1.1 Report Origin
As a mandatory requirement of the Bachelor of the Business Administration (BBA) program under School of Business at Independent University this report entitled – “Analysis of Foreign Inward and Outward Remittance under local currency account of HSBC.” - is a connived depiction of the three month long internship program at the Foreign Remittance Department in HongKong and Shanghai Banking Corporation Ltd. The organization attachment started on February 01, 2006 and finished on April 31, 2006. My organization supervisor Mr Fuad Yusuf Khan (Manager, Motijhil Booth, HSBC) assigned me the topic of the term paper & my institution supervisor at Independent University Mrs. Sardana Islam, duly approved it. The report will definitely identify how the corporate world really works and how the Remittance are approved and disbursed; and will help to apply theoretical knowledge in the practical life. 1.2 Background of the study:
Hong Kong and Shanghai Banking Corporation (HSBC), Bangladesh were the most diversified banking service providers in Bangladesh, as they had various products and services for the customers. HSBC was always in the lookout for various financial opportunities. Towards this end, HSBC is intending to introduce new products and services of Payment and Cash Management for the corporate clients to serve them more efficiently & also they were intending to find what they were lacking in Payment & Cash Management services 1.3 Objective of the study:
The purposes of this report cognates the internship purpose. The internship objective was to gather practical knowledge and experience of the corporate working environment with the close approximation to the business firm and the experts who are leading and making strategic decisions to enhance the growth of a financial institution. To this regard this report is contemplating the knowledge and experience accumulated from internship program. With the set guidelines and proposal by the School of Business of Independent University and with the kind advice of both the Organization and Internship Supervisor this report comprise of an organization part and a project part. The prime objective of the organization part is:
To present an overview and brief introduction of HongKong and Shanghai Banking Corporation Ltd. The Specific objectives of the project part are:
➢ To depict the Foreign operations by NSC, HSBC Bank Ltd, Motijheel branch. ➢ To know deeply about Import, Export and Remittance.
➢ To learn about the procedure of handling Inward & Outward Remittances by NSC, HSBC. ➢ To make analysis of Inward & Outward Remittances through HSBC. 1.3 Scope
The scope of this report is limited to literature review (consisting of banking environment of Bangladesh, overview of HSBC group and overview of HSBC Bangladesh), overview of Network Service Centre (NSC), foreign outward and inward remittance, its analysis and recommendation. In the main report I discussed about the activities of Network Service Centre (NSC) of HSBC Bank Limited at its Motijheel office. I also discussed about foreign inward and outward remittance in detail. I made an analysis of Foreign Inward and Outward Remittances under local currency account of HSBC. Foreign inward and outward remittances under foreign currency account are excluded due to simplicity and restriction on data collection. Foreign remittances against Import and Export are excluded. 1.4 Methodology
Both the primary as well as the secondary form of information was used to prepare the report. The details of these sources are highlighted below.
1.4.1 Primary Sources
Major sources of primary information were discussions with Mr. A.T.M Afsaruzzaman Assistant Officer, HSBC and Other assistant officers at NSC, Motijheel Branch. 1.4.2 Secondary Sources
Sources of secondary data can be defined as:
Bangladesh bank return...