchange margin as determined by the bank. Though the name implies telegraphic transfer, it is not necessary that the proceeds of the transaction are received by telegram.
Who is not eligible for packing credit?
Q. Which of the following person is not eligible for packing credit? merchant exporter.
What are RBI guidelines on packing credit?
For the packing credit covering such non- exportable portion, banks are required to charge commercial rate of interest applicable to the domestic advance from the date of advance of packing credit and that portion of the packing credit would not be eligible for any refinance from RBI.
What is buying TT and OD?
What is current TT buying rate?
Date: 30 September 2022
| FCY | GBP |
|---|---|
| TT SELL | 22.83 |
| Percentage Difference between TT Buying and TT Selling | 5.68% |
| CURRENCY BUY | 22.23 |
| CURRENCY SELL | 22.48 |
What is TT Clean rate?
TT clean rate: This rate is applicable for purchase of FC under TTs or any other clean instrument where no interest or profit factor is involved i.e. DD, MT against which fund has already been covered/paid by the issuing bank and received by the paying bank. 3.
What is buying TT and selling TT?
TT selling means transferring funds abroad and buying means receiving funds from abroad.
What is EPC limit?
Upon submission of the documents and establishing their credibility, the bank takes a call on the amount of credit they will provide you. Generally, banks have a Packing Credit Limit of up to 20 to 25% of your total annual sales on your balance sheet.
What is the difference between TT and OD?
Telegraphic Transfer (“TT”) rates and On Demand (“OD”) are rates available involving foreign exchange. The TT rate is applicable to funds that has already been cleared with the Bank while the OD rate is applied otherwise.
How do I check my packing credit limit?
In order to avail packing credit facility, exporter has to submit formal application along with the necessary documentary proof. Exporter is sanctioned a regular packing credit limit based on the assessment of the bank in respect of the credit needs of the exporter.
When EPC is extended?
The extension takes effect from October 1, 2021 and ends on March 31, 2024. The modifications made by the Government to the Scheme are detailed below: 2.1 ‘Telecom Instruments’ sector having six HS lines 1 shall be out of the purview of the Scheme, except for MSME manufacturer exporters.