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Foreign Exchange Spot Transactions

Product Name

Foreign Exchange Spot Transactions

Product Description

Foreign exchange spot transactions means that two parties enter into deals at the spot exchange rate of foreign exchange markets on the very day and complete corresponding foreign exchange deliveries on the second business working day following the transaction date (T + 2).

Features

1. Customers entrust the bank with buying one currency against selling another, to achieve the conversion between different foreign currencies.

2. This product considers the spot rates prevailing in the market for various currency pairs which are currently being traded in the market.

Currency

USD, INR, CNY and other major currencies.

Eligible Applicants

1. Applicable to customers with needs of foreign currency transactions for corporate import and export trade settlements, payments of margin of credit and so on.

2. Customers need to open their foreign currency accounts in banks.

Procedure

1. Enquiry: the applicant shall determine the detail of foreign exchange spot transaction through entrusting in a written form, and make enquiries to Bank of China, Mumbai Branch accordingly.

2. Transaction conclusion: after concluding the transaction, Bank of China, Mumbai Branch will deliver the transaction confirmation to the applicant in written form.

3. Settlement: the actual settlement shall take place on the settlement date.

Gentle Reminders

1. If it happens that the value date is either a non-working day or a public holiday, then it will be postponed accordingly.

2. If requested by customers, Bank of China can conclude foreign exchange transactions with corresponding value dates effective on the very day or to be effective from the following day. Eg. Cash, Tom & Spot.

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