Forward contracts in foreign exchange trade is very common in Import/Export Business. An exporting or importing unit is specialized in their business, and may not like to the burden of exchange variance.
Exchange variance happens due to day-today variance in the currency values, especially in case of long credit periods
To avoid this Importers / Exporters Generally made forward contracts with the banks, who ensures the payment at agreed rate irrespective of the market rate, thereby ensuring the businessman the bill settlement at the contract rate.
The solution allows to create contracts of different values with different banks. The contarcts are then utilized for various import/export transactions. The validy date is maintained fpr each contract & a report displaying the same helps the user to track them.
The following documents are printed from the system :
1. Booking Of Forward Contract
2. Export cover Letter
3. Purchase Of Document
4. EEFC Conversion Letter
5. Payment against Import Bill Settlement
6. Inward Remmitance Advance Document