Obamas Economic Plan - 719 Words

Barack Obama has a plan; a big economic plan to fire up business and create jobs. He will, of course, unveil his brainchild after returning from Martha’s Vineyard for a much-needed vacation from campaigning. He thinks that lolling with his liberal high rollers ($50,000 per week rent) and breathing some Atlantic saltwater air should completely clear any proven methods for job creation that might enter his mind. The country has lived with this President’s incompetence and anti-growth policies for nearly three years and knows his economic plan is a one-trick pony that grows more tiresome by the day. He trots out his little red pony almost daily in a comical effort to convince people he has a clue as to what he’s talking about. His†¦show more content†¦When Obama speaks people also listen; except the stock market drops like a rock at the sound of his foolishness. If the American people could convince him to stay on Martha’s Vineyard, do nothing, and cease giving speeches, hundreds of comedians would be out of work, but the country could recover from its freefall and survive until the 2012 election. Unfortunately, a hurricane drove him back into the spotlight; and worse, back into his economy destroying programs. Killing jobs by taxing and regulating businesses and financial institutions, then ranting about the rich, is inconsistent with reason, logic and common sense. Then again, if one’s primary goal is to bring down our form of government by using a Cloward and Piven strategy of collapsing the system, it would make sense. It would also explain his promise to â€Å"fundamentally transform America.† To be successful in this plot, he must first destroy the American economy. An economy with over 14 million unemployed, tens of millions more underemployed and 46 million on food stamps (up by a third in two years) with millions more on public assistance, proves that he is well on his way. Incredibly, for the first time in American history an administration touts increasing the roles for food stamps and unemployment benefits as a way of stimulating the economy. Republicans have a budget and jobs plan sitting on Harry Reid’s desk, while a trade agreement that Obama blames Congress for not passing lies untouched on theShow MoreRelatedHealth Care Reform1432 Words   |  6 Pagesgiven the effect the current economic crisis has on the number of uninsured Americans. Although this element of President Obama’s framework should be prioritized, it will also be the most challenging to implement, since universal health care coverage represents a dramatic shift from current health care policy and will require substantial increases in government spending. 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However, President Bush’s tax policy was set with an â€Å"expiration date†, set by Congress through a budget process called â€Å"reconciliation† (ReconciliationRead MoreThe Executive Order : President Obama s Immigration Reform1221 Words   |  5 PagesThe Executive Order: President Obama’s Immigration Reform In 1986 Ronald Regan signed into law the Immigration Reform and Control Act, an amnesty act that would alleviate the current immigration problems. Through this law, out of five million illegal immigrants, an estimated four million could have applied to become legal U.S. Citizens. This law was supposed to put a definite stop to illegal immigration into the United States. However, ever since the law was enacted, statistics show that the numbersRead MoreThe Debate Over Fair Tax637 Words   |  3 Pagesshorter end of the stick since the extreme rich dont make their money from working but rather make it from investments, capital gains and dividends (e.g. Condon, S. (December 19, 2012)). 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Over the last five years, foreign investors have substantially increased their share of U.S. debt securities. The mammoth trade deficit is cited as the primary reason. Many have taken a detached attitude to our economic woes. Since the system hasn’t completely crashed, why should they do any thing about it? This situation leaves us incredibly vulnerable to any random crisis, were one to occur. America needs to change the way it does business. Every person on the

The Gaspee Affair Began a Chain that Lead to the 13...

In June of 1772, a British schooner, known as the Gaspee, commandeered by Lieutenant William Dudingston, traveled along the Narragansett Bay in pursuit of smugglers (Park, 54-55). During the chase the ship ran aground, and the crew found themselves stuck in the shallow waters. The armed naval vessel was suddenly boarded by an angry mob; the commander was shot, the crew taken ashore, and then, the Gaspee was set aflame (Park 54-55). The attack on a British naval ship, would become known as The Gaspee Affair, and it led to the British government demanding those involved, to be tried in Great Britain, outside the colonies (Blinka, 54). Those involved in the burning of the Gaspee were never properly identified (Park 54-55) A trial never†¦show more content†¦The colonists responded to the Coercive Acts of 1774 with resentment, and the act itself stirred thoughts of rebellion amongst the colonies against the British government(Wood, 47). Indignation towards British rule spread throughout the colonies and led to the eventual formation of the First Continental Congress in September 1774 (Wood, 48). With the exception of Georgia, representatives from 12 out of the 13 colonies convened in Philadelphia to discuss their grievances towards Parliament and the King. Why did Britain want criminal offences to be transported outside the colonies? According to Richard D. Younger, â€Å"The power of grand juries lay in their ability to blow all criminal proceeding begun by royal officials.† (257) The British government feared that colonial juries held too much power. Parliament could not see how a fair verdict could be reached through colonial jurisdiction if the accused were to be presented in front of a jury of their peers (Ammerman, 1). According to Younger, the attempt from the British government to limit the power of colonial juries, and to move trials to England was met with fierce resistance by the American colonies (257). Britain’s fear of colonia l juries being biased was not entirely irrational. In 1768, when

Banking Practice Guiding Laws Thereof on Ncc Bank Free Essays

string(84) " team of professional that work passionately to be outstanding in everything we do\." INTRODUCTION PART 1. 0 INTRODUCTION PART 1. 1 Origin of the Report This internship report entitled â€Å"Banking Practice Guiding Laws thereof: NCC Bank Perspective. We will write a custom essay sample on Banking Practice Guiding Laws Thereof on Ncc Bank or any similar topic only for you Order Now † has been started at the November 2011 under the instruction of our honorable intern supervisor instructor Syed Shamsir Hossain. Asst. Vice President Manager for the partial fulfillment of the requirement. 1. 2. Objectives of the report Main objective of the report is to analyze the â€Å"Banking Practice Guiding Laws of NCC Bank Ltd. Moreover, the study also embodied the following specific objectives: 1)To study the existing operations/activities of General Banking Section 2)To study the existing operations/activities of foreign exchange section. 3)To study the existing operations/activities of loans and advance section. 1. 3 Methodology of the Study The methodological section of the study is designed as data collection: Methods of Data Collection The report was fully exploratory in nature. Data have been collected from both primary and secondary sources. Primary sources of data †¢Face to face conversation with the bank officers staffs. †¢Informal conversation with the clients Secondary sources of data †¢Different manuals of NCC Bank Limited †¢Different circulars of NCC Bank Limited †¢Annual report of NCC Bank Limited, (2008-09-10) †¢Prospectus of NCC Bank (2010) 1. 4 Limitation of the Report The present study was not out of limitations. But as an intern it was a great opportunity for me to know the banking activities of Bangladesh specially NCC Bank. Some constraints are appended bellow: The main constraint of the study is inadequate access to information, which has hampered the scope of analysis required for the study. As it is a new bank it could not start all its operation, it was unable to provide some formatted documents data for the study. ?Every organization has their own secrecy that is not revealed to others. While collecting data i. e. interviewing the employees, they did not disclose much inf ormation for the sake of the confidentiality of the organization. ? Since the bank personals were very busy, they could provide me very little time. Another problem is that creates a lot of confusions regarding verification of data. In some cases more than one person were interviewed to clarify each concept as many of the bankers failed to provide clear-cut idea about the job they perform. AN OVERVIEW OF NATIONAL CREDIT AND COMMERCE BANK LTD. 2. 0 NATIONAL CREDIT AND COMMERCE BANK LTD. 2. 1 Introduction NCC Bank Limited is a new generation bank. It is a scheduled bank under private sector established under ambit of Bank Company Act, 1991 and incorporated as Public Limited company act, 1994 on 17th May 1993. Prior to conversion into a scheduled commercial bank; National Credit Limited (NCL) was incorporated as public limited investment company in Bangladesh on 18th November 1985. It made its journey with a modest beginning on 25th November 1985 at its registered office and first branch at 7-8 Motijheel Commercial Area, Dhaka-1000. The initial Authorized Capital of the company was 30 (Thirty) crore consisting of 30 (Thirty) lac. Ordinary share of Tk. 100/- each. A new opportunity in this field of financial activities was opened for the business. NCL made a careful journey and maintained its successive growth for few years with its qualified professional management under most unpredictable, unregulated, uncertainties and limitations. The emergence of NCC Bank Limited at the Juncture of liberalization of global economic activities, after the URUGUAY round has been an important event in the financial sector of Bangladesh. The experience of the prosperous force and the strategic operational policy is the option of the bank. The company philosophy, â€Å"A Bank with vision† has been precisely the essence of the legend of Bank’s success. . 1. 1 NCC Bank- At Present Like clothes shops, candy shops, bake shops, food shops, NCCBL is not a â€Å"debt shop† the term being used by many to call the present say banks. It is now been called a modern bank that undertakes all its operation at international standard. Having standard its operation as a commercial bank in 1993, recording from some primary difficulties, NCC bank has now emerged as a major player in the financial sector. Listed in both Dhaka and Chittagong bourses since late 1999 with an IPO that raised the paid-up capital of the bank to Tk. 9 crore. Banks are the pillars of the financial system. Specially, in Bangladesh, the health of the banking system is very vital because the capital market is little developed here. As the banks are still the major sources of credit and exercise great influence on the financial system, it is extremely important that the country’s banking systems should be in good health in the interest of investment activities, meeting the needs of all kinds of finance and related matters. Over the years, NCC bank has built itself as one of the pillars of Bangladesh’s financial sector and is playing a pivotal role in the extending the role of the private sector of the economy. The bank has a strong branch network nation wide with 32 branches. i. 2. 1. 2 Exchange: NCCBL operates foreign exchange business promptly. There 13 branch deals with foreign exchange. 2. 1. 2 Nature of the business Mission of NCC bank We shall be the forefront of national economic development by: ?Anticipating business solutions required by all our customers everywhere and innovative supplying them beyond expectation. Setting industry benchmarks of world class standard delivering customer value through our comprehensive product range, customer service and all our activities building an exciting team-based working environment that will attract, develop and retain employees of exceptional ability who help celebrate the success of our business, of our customer and of national development. ?Ma intaining the highest ethical standards and a community responsibility worthy of a leading corporate citizen. ?Continuously improving productivity and profitability, and thereby enhancing shareholder value. . 1. 3 Vision To be in the front of national development by providing all the customers inspirational strength, dependable support and the most comprehensive range of business solution through our team of professional that work passionately to be outstanding in everything we do. You read "Banking Practice Guiding Laws Thereof on Ncc Bank" in category "Essay examples" 2. 1. 4 Goal of the Bank To share a significant portion of the banking sector’s by utilizing available manpower and also state of the art technology for maximizing the shareholders wealth. i. Long Term Goal To maximize the wealth of the shareholders. ii. Short Term Goal To earn satisfactory rate of return on investment by providing wide range of banking service. 2. 1. 5 Board of Directors At present there are 26 members in the Board of Director. Out of 26 members 23 of them are the sponsor of the shareholder and 3 of them are publicly nominated as the equity participants from capital market have included them. However the members are obliged to maintain annul general meeting and declare the dividend payout schedule on due time. Moreover, the committee selected by shareholders represents individual body that then looks after the periodic issue with the management and tries to solve the problem. . 1. 6 Management of NCC BANK For any financial and non-financial organization, Management is the most valuable and important resources of any kind of organization. And, a well-organize management provides the organization to reach its ultimate goal. Management means planning, organizing, staffing, directing and controlling of all financial and non-financial r esources of an organization. Different aspects of management practice in NCC BANK planning, organizing, staffing, directing controlling, human resources practices and recruitment finally. 2. 1. Features of NCCBL Bank is an intermediary institute. Like other commercial bank NCCBL also has some special features. They are as follows: ii. Legal Entity: It is compulsory matter for a bank to achieve legal entity. The stronger legal entity leads to effective banking program. NCCBL has a strong legal entity. iii. Organizational Structure: NCCBL has a well-set organizational structure. Organizational structure is a precondition of effective banking activities. iv. Financial Solvency: Though NCCBL is a new bank, its ratio of liquidity is well and strong. So, the clients get greater confidence in the bank. v. Location of The Bank: Location is very useful for bank. The Head Office and the branches of NCCBL are located in the central point of the capital and the other district towns. vi. Relation with the Central Bank: As the NCCBL is the government-registered bank, so it maintains a friendly behavior with the Bangladesh Bank. vii. Security: the NCCBL is totally a secured bank. The clients of the bank get a heavy security on their deposit. viii. Management of the Bank: The executives and the officers of NCCBL are very experienced. Maximum executives are ex-government bank officers. NCC bank is a progressive commercial bank in privet sector in Bangladesh. It creates a new opportunities for its clients. It gives customized service and harmonious banker-client relationship. It contributes towards formation of national capital, growth of saving and investment in trade, commerce and industrial sectors. It provides different types of commercial banking and services to the customer of all strata in the society with in the stipulation laid down in the Bank Company Act 1991. Rules and regulations ramed by the Bangladesh bank from time to time. 2. 1. 8 Business Operation National Commerce and Credit Bank Limited emerged as bank in the country on 17th May 1993 out of a great turbulent situation encounter by set while National Credit Limited. However the institution survived the ordeals and come out as a full-fledged commercial bank. The company raised its Authorized Capital to Tk. 750 million as per guidelines set out by the Bangladesh Bank. The paid up capital was fixed at Tk. 480. 48 million as against Tk. 429. 00 million. 2. 1. 9 Trade Finance and Correspondent Banks Successful companies today are fully aware that they need to be able to rely on the services of a bank that can handle international trade with a good hand. Ever since its conversion into a full –fledged bank in 1993, NCC bank has been an accomplished â€Å"Trade Finance† bank. With a highly professional team experienced and competent professionals we are able to provide a wide range of services to companies engaged in international trade. NCC Bank has also positioned itself as an established correspondent bank. Through a worldwide network of 260 correspondent banks NCC Bank is present in all key areas of the globe. Our ambit of correspondent includes top ranking international banks with a global reach. 2. 1. 10. Branches of NCCBL NCCBL has 87 (Eighty Seven) branches all over in Bangladesh. 2. 1. 11. Performance of the Bank The bank may sustain its strong image in the mind of the customers and shareholders as a leading financial institution despite serious competition from both local and foreign banks operating in the country. Sill they are increasing their profit. Its opening profit was Tk. 624. 94 million in 2003, which were Tk. 2371. 68 million after tax in 2010. 2. 1. 12 Authorize Capital The authorize capital of the bank is Tk. 10,000. 00 million in the year 2010. 2. 1. 13. Paid-up Capital The bank raises its paid-up capital from Tk. 480. 48 million to Tk. 4501. 25 million for 2002 to 2010. With the increase of paid-up capital the capital based of the bank has become strong. Reserve Fund and Other Reserves The reserve fund of the bank increased of Tk. 5771. 09 million in the year 2010 as against Tk. 4371. 62 million of previous year. 2. 1. 14 Corporate Mission †¢To provide high quality financial services in export and import trade. †¢To provide excellent quality Customer service. To maintain Corporate and business ethics. †¢To become a trusted repository of customers’ money and their financial advisor. †¢To make our stock superior and rewarding to the customers/share holders. †¢To display team spirit and professionalism. †¢To have a Sound Capital Base. 2. 1. 15 Corporate Culture This bank is one of the most disciplined Banks with a distinctive corporate culture. Here we believe in shared meaning, shared understanding and shared sense making. Our people can see and understand events, activities, objects and situation in a distinctive way. They mould their manners and etiquette, character individually to suit the purpose of the Bank and the needs of the customers who are of paramount importance to us. The people in the Bank see themselves as a tight knit team/family that believes in working together for growth. The corporate culture we belong has not been imposed; it has rather been achieved through our corporate conduct. 2. 1. 16 SWOT Analysis SWOT analysis is the detailed study of an organization’s exposure and potential in perspective of its strength, weakness, opportunity and threat. This facilitates the organization to make their existing line of performance and also foresee the future to improve their performance in comparison to their competitors. As though this tool, an organization can also study its current position, it can also be considered as an important tool for making changes in the strategic management of the organization. Strengths: —NCC BANK Limited has already established a favorable reputation in the banking industry of the country. It is one of the leading private sector commercial banks in Bangladesh. The bank has already shown a tremendous growth in the profits and deposits sector. NCC BANK has provided its banking service with a top leadership and management position. — NCC BANK Limited has already achieved a high growth rate accompanied by an impressive profit growth rate in 2001. The number of deposits and the loans and advances are also increasing rapidly. — NCC BANK has an interactive corporate culture. The working en vironment is very friendly, interactive and informal. And, there are no hidden barriers or boundaries while communicate between the superior and the employees. This corporate culture provides as a great motivation factor among the employees. NCC BANK has the reputation of being the provider of good quality services too its, potential customers. Weaknesses: —The main important thing is that the bank has no clear mission statement and strategic plan. The bank doesn’t have any long-term strategies of whether it wants to focus on retail banking or become a corporate bank. The path of the future should be determined now with a strong feasible strategic plan. —The bank failed to provide a strong quality-recruitment policy in the lower and some mid level position. As a result the services of the bank seem to be Deus in the present days. _The poor service quality has become a major problem for the bank. The quality of the service at NCC BANK is higher than the Dhaka Ban k, NCC BANK or Dutch Bangla Bank etc. But the bank has to compete with the Multinational Bank located here. —Some of the job in NCC BANK has no growth or advancement path. So lack of motivation exists in persons filling those positions. This is a weakness of NCC BANK that it is having a group of unsatisfied employees. __In terms of promotional sector, NCC BANK has to more emphasize on that. They have to follow aggressive marketing campaign. _The default risks of all term loans have to be minimized in order to sustain in the financial market. Because of default risk the organization may become bankrupt. NCC BANK has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem if not eliminate. Opportunities: —In order to reduce the business risk, NCC BANK has to expand their business portfolio. The management can consider options of starting merchant banking or diversify into leasing and insurance sector. — The activity in the secondary financial market has direct impact on the primary financial market. Banks operate in the primary financial market. Investment in the secondary market governs the national economic activity. Activity in the national economy controls the business of the bank. —Opportunity in retail banking lies in the fact that the country’s increased population is gradually learning to adopt consumer finance. The bulk of our population is middle class. Different types of retail lending products have great appeal to this class. So a wide variety of retail lending products has a very large and easily pregnable market. — A large number of private banks coming into the market in the recent time. In this competitive environment NCC BANK must expand its product line to enhance its sustainable competitive advantage. In that product line, they can introduce the ATM to compete with the local and the foreign bank. They can introduce credit card and debit card system for their potential customer. —In addition of those things, NCC BANK can introduce special corporate scheme for the corporate customer or officer who have an income level higher from the service holder. At the same time, they can introduce scheme or loan for various service holders. And the scheme should be separate according to the professions, such as engineers, lawyers, doctors. Threats: —All sustaining multinational banks and upcoming foreign and private banks pose significant threats to NCC BANK Limited. If that happens the intensity of competition will rise further and banks will have to develop strategies to compete against these local and foreign banks. —Other commercial banks are offering higher salary that may create problem for NCCBL to retain their experienced managers and executives. ? MAJOR PRODUCTS OF NCC BANK LTD. 3. 0 PRODUCTS OF NCC BANK Before discussion about products of NCC Bank, we have to understand what bank’s products are. Bank is a service oriented industry and deals with various financial products and services for financial gains. Financial products and services products that a bank offers to its customers are mainly classified as under: a)Deposit Products to generate funds. b)Lending products for financial gains c)Money Transmission products d)International business products e)Special fee earning service3s f)social services products Products that are marketing by NCC Bank are as under 3. 1. 1. Deposit Products Deposit is the lifeblood of a bank. From the history and origin of the banking system we know that deposit collection is the main function of a bank. Accepting deposits Procedures of collecting deposit procedure are almost same in the entire bank and the branches as well. The deposits that are accepted by NCC BANK like other banks may be classified into: †¢Current Deposit †¢Short term deposit †¢Saving Deposit †¢Fixed deposit †¢Special Saving Scheme Deposit (SSS) 3. 1. 2. Lending Products Bank has its own principle about the credit sanctioned or loan to the ustomers, but lending product of a bank or of a branch is equal important to verify the outstanding at the end of any fiscal year. Every bank pays special attention about their lending products, because these products are handed over on a regular basis. †¢Continuous Loan a. Secured Overdraft against Financial Obligation [SOD (FO)] Advances allowed to individual/firms against financial obligation (i. e. lien of FDR/PSP/BSP/Insurance Policy etc. ) and against assignment of works order for execution of contractual works fall under this head. It is a continuous advance facility. By this agreement, the banker allows his customer to overdraft his current account up to his credit limits sanctioned by the bank. The interest is charged on the amount, which he withdraws, not on the sanctioned amount. NCC BANK sanctions SOD against different security. b. Secured Overdraft against Work order/ Real Estate etc [SOD (G)] Advances allowed against assignment of work order or execution of contractual works falls under this head. This advance is generally allowed for a definite period and specific purpose i. e. it is not a continuous credit. It falls under the category â€Å"others†. c. Cash Credit (Hypothecation) Advances allowed to individual /firm for trading as well as wholesale purpose or to industries to meet up the working capital requirements against hypothecation of goods as primary security fall under this type of lending. It is a continuous credit. It is allowed under the category (i) â€Å"Commercial Lending† when the customer is other than a industry and (ii) Working Capital when the customer is an industry. d. Cash Credit (Pledge) Financial accommodations to individual / firm for trading as well as sole-sale purpose or to industries as working capital against pledge of goods as primary security fall under this head on advance. It is also a continuous credit and like the above allowed under the categories (i) â€Å"Commercial Lending† and (ii) â€Å"Working Capital†. e. Export Cash Credit (ECC) Financial accommodation allowed to a party for export of goods falls under this head and is categorized as â€Å"Export Credit,† The advances must be liquidated out of export proceeds within 180 days. †¢Demand Loan Demand Loan: (Forced LIM, BLC, PAD, IBP etc). Overdue period will be accounted from the day following the date of expiry of such loan.? Less than 6 months ? 6 months or more but less than 9 months 9 months or more but less than 12 months ?More than 12 monthsUnclassified Sub-standard Doubtful Bad/loss 1% 20% 50% 100% a. Loan General Short term, Medium term Long term loans allowed to individual /firm /industries for a specific purpose but for a definite period and generally repayable by installments fall under this head . this type of lending are mainly allowed to accommodate finan cing under the category (a) Large Medium Scale industry and (b) Small Cottage Industry . Very term financing for (a) Agriculture (b) Others are also included here . b. Demand Loan Against Ship breaking This type of loans does not exercise in this branch, but being exercised to another branch that provide advances against ship breaking. c. Payment Against Documents (PAD) Payment made the bank against lodgment of shipping documents of goods imported through L. C. falls under this head. It is an interim advance connected with import and is generally liquidated shortly against payments usually made by the party for retirement of the documents for release of imported goods from the customs authority. It falls under the category â€Å"Commercial Lending† . d. Loan against Imported Merchandise (LIM) Advances allowed for retirement of shipping documents and release of goods imported through L. C. taking effective control over the goods by pledge in brokerage house under bank’s lock key fall under this type of advance. This is also a temporary advance connected with import which is known as post-import finance and falls under the category â€Å"Commercial Lending. † e, Loan against Trust Receipt (LTR) Advance allowed for retirement of shipping documents and release of goods imported through L. C. without effective control over the goods delivered to the customer falls under this head. The goods are handed over to the importer under trust with the arrangement that sale proceeds should be deposited to liquidate the advances within a given period. This is also a temporary advance connected with import and known as post-import finance and falls under the category â€Å"Commercial Lending†. g. Packing Credit Advance allowed to a party against specific L. C/firm contract for processing/ packing of goods to be exported falls under this head and is categorized as â€Å"Packing Credit. † The advances must be adjusted from proceeds of the relevant exports within 180 days. i. Foreign Documentary Bills Purchased (FDBP) Payment made to a customer through purchase/ negotiation of a foreign documentary bills falls under this head. This temporary advance is adjustable from the proceeds of the shipping/export documents. Its falls under the category â€Å"Export Credit† j. Local Documentary Bills Purchased (LDBP/IDBP) Payment made against documents representing sell of goods to local export oriented industries which are deemed as exports and which are denominated in Local currency/ foreign currency falls under this head. The bill of exchange is held as the primary security. This temporary liability is adjustable from the proceeds of the bills. . Festival Business Loan. This type of loan are generally sanctioned depending on the occasion, more than two festival business loans are generally sanctioned in an annum. †¢Term Loan a. Project Loan NCC BANK offers different conventional credit/investment schemes and the Banking products to their customers. So far loans and advances portfolio includes Project Finance in the form of Term Loan, Real Estate Finance, Secured Overdraft against FDR, different security certificates, working capital in the form of Cash Credit Hypothecation, Import Trade Finance in the form of PAD/LIM/TR etc. NCC BANK considers the loans, which are sanctioned for more than one year as term loan. Under this facility, an enterprise is financed from the starting to its finishing, i. e. from installation to its production b. Transportation Loan Considers the loans, which are sanctioned for the purpose of delivering the goods on to its final destination, its generally used in the form of inland exporting or back to back letter of credit. c. House Building Loan Loans allowed to individual/ enterprise construction of house (residential or commercial) fall under this of advance. The amount is repayable by monthly installment within a specified period, advances are known as Loan (HBL GEN). d. Small Business Loan Short term and long term loans allowed to individual/ firms / industries for a specific purpose but a definite period and generally repayable by the installments fall under this head. These types of lending are mainly allowed to accommodate financing under the categories. Small and Cottage Industries, Very often term financing for agriculture and others are also included here. e. Consumer Finance Loan NCCBL keeping in mind the economic development and helping the fixed income group in fulfilling their demand to upgrade the standard of living will continue before consumer finance scheme for: †¢Household appliances, Furniture Fixture, Air Conditioner, Fax Machine, motor cycle/Car, Cellular phone, and Other equipment f. Lease Finance NCCBL to keep its contribution to the growth of national GDP, accelerate the total economic development by infusing the fund in productive sector in more efficient and effective way: diversity its portfolio and satisfy the customers need would go for lease finance for: Setting up of small and cottage industries/Projects, BMRE of existing projects †¢Transports (roads/marine), Medical equipment/surgical/clinical/lab equipment/x-ray machine etc, Construction equipment and other fixed assets of other productive and service oriented ventures. g. Personal Loan To meet emergency financial requirement especially for medical treatment/surgical operatio n, marriage, admission of children/ educational expenses, maternity the loan facility may be extended. 3. 1. 3. Money transmission Product Carrying cash money is troublesome and risky. That’s why money can be transferred from one place to another through banking channel. This is called remittance. Remittances of funds are one of the most important aspects of the Commercial Banks in rendering services to its customers. †¢Payment order/security deposit receipt (PO/SDR): This term will be discussed in the overall activities section under remittance department. †¢Demand Draft (DD): This term will also been discussed in the overall activities section under remittance department. †¢Telegraphic Transfer (TT): This is also a common term that in the remittance section as well. . Travelers Cheque Traveler’s Cheque (TC)Issue of TCTC is useful to traveler abroad. Customers can encash the TC in abroad from the drawee bank. TC is alternative to holding cash and it provides better security than holding cash in hand. Buying Of TCIf any unused leaf of TC is surrendered bank buys it from the customer. All payments are made in local currency. Banks genera lly buy only those TC. 3. 1. 4. International Business Products In banks when we talk of international business products, we refer to the general mechanism by which a bank converts currency of one country into that of another. Foreign Exchange Department (FED) is the international department by which a bank or an AD branch transects with other international bank or of a brach. Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers. If the branch is authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries by transacting their international business products. So NCC BANK, Principal branch is an authorized dealer. †¢Letter of Credit (L/C) †¢Back to back Letter of credit (BTB L/C) Buying and selling of foreign exchange †¢Foreign demand draft (FDD) Foreign Demand DraftBank issue Demand Draft in favor of purchaser or any other according to instruction of purchaser. The payee can collect it for the drawee bank in which the Issuing bank of Demand Draft holds its NOSTRO Account. Bank also makes payment on DD drawn on this bank by its foreign correspondence bank through the VOSTRO Account. †¢Foreign telegraphic transfer (FTT) Outward remittance covers sales of foreign currency through issuing foreign T. T. Drafts, Travelers Check etc. as well as sell of foreign exchange under L/C and against import bills retired. 3. 1. 5. Special fee earning products NCC Bank considers the special earning product to the different consumer, as it to play a comprehensive role in financing the bank product. Among those following are some issues relate to special fee earning product: †¢Bank guarantee †¢Foreign bank Guarantee (F. B/G) †¢Underwriting †¢Brokerage House and locker Service †¢Issuances of Sanchaya Patra, Wages Earners Development Bond, National Investment Bond, Prize Bond are some special earning fee product of NCC bank. 3. 1. 6. Social Service Products NCC Bank Considers several service products by looking at the social point of view, At this competitive edge, banking might have reached to preserve its market share and to penetrate new market share through diversification of its product range. Following are the services that are designed to provide for society: †¢Sale of Lottery Tickets for collection of fund for social establishment †¢Collection of Zakat Fund †¢Collection of Haj Deposit 3. 2 CREDIT POLICY CREDIT OPERATION OF NCCBL Credit policy is a guideline of a financial institution to determine- †¢Who shall get credit (eligibility to get loan) How much to lend (Amount of lending) †¢Why to lend (Purpose of lending) †¢Where to finance (Portfolio Management depending upon profitability and requirement for participation on socio –economic benefits) Credit division of a bank especially acts as a key financial machine to haunt for earning revenue of a bank to achie3ve its ultimate goal for profu t maximization with minimal risk maintaining balanced portfolio management. 3. 3 WHERE TO FINANCE (FINANCING ACTIVITIES OF NCC BANK) Financial activities of a bank depend upon its portfolio management of its funds through deposit. Our lending policy would be within the broad policy frame work envisaged above. Bank’s lending activities may be classified into the following broad segments. 1. Trade and Commerce 2. Industries 3. Lease Financing 4. Consumer Financing 5. Real Estate Civil Construction 6. Agro based 7. Small Business Loans 8. Personal Loans 3. 4 Security Policies The term loans, if any extended by the bank shall gave to be secured by first charge mortgage on the fixed asset coverage leaving a margin of at leas 25% depending upon the viability of the project. Consideration in this regard will vest purely on viability criteria irrespective of bank client-relationship. The determinants in this respect are debt service coverage, debt-equity ratio, and fixed coverage to term loan with a margin of 25-30% minimum. The working capital may be additionally covered by 1st charge mortgage of the fixed asset or by sharing first mortgage ranking PARIPASU with the financial institutions providing term loan. Decision is this regard shall be at the sole discretion of the bank. GENERAL BANKING OF NCC BANK LTD. 4. 0 FUNCTIONS OF NCC BANK LIMITED 4. 1 GENERAL BANKING General banking department is the heart of all banking activities. This is the busiest and important department of a branch, because funds are mobilized, cash transactions are made; clearing, remittance and accounting activities are done here. Since bank is confined to provide the services everyday, general banking is also known as ‘retail banking’. In NCC BANK LTD Principal Branch, the following departments are under general banking section: A)Account opening section B)Deposit Section C)Cash Section B)Remittance section C)Clearing section D)Accounts section 4. 1. 1 A) ACCOUNT OPENING SECTION Account opening is the gateway for clients to enter into business with bank. It is the foundation of banker customer relationship. This is one of the most important sections of a branch, because by opening accounts bank mobilizes funds for investment. Various rules and regulations are maintained and various documents are taken while opening an account. A customer can open different types of accounts through this department. Such as: 1. Current Deposit. 2. Savings account. 3. Short notice deposit (SND) Types of Accounts with Terms and Conditions Current Deposit Current account is purely a demand deposit account. There is no restriction on withdrawing money from the account. It is basically justified when funds are to be collected and money is to be paid at frequent interval. Some important points have been discussed in the project part. Savings Bank Account This deposit is primarily for small-scale savers. Hence, there is a restriction on withdrawals in a month. Heavy withdrawals are permitted only against prior notice. Some Important Points have been discussed in project part. SND (Short Notice Deposit) Account Normally various big companies, organizations, Government Departments keep money in STD account. Frequent withdrawal is discouraged and requires prior notice. The deposit should be kept for at least seven days to get interest. The interest offered for STD is less than that of savings deposit. Interest is calculated based on daily minimum product and paid two times in a year. Interest rate is 6. 00%. Table-01 Account Opening procedure Step 1The account should be properly introduced by Any one of the following: ? An existing Current Account holder of the Bank. ?Officials of the Bank not below the rank of an Assistant officer. ?A respectable person of the locality well known to the Manager/Sub-Manager of he Branch concerned. Step 2Receiving filled up application in bank’s prescribed form mentioning what type of account is desired to be opened Step 3? The form is filled up by the applicant himself / herself ? Two copies of passport size photographs from individual are taken, in case of firms photographs of all partners are taken ? Applicants must submit required documents ?A pplication must sign specimen signature sheet and give mandate ? Introducer’s signature and accounts number – verified by legal officer Step 4Authorized Officer accepts the application Step 5Minimum balance is deposited – only cash is accepted Step 6Account is opened and a Cheques book and pay-in-slip book is given Documents required for opening account ? Individual / Joint Account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Identity (copy of passport). 4. Joint Declaration Form (For joint a/c only). 5. Employee’s Certificate (in case of service holder). ? Partnership account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Partnership letter duly signed by all partners (Sign should be similar as stated in Partnership Deed). 4. Partnership Deed duly certified by Notary public. 5. Registration (If any). 6. Updated Trade license. ? Proprietorship account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Valid copy of Trade License. 4. Rubber stamp. 5. TIN number certificate. 6. Identity (Copy of passport). 7. Permission letter from DC/ Magistrate (in case of newspaper) ? Limited company 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the Introducer. 3. Valid copy of Trade License. 4. Board resolution of opening A/C duly certified by the Chairman/Managing Director. 5. Certificate of Incorporation. 6. Certificate of Commencement (In case of Public limited company). 7. Certified (joint stock) true copy of the Memorandum and Article of Association of the Company duly attested by Chairman or Managing Director. 8. List of directors along with designation specimen signature. 9. Latest certified copy of Form – xii (to be certified by register of joint stock companies) (In case of Directorship change). 0. Rubber Stamp (Seal with designation of each person) 11. Certificate of registration (In case of Insurance Company – Obtained from department of Insurance from the Peoples Republic of BD). ? Club / societies account 1. Introduction of the account. 2. Two photographs of the Signatories duly attested by the introducer. 3. Board Resolution for Opening A/C dul y certified by President/ Secretary. 4. List of Existing Managing Committee. 5. Registration (if any). 6. Rubber Stamp. 7. Permission letter from Bureau of N. G. O. (In case of N. G. O. A/C). Closing of an account The closing of an account may happen, ?If the customer is desirous to close the account, ?If the NCC BANK finds that the account is inoperative for a long duration. ?If the court of NCC BANK issues garnishee order. A customer may close his/her account any time by submitting an application to the branch. The customer should be asked to draw the final check for the amount standing to the credit of his/her account less the amount of closing an other incidental charge and surrender the unused check leaves. The account should be debited for the account closing charge etc. nd the authorized officer of the bank should destroy unused check. In case of joint account the application for closing the account should be signed by the joint account holder. The fee for closing of an account is Tk. 50. 4. 1. 2 B) LOCAL REMITTANCE Carrying cash money is troublesome and risky. That’s why money can be transferred from one place to another through banking channel. This is called remittance. Remitt ances of funds are one of the most important aspects of the Commercial Banks in rendering services to its customers. Types of remittance: ?Between banks and non banks customer Between banks in the same country ?Between banks in the different centers. ?Between banks and central bank in the same country ?Between central bank of different customers. The main instruments used by the NCC BANK of remittance of funds are ?Payment order (PO) ?Demand Draft (DD) ?Telegraphic Transfer (TT) So the basic three types of local remittances are discussed below: Table- 02 PointsPay OrderDemand DraftTT ExplanationPay Order gives the payee the right to claim payment from the issuing bankDemand Draft is an order of issuing bank on another branch of the same bank to pay specified sum of money to payee on demand. Issuing branch requests another branch to pay specified money to the specific payee on demand by Telegraph /Telephone Payment fromPayment from issuing branch onlyPayment from ordered branch Payment from ordered branch Generally used to Remit fund Within the clearinghouse area of issuing branch. Outside the clearinghouse area of issuing branch. Payee can also be the purchaser. Anywhere in the country Payment Process of the paying bankPayment is made through clearing 1. Confirm that the DD is not forged one. 2. Confirm with sent advice 3. Check the ‘Test Code’ 4. Make payment1. Confirm issuing branch 2. Confirm Payee A/C 3. Confirm amount 4. Make payment 5. Receive advice Charge Only commissionCommission + telex chargeCommission + Telephone Term Deposit Receipt The Local Remittance section of NCC BANK Motijheel Branch also issues TDR. They are also known as time deposit or time liabilities. These are deposits, which are made with the bank for a fixed period, specified in advance. The bank need not maintain cash reserves against these deposits and therefore, the bank offers higher of interest on such deposits. †¢Term Deposits: These rates are not negotiable. In this table we can find out the percentage that is given by the bank for specific period of time to the customer. 4. 1. 3 CLEARING SECTION The amount of Cheques, Pay Order (P. O), and Demand Draft (D. D) Collection from other banks on behalf of its customer is a basic function of a Clearing Department. †¢Clearing: Clearing is a system by which a bank can collect customers fund from one bank to another through clearing house. †¢Clearing House: Clearing House is a place where the representatives of different banks get together to receive and deliver Cheques with another banks. Normally, Bangladesh Bank performs the Clearing House in Dhaka, Chittagong, Rajshahi, Khulna Bogra. Where there is no branch of Bangladesh Bank, Sonali bank arranges this function. †¢Member of Clearing House: NCC BANK limited is a scheduled Bank. According to the Article 37(2) of Bangladesh Bank Order, 1972, the banks which are the member of the clearinghouse are called as Scheduled Banks. The s cheduled banks clear the cheque drawn upon one another through the clearinghouse. †¢Types of Clearing A)Outward Clearing: When the Branches of a Bank receive cheques from its customers drawn on the other Banks within the local clearing zone for collection through Clearing House, it is Outward Clearing. B)Inward Clearing: When the Banks receive cheque drawn on them from other Banks in the Clearing House, it is Inward Clearing. †¢Who will deposit cheque for Clearing: Only the regular customers i. e. who have Savings, Current, STD Loan Account in the bank can deposit cheque for collection of fund through clearing house. †¢Responsibility of the concerned officer for the Clearing Cheque and being work with department, following are the issues )Crossing of the cheque. 2)(Computer) posting of the cheque. 3)Clearing seal proper endorsement of the cheque. 4)Separation of cheque from deposit slip. 5)Sorting of cheque 1st bank wise and then on branch wise. 6)Computer print 1st branch wise then bank wise. 7)Preparation of 1st Clearing House computer validation sheet. 8)Examine compu ter validation sheet with the deposit slip to justify the computer posting 9) Copy of computer posting in the floppy disk. †¢Bills Collection: In modern banking the mechanism has become complex as far as smooth transaction and safety is concerned. Customer does pay and receive bill from their counterpart as a result of transaction. Commercial bank’s duty is to collect bills on behalf of their customer. Types of Bills for Collection i. Outward Bills for Collection (OBC). ii. Inward Bills for Collection (IBC). What is OBC? OBC means Outward Bills for Collection . OBC exists with different branches of different banks outside the local clearinghouse. Normally two types of OBC: 1)OBC with different branches of other banks 2)OBC with different branches of the same bank Procedure of OBC: 1)Entry in the OBC register. 2)Put OBC number in the cheque. ) â€Å"Crossing seal† on the left corner of the cheque â€Å"payees account† will be credited on realization â€Å"seal† on the back of the cheque with signature of the concerned officer. 4)Dispatch the OBC cheque with forwarding. 5)Reserve the photocopy of the cheque, carbon copy of the forwarding and deposit slip of the cheque in the OBC file. Inward bills fo r collection (IBC) When the banks collect bills as an agent of the collecting branch, the system is known as IBC. In this case the bank will work as an agent of the collection bank. The branch receives a forwarding letter and the bill. Procedure of IBC 1. IBC against OBC: To receive the OBC cheque first we have to give entry in the IBC Register . The IBC number should put on the forwarding of the OBC with date. 2. Deposit of OBC amount: OBC cheque amount is put into the â€Å"sundry deposit-sundry Creditors account†, prepare debit credit voucher of it. If the OBC cheque is honored, send credit advice (IBCA) with signature advice number of the concern branch for the OBC amount. 3. If the OBC cheque is dishonored, the concerned branch is informed about it. 4. Again place in the clearing house or send the OBC cheque with Return Memo to the issuing branch according to their information. . 1. 4 D) ACCOUNTS SECTION Accounts Department is called as the nerve Centre of the bank. In banking business, transactions are done every day and these transactions are to be recorded properly and systematically as the banks deal with the depositors’ money. . Improper recording of transactions will lead to the mismatch in the debit side an d in the credit side. To avoid these mishaps, the bank provides a separate department; whose function is to check the mistakes in passing vouchers or wrong entries or fraud or forgery. This department is called as Accounts Department. If any discrepancy arises regarding any transaction this department report to the concerned department. Besides these, the branch has to prepare some internal statements as well as some statutory statements, which are to be submitted to the Central Bank and the Head Office. This department prepares all these statements. Workings of this department: †¢Packing of the correct vouchers according to the debit voucher and the credit voucher †¢ Recording the transactions in the cashbook. Recording the transactions in general and subsidiary ledger †¢Preparing the daily position of the branch comprising of deposit and cash †¢Preparing the daily Statement of Affairs showing all the assets and liability of the branch as per General Ledger and Subsidiary Ledger separately †¢Making payment of all the expenses of the branch †¢Recording inters branch fund transfer and providing accounting treatment in this regard. †¢Preparing the monthly salary statements for the employees †¢Preparing the weekly position for the branch which is sent to the Head Office to maintain Cash Reserve Requirement (C. R. R) †¢Preparing the monthly position for the branch which is sent to the Head Office to maintain Statutory Liquidity Requirement (S. L. R) †¢Make charges for different types of duties †¢Preparing the budget for the branch by fixing the target regarding profit and deposit so as to take necessary steps to generate and mobilize deposit. †¢Checking of Transaction List †¢Recording of the vouchers in the Voucher Register 4. 2 E. FOREIGN EXCHANGE Foreign exchange is the means and methods by which rights to wealth in a country’s currency are converted into rights to wealth in another country’s currency. In banks when we talk of foreign exchange, we refer to the general mechanism by which a bank converts currency of one country into that of another. Foreign Exchange Department (FED) is the international department Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers. If the branch is authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries. So NCC BANK, Principal branch is an authorized dealer. There are three kinds of foreign exchange transaction: A)Import B)Export C)Remittance. 4. 2. 1 A) IMPORT To import, a person should be competent to be an importer’. According to Import and Export Control Act, 1950, the Office of Chief Controller of Import and Export provides the registration (IRC) to the importer. In an international business environment, buyers and sellers are generally unknown to each other. So seller of goods always seeks security for the payment of his exported goods. Bank gives export guarantee that it will pay for the goods on behalf of the buyer if the buyer does not pay. This guarantee is called Letter of Credit. Thus the contract between importer and exporter is given a legal shape by the banker by ‘Letter of Credit’. 4. 2. 1. 1Letter of Credit †¢ Definition A letter of credit is a letter issued by a bank (know as the opening or the issuing bank) at the instance of its customer (known as the opener) addressed to a person (beneficiary) undertaking that the bills drawn by the beneficiary will be duly honored by it (opening bank) provided certain conditions mentioned in the letter gave been complied with. Table- 03 ImporterWho applies for L/C Issuing BankIt is the bank which opens/issues a L/C on behalf of the importer. Confirming Bank It is the bank, which adds its confirmation to the credit and it, is done at the request of issuing bank. Confirming bank may or may not be advising bank. Advising or Notifying Bank It is the bank through which the L/C is advised to the exporters. This bank is actually situated in exporter’s country. It may also assume the role of confirming and / or negotiating bank depending upon the condition of the credit. Negotiating Bank It is the bank, which negotiates the bill and pays the amount of the beneficiary. The advising bank and the negotiating bank may or may not be the same. Sometimes it can also be confirming bank. Accepting BankIt is the bank on which the bill will be drawn (as per condition of the credit). Usually it is the issuing bank. Reimbursing BankIt is the bank, which would reimburse the negotiating bank after getting payment – instructions from issuing bank. 4. 2. 1. 3 †¢ Steps for import L/C Operation – 8 steps operation Step 1 – Registration with CCIE †¢For engaging in international trade, every trader must be first registered with the Chief Controller of Import and Export. †¢By paying specified registration fees to the CCIE. he trader will get IRC/ERC (Import/Export Registration Certificate), to open L/C with bank, this IRC is must. Step 2 – Determination terms of credit †¢The terms of the letter of credit are depending upon the contract between the importer and exporter. The terms of the credit specify the amount of credit, name and address of the beneficiary and opener, tenor of the bill of exchange, period and mode of shipment and of destination, nature of credit, expiry date, name and number of sets of shipping documents etc. Step 3 – Proposal for Opening of L/C To have an import LC limit an importer submits an application to department to NCC BANK. The proposal contains the following particulars: †¢Full particulars of the bank account †¢Nature of business †¢Required amount of limit †¢Payment terms and conditions †¢Goods to be imported †¢Offered security †¢Repayment schedule Step 4 – Application by importer to the banker to open letter of credit †¢For opening L/C, the importer is required to fill up a prescribed application form provided by the banker along with the following documents: Table- 04 1. L/C Application form 7. Authority to debit account 2. Filled up LCA form 8. Filled up amendment request Form 3. Demand Promissory Note 9. IMP form 4. ro-forma invoice 10. Insurance cover note and money receipt. 5. Tax Identification number 11. Membership certificate 6. Import registration certificate 12. Rate fluctuation undertaking Step 5 – Opening of L/C by the bank for the opener: †¢Taking filled up application form from the importer. †¢Collects credit report of expor ter from exporter’s country through his foreign correspondence there. †¢Opening bank then issues credit by air mail/TELEX/SWIFT followed by L/C advice as asked by the opener through his foreign correspondent or branch as the case may be, at the place of beneficiary. The advising bank advises the L/C to the beneficiary on his own form where it is addressed to him or merely hand over the original L/C to the beneficiary if it is so addressed. Step 6 – Shipment of goods and lodgment of documents by exporter: †¢Then exporter ships the goods to the destination of the importer country. †¢Sends the documents to the L/C opening bank through his negotiating bank. Generally the following documents are sent to the Opening Banker with L/C: Table- 05 1. Bill of Exchange 6. Packing List 2. Bill of Lading 7. Advice Details of Shipment 3. Commercial Invoice 8. Pre-shipment Inspection Certificate . Certificate of Origin 9. Vessel Particular 5. A certificate stating that each packet contains the description of goods over the packet. 10. Shipment Certificate Step 7 – Lodgment of Documents by the opening Bank from the negotiating bank: After receiving the documents, the opening banker scrutinizes the documents. If any discrepancy found, it in forms the importer. If importer accepts the fault, then opening bankers call importer retiring the document. At this time many thing can happen. These are indicated in the following: †¢Discrepancy found but the importer accepts – no problem occurs in lodgment. Discrepancy found and importer not agreed to accept – In this case, importer protest and send back all the documents to the exporter and request his to make in the specified manner. Here banker is not bound to pay because the documents send by exporter is not in accordance with the terms of L/C. †¢Documents are OK but importer is willing to retire the documents – In this case bank is obligated to pay the price of exported goods. Since importer did not pay for bill of exchange, this payment by bank is one kind of credit to the importer and this credit in banking is known as PAD. Everything is O. K. but importer fails to clear goods from the port and request bank to clear – In this case bank s clear the goods and takes delivery of the same by paying customs duty and sales tax etc. So, this expenditure is debited to the importer’s account and in banking it is called LIM. Step 8 – Retirement The importer receives the intimation and gives necessary instruction to the bank for retirement of the import bills or for the disposal of the shipping document to clear the imported goods from the customs authority. The importer may instruct the bank to retire the documents by debiting his account with the bank or may ask for LTR (Loan against Trust Receipt). 4. 2. 1. 4 †¢ Accounting Procedure in case of L/C Opening When the officer thinks fit the application to open a L/C, giving the following entries- creates the following charges- Table- 06 ParticularsDebit/ CreditCharges in Taka Customer’s A/CDebit L/C Margin A/CCredit Commission A/C on L/CCredit50% VATCredit15% on commission SWIFT ChargeCredit3000/= DatamaxCredit1000/= StampCredit150/= PostageCredit300/= DHL/CourierCredit1500 4. 2. 1. †¢ Amendment of L/C After opening of L/C some time’s alteration to the original terms and conditions become necessary. These amendments involve changes in a. Unit price b. Extension of validity o the L/C c. Documentary requirements etc. Such amendments can be affected only if all the concerned parties agree i. e. the beneficiary, the importer, the issuing bank and the advising bank. For any amendment the importer must request the issuing bank in writing duly supported by revised indent/ Proforma invoice. The issuing bank then advises the required amendment to the advising bank. L/C amendment commission including postage is charged to the clients A/C. 4. 2. 1. 6 Loan against Trust Receipts (LTR) †¢ Advance against a Trust Receipt obtained from the Customers are allowed to only first class tested parties when the documents covering an import shipment or other goods pledged to the Bank as security are given without payment. However, for such advances prior permission/sanction from Head Office must be obtained. †¢ The customer holds the goods or their sale-proceeds in trust for the Bank, till such time, the loan allowed against the Trust Receipts is fully paid off. The Trust Receipt is a document that creates the Banker’s lien on the goods and practically amounts to hypothecation of the proceeds of sale in discharge of the lien. 4. 2. 1. 7Loan Against Imported Merchandise (LIM) Advance (Loan) against the security of merchandise imported through the Bank may be allowed either on pledge or hypothecation of goods, retaining margin prescribed on th eir Landed Cost, depending on their categories and Credit Restriction imposed by the Bangladesh Bank. Bank shall also obtain a letter of undertaking and indemnity from the parties, before getting the goods cleared through LIM Account. 4. 2. 1. Payment Procedure of Import Documents This is the most sensitive task of the Import Department. The officials have to be very much careful while making payment. This task constitutes the following: †¢ Date of Payment Usually payment is made within seven days after the documents have been received. If the payment is become deferred, the negotiating bank may claim interest for making delay. †¢ Preparing Sale Memo A sale memo is made at B. C rate to the customer. As the T. T O. D rate is paid to the ID, the difference between these two rates is exchange trading. Finally, an Inter Branch Exchange Trading Credit Advice is sent to ID. Requisition for the Foreign Currency For arranging necessary fund for payment, a requisition is sent to t he International Department. †¢ Transmission of Message Message is transmitted to the correspondent bank ensuring that payment is being made. 4. 3. 2 B) EXPORT 4. 3. 2. 1Understanding The goods and services sold by Bangladesh to foreign households, businessmen and Government are called export. The export trade of the country is regulated by the Imports and Exports (control) Act, 1950. There are a number of formalities, which an exporter has to fulfill before and after shipment of goods. The exports from Bangladesh are subject to export trade control exercised by the Ministry Of Commerce through Chief Controller of Imports and Exports (CCI E). No exporter is allowed to export any commodity permissible for export from Bangladesh unless he is registered with CCI E and holds valid Export Registration Certificate (ERC). The ERC is required to be renewed every year. The ERC number is to be incorporated on EXP forms and other documents connected with exports. 4. 3. 2. 2 The formalities and procedure of Export L/C 1. Obtaining exports LC: To get export LC form exporter issued by the importer. . Submission of export documents: Exporter has to submit all necessary documents to the collecting bank after shipping of goods 3. Checking of export documents: After getting the documents banker used to check the documents as per LC terms 4. Negotiation of export documents: If the bank accepts the document and pays the value draft to the exporter and forward the document to issuing bank that is called a negotiating bank. If the bank does buy the LC then the bank normally acts as collecting bank. 5. Realization of proceeds: This is the period when the issuing bank has realized the payment. 6. Reporting to the Bangladesh bank: As per instruction by Bangladesh bank the bank has to report to respective department of Bangladesh bank by mentioning latest payment. 7. Issue to proceeds realization certificate (PRC): Bank has to issue proceed realization certificate of export LC to the supplier / exporter for getting cash assistance 4. 3. 2. 4Back-To-Back L/C It is simply issued to the clients against an import L/C. Back-to-Back mechanism involves two separate L/C. One is master Export L/C and another is Back-to-Back L/C. On the strength of Master Export L/C bank issues bank to Back L/C. Back-to-Back L/C is commonly known as Buying L/C. On the contrary, Master Export L/C is known as Selling L/C. †¢ 4. 3. 2. 5 Features of Back to Back L/C †¢An Import L/C to procure goods /raw materials for further processing. †¢It is opened based on Export L/C. †¢It is a kind of Export Finance. †¢Export L/C is at Sight but back to Back L/C is at Usance. †¢No margin is required to open Back to back L/C †¢Application is registered with CCIE †¢Applicant has bonded warehouse license. †¢L/C value shall not exceed the admissible percentage of net FOB value of relative Master L/C. †¢Usance period will be up to 180 days. The import L/C is opened for 75% of the value of Export L/C. †¢Here L/C issued against the lien of export L/C. †¢Arrangements are such that export L/C matures first then out of this export profit, import L/C is paid out. †¢ 3. 3. 2. 6 Documents Required for Opening a Back-to-back L/C In NCC BANK Principal Branch , following papers/ documents are required for opening a back-to-back L/C- 1. Master L/C 2. Valid Import Registration Certificate (IRC) and Export Registration Certificate (ERC) 3. L/C Application and LCAF duly filled in and signed 4. Proforma Invoice or Indent 5. Insurance Cover Note with money receipt 6. IMP Form duly signed In addition to the above documents, the followings are also required to export oriented garment industries while requesting for opening a back-to-back L/C – 1. Textile Permission 2. Valid Bonded Warehouse License 3. Quota Allocation Letter issued by the Export Promotion Bureau (EPB) in favor of the applicant for quota items. †¢ Payment of back to back l/c: In case back to back as 60-90-120-180 days of maturity period, deferred payment is made. Payment is given after realizing export proceeds from the L/C issuing bank. 4. 3. 2. Negotiation of Export Documents Negotiation stands for payment of value to the exporter against the documents stipulated in the LC. If documents are in order, NCC BANK purchases (negotiates) the same on the basis of banker- customer relationship. This is known as Foreign Documentary Bill Purchase (FDBP). If the bank is not satisfied with the documents submitted to NCC BANK gives the exp orter reasonable time to remove the discrepancies or sends the documents to L/C opening bank for collection. This is known as Foreign Documentary Bill for Collection (FDBC) entered into the Foreign bill Purchased (F. B. P) register. The documents are sent to the L/C opening †¢ Presentation of export documents for negotiation/Purchase: After shipment, exporter submits the following documents to NCC BANK for negotiation. †¢Bill of exchange †¢Bill of Lading †¢Invoice †¢Insurance Policy/Certificate †¢Certificate of Origin †¢Inspection Certificate †¢Consular Invoice †¢Packing List How to cite Banking Practice Guiding Laws Thereof on Ncc Bank, Essay examples

Cloud Privacy and Security for Traffic Lights -myassignmenthelp.com

Question: Discuss about theCloud Privacy and Security for Traffic Lights. Answer: Introduction: In this paper we are looking forward to look on the approaches undertaken by the government of Singapore and Hong Kong to manage information security and privacy. Deployment of smart sensors and cameras atTraffic Lights, bus stops, and rubbish bin. The deployment of smart sensors and cameras at the traffic lights, bus stops, and rubbish bin brings new scenario in the traffic management system of Hong Kong and Singapore. The smart traffic management system helps in controlling the fluctuation and brings coordination in the traffic (Chia, 2015). It helps in optimizing the flow of traffic and reducing vehicle stoppage at traffic junction. The advantage of using smart traffic signal system helps in limiting use of fuel without wastage, controlling the pollution; minimize wastage of time at traffic junction, and others. The controllers are used for setting standards for connector, intervals, and operating limits. The smart sensors are efficient in handling traffic at the road which results in increasing the capacity of the road. The chance of collision and waiting time is reduced to high extent. The vehicle operators and Pedestrians both can travel safer at road side. The vehicle operators have to keep constant speed to match up gre en signal at the traffic light which helps in reducing the waiting time at traffic junction. The traffic management involves elimination of unnecessary starting and stopping of the traffic. The smart traffic management system is capable of reducing the consumption of the fuel, reduction in the noise and air pollution of the city, and limiting the wear and tear of the vehicles. The travel time of the vehicle operator can be reduced due to the elimination of waiting time at the traffic junction. The use of sensor network helps in getting the display of information related to the position of bus from the bus stop. It will help to provide the information related to the arrival of the bus. The handling of the rubbish bin using the sensor network helps in making the city clean because it focuses on dumbing the waste into the dustbin. The cleanliness of the city helps in increasing the tourism in the country (Cerrudo, 2015). The cleanliness helps in ensuring the minimizing the occurrence o f death causing diseases and develops a healthy environment for the nation. As a Visitor of Singapore: The traffic management system helps the visitor to guide the path with the help of navigation system. The visitor can check the correctness of the path towards their destination. The GPS system helps in knowing the location of the visitor in the emergency situation. The safety procedures at the traffic junction helps in attracting the tourists towards the city helps increasing the profit of the tourist industry. The newer technology becomes the centre of attraction to the tourist. Everyone love their life and always prefer those destination which are safer and healthy. The traffic management system helps in reducing the air pollution which resolves the issues of breathing problems which is generally seen in the visitor because they are not familiar with the living condition of the city. The surveillance system makes use of cameras to monitor the central location of the visitors to act efficiently at the time of emergency. The video analytical tools are used for analysing the behaviou r of participants data objects. As a Resident of Singapore: The sensor traffic signalling system is the boon to the resident of the Singapore city because they can move around in the city freely without the headache of accidents. They can breathe in the pollution free air. The traveling cost of the people can be reduced by saving their fuel oils. The travelling time can be reduced by reducing the time wasted on the traffic signals. The cloud computing technology provides the data centre for managing machine to machine communication. The internet of things opens a new door for making the availability of the data to the new applications. The RFID technology is used by the Singapore to provide smart services like mass transportation, building access, library access, car parking, and shopping. It helps in providing the smooth life style with the innovation in the traffic management (Martin, 2016). The e-services at the traffic signals helps in making the political announcement, booking of the parking space, monitoring of the traffic, minimizing t he paper usage, and others. The GPS system improves the safety of the people because the GPS helps in analysing the current location of the vehicle operator which results in reducing the illegal activities to occur. Deployment of Sensor boxes to act as a Wi Fi hotspots throughout the city: The smart cities deployed the sensor boxes to act as a Wi Fi hotspots throughout the city. It helps in gaining attraction of the population, development of the budgetary plans, and helps in remaining ahead of the competitors. The sustainability of the ICT helps in evolving economic growth of the residential city. The use of Wi Fi brings an new scenario in driving economic competitiveness, sustainability of the environment, and development of the liveability conditions (Bemile, 2011). The economic growth of the city can be increased with the enhancement in the lifestyle of the people, creating new opportunities for urban development, initiatives taken for eco-sustainability, improving the condition of political process, and helps in improving the financial services provided to the resident of the city. The facility of Wi-Fi builds the high capacity communication infrastructure. The flawless sharing of information can take place between heterogeneous network which helps in improving th e efficiency of government, citizen, businesses, and others. As a Visitor of Singapore: The connectivity of the city through Wi-Fi brings a new scenario in providing better public services to the visitors. The facility of transportation has been improved to the high extent. The communication platforms connect the visitor with their loved ones who are far from them. It helps in resolving the issues of theft and carrying of the illegal activity. The Wi Fi connectivity helps the visitor to get transport service, first aid service, and etc. at their door step (Sarre, 2010). It provides the display of the availability of the taxis and bus with their timings. The use of Wi Fi brings a new scenario in driving economic competitiveness, sustainability of the environment, and development of the liveability conditions. As a Resident of Singapore: The WI Fi connectivity helps in developing the strong communication medium between the heterogeneous networks used by the participating units such as government, businesses, and citizen. The growth of the city will increase with the expansion of relationship between government to government, government and business, government and citizens, business and citizen, and others. The flawless communication plan increases the capability and performance of the government, businesses, and employees (Wang, 2009). The cloud computing technology provides the data centre for managing machine to machine communication. The internet of things opens a new door for making the availability of the data to the new applications. The sustainable environment is created for the resident of the city by having control on the pollution, waste, and lighting. The accessing of the information at mobile location increases the quality of services provided by the employees and high officials of the business which res ult into the growth of nation economy. The quality of life can be improved with the advancement in economic activity, increasing efficiency of the infrastructure, accessing of data on mobile location, distribution of energy and its consumption, safety measures for environment, digital inclusion, better practices of the government, and works in the welfare of the citizen Sensitive information in the mobile Device The sensitive data of the mobile phones requires the data protection techniques for ensuring the restriction to the unauthorised access of data. The integration of data protection strategies helps in exploring the flow of data in the smart cities. The Smart sustainable cities require protection measures to secure data from the potential cyber threats. The RFID security mechanism should be used for protecting data from the occurrence of the privacy risks. The explosion of data can be protected by involving the real time information management system which is used for storing and retrieving the data securely (Cheung, 2015). The security system should involves the development of the key management system, technical management system, and identity management system. The cyber security governance framework should be deployed for coordinating the efforts of the government and the citizen to cope up with the problem of data leakage in the smart city. The multiple sensors are used for collec ting information at the central location so that only the authorised person will get the access of the information. The proactive monitoring tools are used for triggering the alarm to provide immediate response by the participating units. The integration of the data helps in taking better decision at the time of emergency. The smooth flow of knowledge transfer can efficiently carried out in the smart city. Maintenance of the privacy while using mobile phones: The communication between the mobile devices takes place through the unique digital identity of the user. The digital identities help in making interaction participating units for enhancing the sharing of information. The digital identities help in making secure relationship between users. The set of credentials are provided to the user for secure transfer of information. The security is the major concern in the development of smart cities. The devices working on the heterogeneous network faces the problem of insufficient authentication methods. Sometimes the devices are not able to encrypt data for transferring over the network. The vulnerabilities are associated with the management of poor session, weak credentials used for encryptions, and other cross site vulnerabilities (Lau, 2015). The configuration of the default credential should be done for providing secure communication. The management of the privacy can be done by performing the analysis of the base devices which are used for the communication. The flow of information between the connected devices through digital identity helps in restricting the flow of confidential information between the participating units. The security properties of the base devices should be checked. The verification of the interfaces should be done periodically. The validation and verification procedures should be checked for securing the high level requirement. The authorization and authentication protocols should be used for deploying the software as a service platform to check the identity of the participating units. The cyber security governance framework should be deployed for coordinating the efforts of the government and the citizen to cope up with the problem of data leakage in the smart city. The review of the secure code helps in creating sensitivity and security of the booting process by making use of encryption modules. The digital identity can be managed from the attacks by making use of mitigation policies and methods. The following tables helps in determining the attacks and what are the countermeasures to overcome the current scenario: Particulars Scenario of the Attacks Mitigation methods and policies Gateway The tampering and interception activities can occurred in performing the communication between the participating units The secure socket layer should be used incorporation with transport layer security for overcoming the situation of tampering and interception in the communication process (Shacklett, 2013) Service Denial of service attack is the main concern area for the spoofing of identifier The secure socket layer should be used incorporation with transport layer security (Gong, 2015) Monitoring of the server for keeping proper management of the traffic control Web Interface The data theft can occur in the MySQL database by making us of SQL query The parameterised SQL statement should be used for creating the databases Sanitizing should be done for SQL injection Communication with the third party application The tampering and interception activities can occurred in performing the communication between the participating units The secure socket layer should be used incorporation with transport layer security for overcoming the situation of tampering and interception in the communication process Data stores The use of weak credential can be easily hacked by the hackers to get the authorization of the information Collection of required data High level credentials The flow of information between the connected devices through digital identity helps in restricting the flow of confidential information between the participating units. The procedure of authentication and authorization helps in managing the flow of confidential and sensitive information between the units which have the authorization for it. The hackers are not able to break the information of the remote command. The robust identity technology management system should be used for managing the flawless communication between the users and preserving the confidentiality of the information. Steps which should be undertaken to maintain digital Identity: The steps which should be undertaken to ensure the security and privacy of digital identity while working on mobile devices in the smart cities are as follows: The transfer of data should be equipped with the end to end encryption of the data stored in the mobile devices. This is the cost effective methods for carrying secure transmission of data (Kelvin, 2015). The strong password should be created for restricting the data transfer to the unauthorised person. It is not easy for the hackers to crack the strong password to get the access of the information to perform illegal activities. Periodically, the firewalls and antivirus should be kept updated. The steps should be taken to create audit logs The trusted resources should be kept isolated from the public resources The manuals should be incorporated with the use of every system The data protection strategy should be developed to restrict the profiling and collection of process data (Eriks, 2016) The digital access control system should be used for ensuring the authorisation to the people to access the sensitive data of the mobile devices. It is used for allocating the information to the authorised party only. Privacy enhancing technologies are used for protecting the information related to the digital identity of the person. The coherent system for ICT technology is used for eliminating the personal data. It helps in securing the digital identity of the person and helps in retaining the confidentiality of the information. This technology is used for handling the information of the data brokers and web browsers. The tools which are used by the PET technology are classified as ad blocker, removers, cookie blocker, detection of the malware, blocking of the site, encryption tools, and services used by the data brokers (Brown, 2015). The cyber security framework should be adopted Cyber security checklist should be issued. Encryption, authentication, and authorisation programmes should be implemented. The relationship can be developed between the users with the use of digital identities (Morris, 2015). The encrypted messages should be sent between the communicating units to preserve the confidentiality of the information. Conclusion: The development of the sensor network in the city helps in bringing the vast changes in the lifestyle of the resident citizen of the Hong Kong and Singapore. The deployment of mitigation technologies helps in managing the security of the free flowing information between the participating units. The confidential information should be kept private with the public resources to reduce the chance of data leakage. References: Lau, Y. (2015).Cyber in cloud: Risks and Response in Hong Kong, Singapore. Retrieved from https://books.google.co.in/books?id=meycBAAAQBAJpg=PA17lpg=PA17dq=Cyber+crime+in+cloud:+Risk+and+response+in+hong+kong,+Singapore+(Lau,+2015)source=blots=E74oC22JImsig=F5YeKV3Qr8zqRcenWz9kgHFONaUhl=ensa=Xved=0ahUKEwi_vdmnquvVAhXBo48KHWB-DUcQ6AEIOzAC#v=onepageq=Cyber%20crime%20in%20cloud%3A%20Risk%20and%20response%20in%20hong%20kong%2C%20Singapore%20(Lau%2C%202015)f=false Cheung, C. (2015).Cyber crime risks and responses: Eastern and western perspectives. Retrieved from https://www.palgrave.com/us/book/9781137474155 Sarre, R. (2010).Cybercrime and computer digital forensics. Retrieved from https://onlinelibrary.wiley.com/store/10.1111/(ISSN)1365-2575/asset/homepages/Ver05FinalverISJSpecial_Issue_ICCCf2017Aus.pdf;jsessionid=884F13F162E5FDC3F1394EC75F571EED.f01t02?v=1s=72299830be90d546796cdd5b89e67424a69b4b67isAguDoi=false Martin, A. (2016).Security and privacy impact of a unique personal identifier. Retrieved from https://www.politics.ox.ac.uk/materials/publications/14987/workingpaperno4martinmartinovic.pdf Bemile, R. (2011).Digital identity management. Retrieved from https://www.oecd.org/sti/ieconomy/49338380.pdf Eriks, R. (2016).Consumer digital identity. Retrieved from https://diacc.ca/wp-content/uploads/2017/02/Consumer-Digital-Identity-Companion-Paper.pdf Wang, W. (2009).The role of digital identity management in the internet economy. Retrieved from https://www.umic.pt/images/stories/publicacoes5/eID%20Management.pdf Gong, L. (2015).Smart Traffic light. Retrieved from https://www.cmu.edu/epp/people/faculty/course-reports/SURTRAC%20Final%20Report.pdf Morris, D. (2015).Smart cars meet smart signals. Retrieved from https://fortune.com/2015/08/20/smart-traffic-signals/ Kelvin, M. (2015).Issues paper on smart cities and infrastructure. Retrieved from https://unctad.org/meetings/en/SessionalDocuments/CSTD_2015_Issuespaper_Theme1_SmartCitiesandInfra_en.pdf Brown, R. (2015). Smart cities and the internet of things. Retrieved from https://h20195.www2.hpe.com/v2/getpdf.aspx/4AA6-5129ENW.pdf?ver=2.1 Shacklett, S. (2013).Cyber security, data protection, and cyber resilience in smart sustainable cities. Retrieved from https://www.google.co.in/url?sa=trct=jq=Sensitive%20information%20in%20the%20mobile%20Device%20can%20be%20affected%20with%20the%20wifi%20connection%20to%20develop%20smart%20citiessource=webcd=3cad=rjauact=8ved=0ahUKEwix-qrfm-3VAhWLO48KHVNwBPoQFggwMAIurl=https://www.itu.int/en/ITU-T/focusgroups/ssc/Documents/website/web-fg-ssc-0090-r7-technical_report_on_ICT_infrastructure_for_resilience_security.docusg=AFQjCNEng1BIXOnPYOfO-TqMEMAH1wPy0Q Chia, J. (2015).Cyber security a necessary pillar of smart cities. Retrieved from https://www.ey.com/Publication/vwLUAssets/ey-cyber-security-a-necessary-pillar-of-smart-cities/$FILE/ey-cyber-security-a-necessary-pillar-of-smart-cities.pdf Cerrudo, C. (2015).Keeping smart cities smart: Preempting emerging cyber attacks in U.S. cities. Retrieved from https://icitech.org/wp-content/uploads/2015/06/ICIT-Smart-Cities-Brief1.pdf

A P- The Heroic Sheep Herder

A P- The Heroic Sheep Herder Free Online Research Papers One of the main reasons that a short story can be so effective is familiarity. An author uses different ways to connect with their readers to draw interest. Some authors use themes that are common to everyday life no matter what time period a person lives in, their race, or financial status. Others use emotional connections to make the reader sympathize with the characters. In the short story written by John Updike in 1962 entitled, â€Å"AP,† he uses the familiar setting of a supermarket, and gives the reader an idea of what a teenage boy thinks about teenage girls. Sammy, the narrator of the story is young, impulsive and naive. Both he and the three girls in the story are being rebellious by doing things that aren’t considered to be the norm, otherwise not conforming to what others think is right. It is not uncommon for teen aged kids to go through periods of rebellion. At this time of their lives when their hormones are raging they are basically looking to find themselves and doing things that make them feel good. Updike uses what can be viewed as a typical teenage boy for the protagonist first person narrator of this story. Sammy is a nineteen year old boy who works as a cashier at a local AP in a Boston suburb. His story begins when three young girls walk into the store barefooted wearing bathing suits. He makes it easy to see that he has great interest in these girls by his in-depth descriptions of them; this is about the first girl: The one that caught my eye first was the one in the plaid green two-piece. She was a chunky kid, with a good tan and a sweet broad soft-looking can with those two crescents of white just under it, where the sun never seems to hit, at the top of the backs of her legs. (Updike 610) It appears that he has put a little more time and effort into this new customer; he may not be able to describe other customers with such detail. As Sammy gives us his view of the second girl he goes into greater detail with his assumptions of what other people may think about her as well: A tall one, with black hair that hadn’t quite frizzed right, and one of those sunburns right across under the eyes, and a chin that was too long- you know, the kind of girl other girls think is very â€Å"striking† and â€Å"attractive† but never quite makes it, as they very well know, which is why they like her so much. (Updike 610) Finally in walks the leader of there group, one Sammy has titled, â€Å"Queenie.† Right away he goes into great detail about her entrance. He describes the way that the other two girls followed her throughout the store, assuming that she had convince the other two into coming in dressed in their bathing suits, and that she had to show them how to do it, walking slow and holding themselves straight. (Updike 610) Sammy shows his level of interest in Queenie by describing every detail about her from the color, shape and style of her bathing suit, to the manner in which is sat on her body, â€Å"off her shoulders looped loose around the cool tops of her arms, and I guess as a result the suit had slipped a little on her, so all around the top of the cloth there was this shining rim.† (Updike 610) He continues on about her face, skin, neck, and hair stating she was more than pretty and that he didn’t mind seeing this much more of her. Another way Sammy shows his high level of interest in these three young girls is by how he describes the other shoppers in the AP. He very negatively describes the customer that is at his register while the girls first walk in. This fifty year old witch is what he calls, â€Å"a cash-register-watcher† and his error of ringing up an item twice by accident has definitely made her day. (Updike 610) He finishes up his description of her by stating, â€Å"By the time I got her feathers smoothed and her goodies into a bag- she gives me a little snort in passing, if she’d been born at the right time they would have burned her over in Salem.† (Updike 610) Once again stating how much of a witch he thought she was. Another instance where Sammy shows his dislike for the other customers is when the girl walk down the aisle in front of his register, doing what he calls walking against the grain of traffic while â€Å"the sheep pushing their carts down the aisle.† (Updike 611) He describes the reaction the girls got while walking down that aisle, causing numerous looks, including a few housewives who had to do a double take to make sure they had seen correctly. The young girls did more than catch the attention of the â€Å"sheep† as Sammy liked to call them. In order to back up Sammy’s interest in these girls he tells of responses of agreement from two of his fellow co-workers who apparently feel the same way he does. The other cashier working at the AP that day was named Stokesie and he said to Sammy as the girls walked past, â€Å"Oh Daddy†¦..I feel so faint.† (Updike 611) Also, the man at the meat counter named McMahon who after giving directions to the girls, â€Å"patted his mouth and looked after them sizing up their joints.† (Updike 611) However, the sheep weren’t the only ones who did not approve of their attire as much as the boys did. The manager of the AP Mr. Lengel walks through the front door and everyone’s luck had run out, it’s what Sammy says is the saddest part of the story. (Updike 612) Mr. Lengel walks over to the girls and tells them that they are not at the beach and that the AP requires its customers to be â€Å"decently dressed.† (Updike 612) Queenie stands up herself and says, â€Å"We are decent.† The girls try to give their side of the story saying that they were only coming in to buy one item, but this fell upon deaf ears when Lengel asks Sammy to just ring up their purchase so they can leave. (Updike 613) Sammy does as he has been told. Sammy however has something build up inside of him, be it courage or stupidity and cannot let this be the final moment between himself and these three young girls. Before the girls are out of earshot Sammy tells Mr. Lengel that he quits, and that â€Å"you didn’t have to embarrass the girls the way you did.† (Updike 613) Sammy attempts to be the hero for these young girls, even though by the time it was all played out they had left the building. At this point it didn’t matter to him though, it was his way of standing up for himself and what he thought was right. At the end Sammy had lost his job for three girls who he hadn’t even spoken to. But just like the three girls who walked into an AP with no shoes on and wearing only bathing suits he was doing something rebellious by standing up to his boss and quitting his job on his own terms. In Sammy’s mind he had done something heroic, something he probably didn’t think he was capable of. Even though he knew his parents would be upset with him and he realized that he â€Å"felt how hard the world was going to be to me hereafter† (Updike 614) but at least he still didn’t have to check the sheep through the line day after day. 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