1.

0 Introduction:
Bank Asia Ltd is one of the leading private sector commercial banks in Bangladesh. As we all
know that achievement of high economic growth is the basic objective of the present economic
policy of Bangladesh government. To achieve this objective, the banking sector plays an
important role. Bank Asia Limited is one of the banks. It is a new entrant in the private banking
scenario of Bangladesh. It also operates in Bangladesh for a long time as a country‟s one of the
good bank. Bank Asia Limited conducts all types of commercial banking activities. The core
service or business comprises of Import/Export finance, Working capital finance and corporate
finance. Foreign trade operation is one of the most important activities of the bank. It helps
corporate clients build their businesses by providing financial and strategic advice and products.
Foreign trade contains Import and Export section and foreign remittance department contains
inward and outward remittance.

1.1 Rationale of the Report:

The purpose of this report is to get a basic idea about the foreign exchange activities that are
practiced in our country. I have done my internship program in Scotia Branch, Bank Asia
Limited, Bijay Sarani, Dhaka and my internship topic is “Foreign Trade Activities in Bank
Asia Limited”. Foreign trade activities are one of the most important functions of a Bank. It
plays an essential role in overall economy of a country. The intension of this report is to get the
primary concept about the foreign exchange activities, which is practiced in our Bangladesh. In
staying limitless banking system, I have tried to analyze some important topics regarding foreign
exchange activities. Banking is a vast term and through this report I have tried to analyze some
crucial topics regarding foreign exchange system. Foreign exchange is an important department
of Bank Asia Limited, which deals with import, export and foreign remittances. It bridges
between importers and exporters. This department is playing an important role in enhancing
export earnings, which aids economic growth and in turn it helps for the economic development.
That‟s why report on this area is very important and timely.

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1.2 Objective of the Report:
The objective of this report is to do course named Internship at the end of fourth year of
graduation. Here, I got the opportunity to do my Internship course in Bank Asia Ltd Scotia
Branch, Bijay Sarani, Dhaka. I was appointed there from 17th of May, 2017 and my three
months period end on 17th August, 2017.Within this period of time I have learned and gained
knowledge of many different tasks related to banking which carrying out a best learning way and
to know about the organizational proceedings as well as cope up with those environment as
manner of professional employees. These learning could be made the student professional,
sincere and well communicator.
The internship report is based on “Foreign Trade Activities in Bank Asia Ltd.”.
Ms. Farheen Hassan Head in Department of Management & HRM Faculty of Business
Administration at American International University-Bangladesh (AIUB) assigns this project to
me.
The main objective of the study is to analyze the foreign exchange activities of Bank Asia
Limited through practical exposures about "Foreign Trade Activities”, a comprehensive study of
Bank Asia Limited.
There are also some specific objectives on the way of achieving the main objective. These are as
follows:
 To examine and analysis overall foreign exchange activities
 To examine and analysis overall foreign exchange activities Specific Objectives:
 To learn about foreign trade activities i.e. Export & Import
 To know about how to issuing L/C, Advising L/C etc.
 To be acquainted with the Export & Import required documents
 The consequence process of Transmitting L/C, L/C amendment, & Lodgment system.
 To get a practical knowledge about Export procedure and the system of foreign
remittance.
 Identifying customer actually needs.
 Improving customer service quality.
 Giving importance even to smallest query.
 Attracting new worth through higher sales and profit.
 Creating image through serving the best service & product.

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1.3 Overview of Bank Asia Limited:
Bank Asia Limited is a third generation bank and scheduled commercial Bank in the private
sector, which established on 27th November in 1999 under the banking company act 1991 and
incorporate in Bangladesh as a public limited company under the company act 1994 to carry out
banking business in Bangladesh. It has been launched by a group of successful entrepreneurs
with recognized standing in the society. The management of the bank consists of a team led by
senior bankers with decades of experience in national and international markets. The senior
Management team is ably supported by a group of professionals, many of whom have exposure
in the international market. Within a short period of time Bank Asia is able to disclose its self
existence and established its own position in the market as one of the first growing local private
banks. At present it has 50 branches all over the Bangladesh. Since its inception in 1999, it sets a
milestone by acquiring the Bangladesh operations of the Bank of Nova Scotia in Canada, first in
the banking history of Bangladesh. Again in 2002 the bank acquired the Bangladesh operations
of Muslim Commercial Bank Ltd. (MCB). In the year 2003, the bank went public by offering
shares to the general investor and in 2004 the listed itself with the stock exchange. The asset and
liability growth has been remarkable. Bank Asia has been actively participating in the local
money markets as well as foreign currency market without exposing the bank to vulnerable
positions. The bank‟s investment in treasury bills and other securities went up noticeably
opening up opportunities for enhancing income in the context of a regime of gradual interest rate.

1.3.1 Company Profile:

Name of the company: Bank Asia Ltd.
Bangladesh Head Office: Rangs Tower (2nd to 6th Floor) 68,Purana Paltan Dhaka-1000.
Year of Establishment: November 27, 1999
Industry: Banking industry.
Shareholder’s Information: 14,402 total shareholders. Of which 25 Sponsors and Directors,
13,857 General Public, 2 Foreign Investors, 119 Investment Companies, 277 Institution and 122
non-resident Bangladeshis.
Branches: 102 branches.
Subsidiary companies: 2 in abroad which are „BA Exchange Company (UK) Limited‟ in
London, United Kingdom established on May, 2011 and „BA Express USA Inc.‟ in Jamaica,
New York, USA established on June 01, 2014 and 1 in Bangladesh „Bank Asia Securities
Limited‟ established on March 16, 2011.

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Foreign Correspondents: it has 657 foreign correspondents in 165 countries.
Exchange Houses: 45 exchange House in 9 countries as foreign remittance channeling partner.
Bank Ranking: World Rank 2,504, Country Rank 17(Rated by Bankers Almanac)
Revenue: Profit after tax 2573.92 (in Millions)
Slogan: For a Better Tomorrow.
Corporate Website: http://www.bankasia-bd.com
Bank Asia Logo

1.3.2 Mission:
 To assist in bringing high quality service to the customers and to participate in
the growth and expansion of the national economy.
 To set high standers integrity and bring total satisfaction to the clients,
shareholders and employees.
 To become the most sought after bank in the country, rendering technology
drive innovative service by the dedicated team of professionals.

1.3.3 Vision:
Bank Asia's vision is to have a poverty free Bangladesh in the course of a generation
in the new millennium, reflecting the national dream and to build a society where
human dignity and human rights receive the highest consideration along with the
reduction of poverty.

1.3.4 Core values:

o Place customer interest and satisfaction as a first priority and provide customized
banking.
o Products and services.
o Value addition to the stakeholders through attaining excellence in banking
operations.
o Maintain high ethical standard and transparency in dealings.
o Be a compliant institution through adhering to all regulatory requirements.
o Contribute significantly to the betterment of the society.
o Ensure higher degree of motivation and dignified working environment for our
human
o Capital and respect optimal work-life balance.
o Committed to project the environment and go green.

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1.3.5 Slogan of Bank Asia Limited:
For a better tomorrow “does not have to confine with the limited service rather enhanced existing
service and brought up new services in order to their existing and potential clients for made the
life easier”.
1.3.6 Product/ Service of Bank Asia Limited:
 DPS+ (deposit pension Scheme plus) is a 3, 5, 7, 10 and 12 years term. Monthly
installment rising from BDT 1000/- to BDT 10000/-.
 MB+ (monthly benefit plus) is 3 and 5 years scheme that lets you earn monthly benefit of
BDT 1000/-(before tax) for deposit of BDT 1, 00,000/- or its multiple.
 DB+ (double benefit plus) is a six year scheme. The deposit will be double in 6 year.
 The Minimum initial deposit for the scheme is BDT 1, 00,000/- or its multiple, maximum
is
 BDT 25, 00,000/- under single name. & BDT 40, 00,000/- under joint name.
 TB+ (triple benefit plus) is a 9 years 6 month scheme. The deposit will be tripled in 9
years 6 months. Minimum deposit for the scheme initially BDT 10, 00,000/- or it‟s
multiple, maximum is 25,00,000/- under a single name. BDT 40, 00,000/- under joint
name.
 FDR (fixed deposit rate) 1 months and 2 months tenure below 2 core 10% per annum. 2
and above 12% per annum. 3 months, 6 months, and 1 year any amount will get12% and
1 year above will get 11% for any amount.

1.3.7 Corporate Information:

Number of Branches 119

Number of Promoters 22
Number of Directors: 12
Number of SME centers 9
Number of Islamic Wing 4
Number of Brokerage Branches 2

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1.3.8 Board of Directors

Name of the Committee Members Designation

Mr. A. Rouf Chowdhury Chairman

Mr. Mohd. Safwan Choudhury Vice Chairman

Mr. A. M. Nurul Islam Vice Chairman

Mr. Rumee A Hossain Director

Mr. Shah Md. NurulAlam Director

Mr. Mashiur Rahman Director

Mr. M. ShahjahanBhuiyan Director

Mr. MdNazrul Huda Director

Mr. M Irfan Syed Director

Ms. Hosneara Sinha Director

Ms. Naheed Akhter Sinha Director

Ms. FarhanaHaq Chowdhury Director

Mr. Mir Shahjahan Director

Md. Arfan Ali President & Managing Director

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2.0 Work-Related /Organization wide:
The internship program is most crucial part of the BBA students. The entire program duration is
12 weeks ( 3 months) which carrying out a best learning way and to know about the
organizational proceedings as well as cope up with those environment as manner of professional
employees. These learning could be made the student professional, sincere, well communicator,
punctual and also be a smart in various aspect.

In order to complete my graduation from American International University-Bangladesh

(AIUB), I have done my internship in Bank Asia Limited (Scotia Branch, Bijay Sarani, Dhaka). I
was assigned to assist to my Supervisor Mr. Md. Toufiqul Islam and Branch Supervisor Mr.
Md. Ashraf Hossian.

It was really a great opportunity to work as an intern in a well reputed bank in Bangladesh. I
worked there for 3 months under the Foreign Trade Department. Working in Foreign Trade
Department really gave me lots of experience about practical job life and improved my skills a
lot. For this reason, I will be always grateful to Mr. Md. Toufiqul Islam because he guided me
always in the right track thus I can fulfill the tasks in proper manner.

2.1 Working Environment:

The working criteria and my main duties and responsibility is to know and support my
colleagues in their day to day workplace and the whole environment is much more co operative
and helpful with me which encourage me to familiar with the environment. Everyone tried to
make me understand what to do, when to do and how to handle this and how these works being
done. My working department basically which I have been placed is the Foreign Trade
Department where the daily transactions is being done through foreign currencies. The most
common form of currency is the US dollar, Euro dollar, ACU dollar (which is used for 7 Asian
based countries) are used for exporting and importing.

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2.2 Specific Responsibilities of the Job:
Mainly, I worked export section and import section of foreign trade department. In export
section, I issued EXP forms. Getting all the documents from exporter, I sorted out all of these
and made forwarding for EXP documents. I updated all this information in Microsoft excel and
also the register. In import section, I filled up IMP forms, I updated L/C opening register. I
prepared check list for all L/C file. Pared check list for all L/C file.

The Online Banking Software which Bank Asia uses is the licensed software named Stelar where
everyday everyone‟s responsibility is that after completing their work they need to update it in
this software. There are two icons, one is named Bangladesh Bank, and the other is Stellar. The
folder which is named Bangladesh Bank, where after clicking, we can get the access by giving
the employees Id and password and after this it is required to select from which branch my
information is being provided.

My task is to post their every month‟s schedule in the Bangladesh Bank‟s web site. Regarding
export, there are four forms (original, duplicate, triplicate and the quadruplicate). I used to post
their Exp Duplicate and Exp Triplicate schedule in the Bangladesh Bank. And also all the
imports return schedule. These Import and Export forms of information are required to post in
the Bangladesh bank because they need to identify that how much export and import is being
done each and every year and also check that all the banks are maintaining their regulations or
not. I also used to post back to back LC which is also known as local LC in both Stealer and
Bangladesh Bank.

2.2.1 The Importance of my work:

The main importance of my duties and responsibilities is to do the report in the Bangladesh Bank
so that the central bank can know how much export and import is being done in our country
yearly. When I have placed this information in the system, according to its code, it is then placed
with the Bangladesh Bank‟s system.

This is an important task because with this the Government of the country will be able to know
how much export and import is being done yearly so that they can make the budget much more
comprehensive for the people of Bangladesh and also some following facts are mentioned here:

 New back-to-back L/C opening and register book maintaining.

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  Voucher making or issuing.
 Amendment of L/C and register maintaining.
 Acceptance of bill while bill received and maintaining register liabilities and voucher
issuing.
 Performance registers of export and import L/C maintaining.
 Letter of Credit (L/C):
The duties, which I have done in foreign exchange, are as follows
2.2.2 FDD Forwarding Letter: My first assignment was to make forwarding letter of FDD.
Actually this is one of the process of LC acceptance. Shortly forwarding letter is kind of
notification to LC issuing bank from Bank Asia.
2.2.3 Pay Order Forwarding letter: Next I had same type of task that was to make forwarding
letter of Pay Order. This is also a notification to LC issuing bank from Bank Asia. There was a
same process. I have to write like an application format to issuer bank manager by including
serial number, amount in taka, issue and acceptance date, LC and reference number etc. for
forwarding letter.
2.2.4 LC Opening: It was not that I issued or open officially LC, I just posted all necessary
information in Bangladesh Bank website. There is a site in Bangladesh Bank website to input all
foreign trade information. Every single information I had to input there --- Beneficiary name,
unit, amount, product type, applicant, Master LC etc.
2.2.5 LC Acceptance Posting: On Bangladesh Bank website, we post the realized amount we
actually accepted for LC. After giving posting, Bangladesh Bank send an accepted ID no, which
we record in the LC file. For every LC application of clients, we maintain separate files.
2.2.6 LC Payment Posting: After acceptation, bank pays the payable currency to exporter. So
we again post the payment amount, foreign LC etc on Bangladesh Bank website.
2.2.7 IMP form fill-up: This form is for keeping import information. This have two copy-
original and duplicate. Original copy goes to Bangladesh Bank, duplicate one remains in branch
office. Here I wrote the information of exporter-importer country, amount, freight charge,
transportation type (by air/road/sea), product code number etc.
2.2.8 TM form fill-up: This form is only for keeping record of Freight Charge. When bank buy
a product for importer, bank also pay the transportation cost. Importer know only the product
buying cost, not the transportation cost. For that reason bank keep a record of freight which will
also be paid by importer including product cost.

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2.3 Other Relevant Activities
 Check book issue.
 Saving account/DPS from fill up
 Register book of DPS, FDR, and LDS.
 Account opening in the bank system (on line).
 Cash register book maintain.
 Clearing
 Responsibilities
 Receiving and scrutinizing the cheque
 Affixing the stamp
 Scrutiny and receipt by the authorized officer.

2.7 Activities of Foreign Exchange Division:

Activities of Foreign Exchange Division can be broadly divided into three parts:
I. Export
II. Import
III. Remittance
The Bank Asia is one of the recognized private commercial bank in Bangladesh, within a short
period of time it has been created a renowned image in the banking sector in spite of existing
numerous rivals. From the beginning to till now Bank Asia is strongly committed to provide a
better quality service to the customer and at a time the authority is providing an excellent facility
to the employees. The Bank contains three departments at a time.
 General Banking
 Credit & Marketing Department
 Foreign Exchange

Figure: Main Departments of Bank Asia

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2.8 Foreign Exchange in Bank Asia
As we all know that Foreign exchange means the exchange of currency in terms of goods from
one country to another country. This is the most well-known and well-organized uniform in
world business Bank Asia‟s foreign exchange division includes the following departments:

I. Foreign Trade Department:

II. Foreign Remittance department:

2.8.1Foreign Trade Department:

Foreign Trade means exchange of foreign currency for the trade purpose between
two countries. In other words, Foreign exchange deals foreign financial
transactions related to trade or business. Foreign Trade Department has two
sections. They are-
 Import Section.
 Export Section.

Figure: Activities of Foreign Trade Department.

Before discussing the import and export section, some concepts related to foreign trade should be
clarified.

2.8.1.1 Letter of Credit (L/C):

Letter of Credit serves as a bridge between buyers and sellers around the world in the exchange
of goods and commodities. Letter of credit is an instrument issued by the bank on behalf of the
importer in favor of the foreign supplier or his banker. The L/C is established by the overseas
buyer through a bank in his country in favor of the seller and is usually advised to the exporter

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by an authorized dealer in Bangladesh. In banking parlance, the importer is known as the
applicant or opener. The bank opening the credit is the L/C opening bank or issuing bank. The
bank advising the credit is known advising bank and the exporter is the beneficiary.
2.8.1.2 Procedure to open a Letter of Credit (From import and export perspective):
 The Applicant and the Beneficiary negotiate terms and condition of the L/C as per the
agreement they have made.
 The Applicant applies to the Issuing Bank to issue the L/C on an application form.
 The Issuing Bank require the following documents from the applicant:
a) Formal contract between the importers and exporter.
b) Pro-forma Invoice (an invoice through which the exporter informs the importer
about the kind and qualities of goods to be sent, their value, time of shipment and
important specifications.

c) Buyer‟s purchase order. After inspecting all these documents the bank issues the
L/C and forwards it to the Advising Bank.
 The Advising Bank checks the apparent authenticity of the L/C and advises the L/C to the
Beneficiary.
 The Beneficiary checks if the L/C complies with the formal contract and if all terms and
conditions specified in the L/C can be satisfied and ships the goods to the importer.
 The Beneficiary assembles the documents specified in the L/C, checks the documents for
discrepancies with the L/C, draws the draft and presents the draft and the documents to
the Advising Bank.
 The Advising Bank inspects the draft and the documents against terms and conditions of
the L/C and forwards them to the Issuing Bank.
 The Issuing Bank checks if the documents comply with the L/C and makes a payment
immediately (if the L/C is available by sight) or on a certain date (if L/C is available by
deferred payment.)
2.8.1.3 Modes of Payments L/C:
Modes of payments of export bills under L/C are two types:
 Sight payment: When the importer will get back the imported commodities perfectly
then the payment is being cleared instantly.

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  Deferred Payment: Which payment will be clear after a certain period of time that is
fixed by the negotiation between the importer and exporter the payment tenure can be 60
days, 90 days, and 120 days. Which tenure will be select that is depends on negotiations.
2.8.1.4 Import:
Import means purchase of goods and services from the foreign countries. Normally consumers,
firms, industries and Government of Bangladesh import goods to meet their various necessities.
So, in brief we can say that import is the flow of goods and services purchased by economic
agent in the country from economic agent staying abroad. According to import and export
control act, 1950 the office of chief controller of import and export provides the import
registration certificate (IRC) to the importer. After obtaining this, person has to secure a letter of
credit authorization (LCA). And then a person becomes a qualified importer. He is the person
who requests or instructs the opening bank to open an L/C. He is also called applicant of the
credit.
2.8.1.5 Import Regulations followed by the Bank:
As per Import & Export control Act 1950 no person can indent, import or export any goods in
Bangladesh except in case of exemption issued by the government of the peoples of Bangladesh.
According to Import and Export Control Act, 1950, to be an importer the person should obtain
the Import Registration Certificate (IRC) from the Office of Chief Controller of Import and
Export. Goods from South Africa and Israel or goods originated from these countries are not
importable

Figure: Import Procedure of Bank Asia Limited

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 2.8.1.6 L/C issuing:
This is the first terms to import issuing the L/C. Letter of credit is the reliable sources of both the
parties importer and exporter in order to get payment properly in the right time. The transaction
originates when the exporter in London and the importer in Dhaka enter into a contract of sale.
The contract covers all important particulars like value and quantity of goods, the due date for
shipment, method of payment etc. on the stipulations is that a letter of credit should be opened in
favor of the exporter.
For opening L/C it is contain required documents which are given below:
I. L/C application form which contains the details about applicant and beneficiary. Total
L/C amount, country of origin means the products manufacturing areas, types of payment
moods like at sight, DAF, CFR, FOB, Negotiation, and Acceptance etc. Port amount, rate
of dollar, equivalent TK. of BD, margin, charges, commission and other charges.
II. IMP form is containing H.S code (Harmonize system code), it implies to categories of
product. Quantity of goods, Invoice value, Registration no. of L/C authorization form
with Bangladesh Bank Registration unit. And the carrier name like air or boat and other
terms and conditions. The IMP forms must be submitted in duplicate by the importer.
III. LCA form (Letter of credit authorization) which includes different rules and regulation
about the imported items and imports. Letter of Credit Authorization issued by the
importer‟s bank is necessary for import purpose.
IV. Agreement form that includes details contract between the parties.
V. Charge Document.
After complete all above mentioned appropriately then have to fulfill other papers and
documents with verify of the self-signature and after that submit it to bank.
Others paper and documents:
I. Trade License.
II. Import Registration Certificate (IRC).
III. Income Tax Declaration of TIN no.
IV. Membership Certificate.
V. Memorandum of Association (Only for Limited companies)
VI. Registered Deed (Only for Partnership firms).
VII. Photograph. 8. Insurance cover note copy and money receipt.
VIII. Pro-forma Invoice copy.

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 2.8.1.7 Transmitting L/C
After issuing the L/C application and L/C authorization is transmitted to the advising bank.
Letter of credit can be transmitted to the advising bank by three moods. These are Telex,
Courier, and SWIFT (Society for worldwide inter telecommunication network). The Bank Asia
Ltd. uses the SWIFT when L/C is disposed in the following manner:
I. First two copies sent to the advising bank original for beneficiary and second copy for
advising bank.
II. One copy to Head office.
III. One copy is sent to the importer.
IV. One copy is sent to the Bangladesh Bank.
V. One copy is sent to the C.C.I. &E (Chief controller of Imports and Exports).
VI. One copy is retained as office copy.

Exporter receives the L/C through the advising bank. Receiving L/C, exporter produce the goods
as per the requirements and ships it before due date. If any amendment is required, exporter
contacts with the importer. If the importer agrees to do so, then the issuing bank issue
amendment for the L/C.
2.8.1.9 Document checking
Document checking is another process of L/C. When issuing bank received the entire document
from nominated bank then they need to check for further documentation process. Followings are
the important documents to be obtained by the issuing bank after receiving the document from
the nominated bank:
I. Head office approval (For new importer).
II. Pro-forma invoice.
III. L/C application form duly filled in an applicant‟s signature verified thereof.
IV. Guarantor‟s signature in the L/C application from, if required.
V. Insurance cover note with money receipt along with the proof of payment of insurance
premium.
VI. Insurance checked for value (Insured amount must be indent/ PI value plus 10%) validity,
goods, mode of transportation, shipment from and to etc.
VII. IMP form duly signed.
VIII. LCA (Letter of Credit Authorization form) properly fill up and duly signed.
IX. Valid IRC held.

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 X. Membership Certificate from chamber of commerce / Business association.
XI. VAT registration certificate.
XII. Up to date income tax certificate.
XIII. Check the goods that are not banned or restricted item as per import policy.
XIV. Check the country of origin for the particular goods.
XV. Margin including all L/C related charges realized.
XVI. Update suppliers or Beneficiary‟s credit report.
2.8.1.10 Export
Export means to transfer goods from one place to another. The exporter must pay duty on goods
exported. The exporter should obtain registration from the office the chief controller of import &
export, trade license ERC, LCA to open export L/C. The export trade of the country is regulated
by the Import and Export control Act, 1950. There are a number of formalities, which an
exporter has to fulfill before and after shipment of goods. The primary requirement is to engage
in the business of import and export, registration with the Chief Controller of Imports and
Exports (CCI&E).
These procedures are enumerated as follows:

Figure: Export procedure of Bank Asia Limited.

2.8.1.11 Advising L/C
For a bank, advising L/C is the first terms to export. But in case of advance payment or
documentary collections, this advising L/C step is not required. Obtaining the sales contract, the
exporter should ask the buyer for letter of credit clearly staying terms and conditions of export
and payment. When export L/C is transmitted to the bank for advising, the bank sends an
advising letter to the beneficiary show that, L/C has been issued. Issuing bank sent two copies of
L/C. Original copy is given to the beneficiary and the second copy is retained by the branch.

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2.8.2 Foreign Remittance Department:
Foreign Remittance refers to the transfer of fund from one country to another either through the
office channel i.e. banking channel, post office or the informal channel. In Bangladesh still
informal market is playing a significant role. However, we shall limit our discussion within the
official channel.
Bank Asia corporate branch is an authorized dealer. Foreign remittance represents of foreign
currency receiving and converting. There are two types of foreign remittance, Inward foreign
remittance and outward foreign remittance.

Figure: Foreign Remittance Department of Bank Asia

2.8.2.1 Inward Foreign Remittance:
Inward remittance covers purchase of foreign currency in the form of foreign T.T., DD, and bills
etc. sent from abroad favoring a beneficiary in Bangladesh. On the other hand we can say that in
which remittance is get inside of country from the outside through TT, FDD, MC, and TC with
the various purpose such as wage earning remittance means when people send money for family
purpose. In export proceed means after getting the commodities and then payment. Purpose of
Inward remittance:
 Family Maintenance.
 Indenting commission/Agency Commission/recurring agents commission.
 Realization of export proceeds.
 Donation /gift.
 Export brokers commission etc.

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2.8.2.2 T.T. (Telegraphic Transfer): T.T. is an order for payment of money sent by telex or
Cable. Funds are paid to the beneficiary in the foreign centre usually on the same day. No loss of
interest or expenses on stamp duty etc.
2.8.2.3 M.T. (Mail Transfer): M.T. is an instrument issued by a remitting Bank to the paying
Bank advising in writing to make payment of certain amount to specific beneficiary. This
involves loss of interest to the purchaser and for this reason banks can afford to make M.T. rate
cheaper than T.T. rate.
2.8.2.4 F.D.D. (Foreign Demand Draft): A foreign demand draft is a negotiable instrument
issued by a Bank drawn on other Bank with the instruction to pay of certain amount to the
beneficiary of demand.
2.8.2.5 T.C. (Travelers Cheque): People usually use TC to meet their expenses for overseas
travels. It reduces the risk of carrying currency notes. These are drawn in freely convertible
currency
2.8.2.6 Outward Remittance:
Outward remittance covers sales of foreign currency through issuing foreign T.T. Drafts etc. as
well as sell of foreign exchange. Sale of foreign exchange is reported to Excel control
Department of Bangladesh flank on form T/M. On the other hand we can say that in which
remittance is going out from our country that is called outward remittance. .Purpose of Outward
remittance:
 Education Purpose
 Import Purpose
 Exam fees etc

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3.0 Identified/Observed in the Organization
Lots of problems have arisen while working in Bank Asia. Most common problem is in the
system software named Staler, where lots of information is required to update. I personally feel
that these are some of the following problems I have faced while performing my tasks:

 Sometimes the software acts hanged and it becomes so slow that it is difficult to work on
it which is why we need to wait for some time to make it user friendly.
 While reporting in the Bangladesh Bank, some goods country code and HS code is not
found therefore it takes time to complete the work.
 Sometimes the workplace makes me monotonous because it is difficult to concentrate on
the same work again and again.

3.1 Critical Observation:

3.1.1 Critical Observation: Some officers are being interviewed and questioned regarding the
problems I faced in my workplace. Their answers are similar to my experience as they also have
to wait for long period of time in the system software Staler. Their views are that the system
software needed to be updated, otherwise, it is much more time consuming as each and every day
huge volume of transactions are required to be processed, so it is tough for them to work if the
authority sits idle and do nothing regarding the problem. They mentioned another work related
problem, that is, their Export Register is not available in the system so it is difficult for them to
work.

Throughout my internship program, I have observed some aspects of this branch. Those are given
below:

3.1.2 Server Problem: Bank Asia uses iSTELAR software for performing their day-to-day
banking activities. But the software often gets hanged because it has not been upgraded and
cannot contradict with the desktop system at the bank. I have also witnessed that during peak
hours, the system gets slowed down as everyone starts to work on the system at the same time
which is why the system needs to be upgraded for faster and smoother work experience
3.1.3 No Individual Working Desk or Computer of Internship Students: This branch does
not have any individual working desk for internship student. During my internship period, I had

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to work various officer desks. Or also they does not have any individual computer, if any officer
is absent I had to work his/ her computer. So it was a constraint for my work.
3.1.4 Communicate Different People: In this branch I had to communicate different people,
customers and staffs. So it is challenge for me to communicate different types of people,
3.1.5 To understand bank culture: Bank culture and my university culture are totally different.
So at the beginning, it was a challenge for me to understand and to adapt with the culture of
bank.
3.1.6 Long hour office: Office time of Bank Asia Ltd starts at 10 am and ends at 6 pm but
someday I had to work on 7 pm along with officers. It was a big challenge for me to work on
long hour a day.
3.1.7 Lack of manpower: Since this is corporate branch, the workload of the branch is very high
compared to other branches of Bank Asia. But they do not have enough workforces to manage
the work pressures. If one employee is absent or on a leave, another employee from same
department has to look after the responsibilities of two people. This can cause lack of motivation.
3.1.8 Lack of dynamic and prompt customer service: Since number of new banks is
increasing and they are introducing a very competitive customer service. Now a day‟s people
have very little time to waste and want fastest and unique services in short time. But there are
only two employees handling the overall customer service department. So, sometimes they do
not get the time to satisfy all the customers and customers have to wait a long time and lost their
patience.

3.1.9 Shortage of availability of machineries: The branch needs more printers and photocopy
machines. Employee‟s activities are hampered most of the time for maintaining serial as well as
it creates gathering on their short space.

3.1.10 Lack of effective advertising and promotion: Advertising and promotion is one of the
weak points of Bank Asia Limited. They do not have any promotional activities.

3.1.11 Congested office area: Due to congested area, most of the customers do not get seats on
the pick hours.

3.1.12 Unsatisfactory software performance: Bank Asia uses iSTELAR software to perform
their tasks. But sometimes the server becomes very slow and the software does not work

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properly. If customers come or call to know their balance amount on that time, the employees
cannot give them the information.
After finishing my internship from this bank, I have realized that the problems mentioned above
can create obstacles for future prospect. Therefore, the management should be little more careful
about their employees.

3.2 Academic Preparation (Mismatch between assigned tasks and

other operational functions of the organization with my academic
preparation:

I have learned the basic steps of banking. Also learned link among all departments. From
account opening to LC payment, I learned those complex things very easily via practical
workings. Bookish knowledge may not give me as clear as that. Also learned how Central Bank
have important influence on private bank.
This internship experience has been truly a learning process for me. I have learned a great deal of
how a bank operates from this experience. Before this I had no idea about how a LC is opened
and goods are exported which are financed by bank. I learned to find out required details from
the document like realized value, LC value etc. I also learned about different banking terms such
as: AD branch code, dollar code, international country code etc. I have learned about the loan
sanctioning procedure of the banks and its formalities. Get knowledge about what types of loan a
bank serves to their valuable customers. From different notable incidents at bank, I realized that
patience is very important when someone dealing with the customers. Customers easily get
agitated or impatient but an officer is trained to handle this calmly. Therefore, I have learned a
lot on how to deal with different people and be patient when they are not.
Also I have learned time management and became a fast learner. Working with different people
and watching them work has taught me cooperation, team management and conflict resolution.
Doing various tasks increased my analytical ability and my thinking has definitely become wide
ranged.

Adapt with office environment is very important as I steps out from my student life. For many
people it was heard to tough. But my supervisors, other previous interns, messengers help me lot
to match with their environment. It was my great privilege that I found those so helpful people. I
am also acknowledged for my patients, concentration and self-realization. I were praised for my
clean and clear work and self-responsibility.

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3.3 Missing knowledge and Skills:
To provide recent information and to make this report read worthy, support from various sources
is essential. In spite of having my wholehearted effort, I could not collect some information
required at the time of the study. Therefore, this study is not free form limitations. Some
limitations and problems have encountered which are as follows:
 Inadequacy and lack of accessibility of some preceding and latest data.

 Alike all other banking institutions, BA is also conventional and strict in providing
some information. Since my major is Human Resource Management, I wanted to do
my internship report on HR implications of BA but the HR department does not
provide such information to anyone. This is very confidential. So, I had to change my
topic.

 At times the concerned personnel did not provide enough time due to rush banking
hours. So, I faced some problems to understand few points of specific tasks.

 As a matter of fact three months is too short to learn all the banking activities.

 There were some technical problems like data interpretation, transmission and data
reservation.
 Sufficient record, publications were not available as per my requirement.
 All types of previous information are not processed through computer.
 Large-scale research was not possible due to constraint and restriction posed by the
organization.
 Some of the relevant papers and documents were strictly prohibited.

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4.0 LEARNED FROM THE INTERNSHIP PROGRAM
I did my three months internship program in Bank Asia Limited, corporate branch. I got the
opportunity to work in different department of the branch. I found myself very fortunate for
being able to associate with one of the renowned banks in Bangladesh. Throughout my
internship program, I was assigned under Mr. Md. Toufiqul Islam, Supervisor. I also worked
with Mr. Md. Ashraf Hossian, Branch Supervisor. I was a very pleasant and educative
experience for me. I learned many new things about corporate life. Most importantly, I have
learned how to perform a task responsively on time. This practical experience is crucial for the
progress and preparation for oneself before entering into corporate world.
The students who are completing their internship at Bank Asia have no particular place to work.
As a result of this all internee‟s has to work new task everyday. At I worked in the foreign
exchange department and then I worked in clearing section under the general banking
department. Each and every time I had to ask for works to the officers. So I can say that most of
the work I performed in the bank with my own initiatives. Although few works are specific for
the internee‟s as well.

The report has been prepared on the basis of experience gathered during the period of internship.
Within this period, I mainly worked with department namely Foreign Exchange Department for
the period of internship. Bank Asia does not follow any specific guideline for the internship
students. Scotia Branch has to do a lot of work. They have huge pressures compared to other
branch. The Branch treated me as one of their employees not just an intern. So, I had to do a lot
of work.

4.1 Learning from the Organization:

 Import section

 L/C opening register writing

 PAD register writing

 LCA form fill up

 L/C posting, BL posting in Bangladesh Bank website

 IMP form fill up

 Export section

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  EXP posting in Bangladesh Bank website

 Document Sorting

 Documentation file writing

 Export IMP fill up

 I used to update the customer‟s account opening form.

 I provided product related information to the customers.

 Correction of uncompleted form which was detected by the internal audits. Like there

were some forms which were filling up without putting account number, title number,

nature of the organization the clients work in. Some forms were kept without proper

address, TIN papers, National ID card number. My job was to complete those form.

4.1.1 Opening foreign L/C: Many local countries of our country import various kind of raw
materials, machines, equipment and other accessories from overseas companies. In that case, I
used to open a foreign letter of credit L/C.

4.1.2 Opening Back to Back L/C: Back to Back L/C is a secondary L/C opened by the seller‟s
bank based on the original/master L/C to purchase the raw materials for manufacturing of the
export products required by the seller.
4.1.3 IMP posting: At the end of each month, every commercial banks send a report to
Bangladesh Bank based on their import payment during the whole month. This is called IMP
posting.

4.1.4 Posting Bill of entry: Bill of entry is a document contains all information about the
products imported in Bangladesh. When a product is released from the port and goes to customs
office, all the information are checked according to this document before releasing.

4.1.5 Entering data: Entering data of Back to Back L/C to Microsoft Excel from registers.

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4.2 Learning from the Institution:
This internship is a part of our BBA program. AIUB has given us this opportunity to have a
practical job experience before getting into a permanent job as a full time employee. An
internship helps us to learn lots of things which will be very effective for the near future. From
university‟s internship program, I have learned:
• I followed my supervisor‟s instructions clearly and always had a clear communication
while I was doing my internship report.
• I learned How to follow the guideline of an affiliation report for internship and to follow
the same guideline throughout the whole report.
• I have got chance to utilize my knowledge through my supervisor to make the report
more attractive and purposeful.
• I learned how to present work experience in the report and exploit my each experience
observed in the organization.
I maintained strict discipline in my university that helped me to maintain bank‟s discipline

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5.0 Summary:
Bank Asia Limited is the largest commercial bank as well as the largest employer in both the
public and private sector in Bangladesh. The bank is playing an important role in the
socioeconomic development through the development of industrial sector. The bank provides all
the conventional banking service as well as some specialized financing activities to the economy
period. As a bank Bank Asia Ltd has to do a lot of things for the betterment of the country. The
Bank is strongly positioned in the market and with its core strengths it can match shareholders‟
expectations and thus raise their wealth in future through ethical banking and best pricing. Thus,
it has to take initiatives so that it can fulfill the desire of the govt. as well as people. It will
enhance more public services and build up working teams to provide the best services to its
valuable customers. It must be run in organized way and discipline must be ensured in all sphere
of its performance.
Finally we can say if the bank controls its expenses and takes proper steps to overcome its
limitation, it will become a first rows bank of Bangladesh. So in conclusion it can be said that
every organization has its positives as well as negatives and in case of Bank Asia Limited
existence of the later one is less than the earlier one and as the management is determine to reach
the pick of success it seems that in near future the negatives will be eliminated. Because Bank
Asia ltd. is near to the heart of the people acting old heritage with new generation ensuring
digital Bangladesh.

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5.1 Recommendation:
Though Bank Asia is one of the best bank and it is also performing well but this bank specially
Scotia Branch need to focus on some factors. To get improvised the export and import sector of
Bank Asia Limited, I have recommended to the company (Scotia Branch) which factors should
be given more importance. These are following below-

Bank Asia should keep an eye on the growth of export & import while it‟s tend to turn into
negative.

Bank Asia Scotia Branch is well decorated and also having a talent pull of employees there is no
doubt, but there is a shortage of employees so Bank Asia should get enhanced the employee in
foreign trade.

Bank should more concentrate on all categories client.

Bank Asia operating software “STEALER‟‟ should be changed, because most of the time it does
not work which hamper employees attention and also consume more time.

In order to get higher customer satisfaction the bank has to concentrate more on employee
satisfaction, which will lead to higher quality of services. The employee should be awarded
means giving them over time payment.

5.1.1 Recommendation for Institution:

• Our university should send their student in field work. Only field work can give the
proper practical knowledge to the student, that different organizational works.
• University should make students familiar with some business related software use
and its proper implication.
• Specially those student who are taking accounting finance as major for them
university should offer such a course which give the proper knowledge about bank work.
That how a bank run their organization.
• Business communication, Computing and business application these types of course
should offer before internship semester so that a student can implement in their work area.

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Website:
 http://www.bankasia-bd.com/
 http://www.bankasia-bd.com/home/export_finance
 http://premierbankltd.com/pbl/
 https://www.bb.org.bd/openpdf.php

 http://www.greengrowthknowledge.org/sites/default/files/downloads/resource/Des
igning_a_Sustainable_Financial_System_in_Bangladesh__Summary_Briefing_UNEP.p
df

 https://www.bb.org.bd/pub/research/workingpaper/wp1101.pdf

 http://www.academia.edu/10545450/An_Evaluation_of_Green_Banking_Practices_in
_Bangladesh

 https://www.bb.org.bd/pub/publictn.php

 https://www.bb.org.bd/pub/annual/anreport/ar1415/index1415.php

 https://www.unescap.org/sites/default/files/12.Financial%20inclusion_Ezasul%20Isla
m_0.pdf

Bibliography:

 Foreign exchange & Risk management written by Syed Ashraf Ali.

 Foreign exchange Laws manual written by Md. Shazan Ali Mollik

 Bangladesh Bank export monitoring system. 2017. Available from:
 Bank Asia limited„s Annual Report 2010 to 2014.
 Commercial Bank Management - Rose
 International Business- Charles W. L. Hill
 Bangladesh Bank (1996), guidelines for Foreign Exchange Transactions,
Volume.

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