A Surat based woven products’ manufacturer and exporter. The firm exports woven fabric, post bags, laminated bags, cement bags, and other industrial packaging products in the international market with an annual export turnover of INR 10 cr. The firm had an inward receivable of USD 26,000. The client had recently started using the TPO service of Myforexeye.
Myforexeye Value Addition:
Myforexeye dealer called the bank’s Treasury to close this inward deal. The banker quoted a rate of 69.10. Myforexeye dealer asked what spot rate is prevailing in the market to which the banker replied that the USDINR spot rate is 69.53. Having said that, he was charging a margin of 40 paise on this transaction with 3 paise cash/spot payable. Myforexeye dealer argued that a margin of 8 paise was charged in the previous deal. The dealer then said that the approval of 8 paise margin has expired, adding that in cases where the export turnover is less than USD 1 million and the margin is not sanctioned, the bank charges a margin of 40 paise on all forex transactions.
Myforexeye dealer told the banker that the annual turnover of the company is more than USD 1mio to which the banker responded that because your margin approval has expired, the bank would charge a margin of 40 paise only. Myforexeye dealer told the banker that the application for renewal of margin has already been sent to the branch and the sanction is under process, adding that we won’t pay a margin of more than 8 paise that is being paid for all forex transactions. After this round of negotiations, the deal was finally closed at 69.40 paying an 8 paise margin only as the USDINR spot rate had come to 69.51.
The client was satisfied with our service as the firm saved a valuable sum of INR 8000 on this particular transaction with the help of TPO service offered by Myforexeye.
24 Sep 2019 06:14 PM
A New Delhi based electronic goods importer. The working capital cycle of the client is 180 days but the Import payments terms are at sight against DP documents. The client used to utilize the Cash Credit facility with a PSU Bank. The client had appl
07 Sep 2019 03:03 PM
A large importer based in Delhi. The client had started a relationship with Myforexeye 6 months back. The client was getting extremely worried about persistent rupee weakness. Their import payment of USD 1 million was due for September 2019.
17 Aug 2019 05:53 PM
A South Indian Electric Vehicles manufacturer well known for selling battery operated two-wheelers. The company regularly imports various components required to assemble two-wheelers from different geographies of the world. Given the focus on green e
03 Aug 2019 02:13 PM
A Mumbai based X-Ray film importer with import turnover of INR 6 cr had to make an import payment of EUR 1,00,000 against the import of master rolls of x-ray film from Germany. The client deals with a PSU bank which has been charging card rate on all
29 Jun 2019 04:49 PM
Myforexeye has appointed ‘Referral Partners’ (RPs) across the country in order to bring users of foreign exchange closer to our technology platform. The Referral Partner in Kolkata referred close to 10 exporters and importers in last 1 month. Our tea
15 Jun 2019 05:00 PM
Case: A Delhi based leading export house engaged in the manufacturing and exporting of garments. The company has export receivables of around USD 100k – 150k each month. The company had an inward remittance of USD 15,000 recently for which the owner