Some Useful abberviations

SOME USEFUL ABBERVIATIONS

A C C –       ASSISTANT COMMISSIONER OF CUSTOMES

A R O –       ADVANCE RELEASE ORDER

B/L –            BILL OF LADING

BG –            BANK GURANTEE

C A D –      CASH AGAINST DELIVERY

C B E C –  CENTRAL BOARD OF EXCISE & CUSTOMS

C C P –      CUSTOMS CLEARING PERMIT

C FR -       COST & FREIGHT

C I F -        COST, INSURANCE & FRIEGHT

C o D –    CASH ON DELIVERY

C o O –    CERTIFICATE OF ORIGIN

C V D –    COUNTER VAILING DUTY

D E P B – DUTY ENTITLEMENT PASS BOOK SCHEME

D F I A –   DUTY FREE IMPORT AUTHORISATION

D F R C – DUTY FREE REPLANISHMENT CERTIFICATE

 D G F T – DIRECTOR GENERAL OF FOREIGN TRADE

D I P P  – DEPARTMENT OF INDUSTRIAL POLICIES AND PROMOTION

D T H C –DESTINATION TERMINAL HANDLING CHARGES

E O U –   EXPORT ORIENTED UNIT

E P C –   EXPORT PROMOTION COUNCIL

E P C G – EXPORT PROMOTION CAPITAL GOODS

E T A –   ESTIMATED TIME OF ARRIVAL

EX WORKS PRICE -PRICE EXCLUDING FRIEGHT AND INSURANCE

F D I –     FOREIGN DIRECT INVESTMENT

F O B –   FREE ON BOARD

F E U  –  FORTY FEET EQUIVALENT UNIT

I C D –    INLAND CONTAINER DEPOT

I E C –     IMPORT EXPORT CODE

I H C –    INLAND HAULAGE CHARGES

I S O –    INTERNATIONAL STANDARDS ORGANISATIONS

L C –      LETTER OF CREDIT

N E F T – NATIONAL ELECTRONIC FUND TRANSFER

N F E –  NET FOREIGN EXCHANGE

P S U –  PUBLIC SECTOR UNITS

P T H –  PREMIER TRADING HOUSE

R T G S –REAL TIME GROSS SETTLEMENTS

S E Z –  SPECIAL ECONOMIC ZONE

S S I –    SMALL SCALE INDUSTRIES

S/B –      SHIPPING BILL

SWIFT – SOCIETY FOR WORLDWIDE INTERBANKING FINANCIAL TELECOMMUNICATION

T U E –   TWENTY FEET EQUIVALENT UNIT

TIN  NO.- TAX INFORMATION NETWORK

Central banks functions

• Central banks are primarily handling functions of other banks in any country. Like in India RBI ( Reserve bank Of India)is acting as a Central bank and directing all other nationalized and private banks in India.
•  Central bank is described as a leader of last resort.
•   Central Bank keeps watch on each bank’s financial status and prevents them from failure of any banking system.
•   Central bank provides currency with price stability by controlling inflation.

• Central bank also acts as a regulatory authority of a country’s monetary policy and is the sole provider and printer of notes and coins in circulation

Inflation – Definition

Inflation means the rate at which the general level of prices and goods and services are rising and subsequently purchasing power is falling down.

For example – If inflation rate is 2% then a $1 pack of gram will cost $1.02 in a year.

Most Country’s Central banks try to sustain rate of inflation between 2% and 3%.

Deflation – Definition

Deflation means declining prices, if this situation persists, generally creates a vicious spiral of negatives such as falling profits, closing factories, shrinking employments and incomes and increasing default loans by companies and individuals. Deflation is controlled by supplying money in to the market to control over prices.

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Compiled by - Unmesh Joshi