What is an Aquifer?

What is an Aquifer?

An aquifer is an underground layer of water-bearing permeable rock, rock fractures or unconsolidated materials (gravel, sand, or silt) from which groundwater can be extracted using a water well. The study of water flow in aquifers and the characterization of aquifers is called hydrogeology.

An aquifer is a body of saturated rock through which water can easily move.

Is an Aquifer an Underground River?

What is a lithium polymer battery?

lithium polymer battery, or more correctly lithium-ion polymer battery(abbreviated variously as LiPo, LIP, Li-poly and others), is a rechargeable battery oflithium-ion technology using a polymer electrolyte instead of the more common liquid electrolyte.

What is G sensor in Android phones?

An accelerometer is a sensor that measures the amount of acceleration in a device or a project. A G-Sensor measures the amount of tilt in a device like a tablet pc or mobile phone. If you tilt your phone from landscape mode to potrait mode, your screen positions itself accordingly

What is the proximity sensor for?

proximity sensor is a sensor able to detect the presence of nearby objects without any physical contact. A proximity sensor often emits an electromagnetic field or a beam of electromagnetic radiation (infrared, for instance), and looks for changes in the field or return signal.

What is the use of accelerometer sensor?

An accelerometer is an electromechanical device that will measure acceleration forces. These forces may be static, like the constant force of gravity pulling at your feet, or they could be dynamic - caused by moving or vibrating the accelerometer.

The Android platform provides several sensors that let you monitor the motion of a device. ... The gravity, linear acceleration, rotation vector, significant motion, step counter, and step detector sensors are either hardware-based or software-based. The accelerometer and gyroscope sensors are always hardware-based.

What is OTG on smartphone?

USB On-The-Go, often abbreviated to USB OTG or just OTG, is a specification first used in late 2001 that allows USB devices, such as digital audio players or mobilephones, to act as a host, allowing other USB devices, such as USB flash drives, digital cameras, mice or keyboards, to be attached to them.

What is a Standby Letter of Credit(SBLC)?

What is a Standby Letter of Credit(SBLC)?

A Standby Letter of Credit (SBLC) can be considered as equivalent to a demand guarantee from the point of view of its function and aim. It is payable on first demand against presentation of a declaration from the beneficiary stating that the applicant is in default of his obligations under the underlying transaction.
An SBLC is an independent undertaking on the part of the bank and is separate from the underlying transaction or contract.
Like any other bank guarantee, the Standby Letter of Credit may have multiple purposes:

  • Tender SBLC
  • Advance payment SBLC
  • Performance SBLC
  • Retention money SBLC
  • Warranty SBLC
  • Payment SBLC

What is a Bank Guarantee?

What is a Bank Guarantee?
A bank guarantee may be defined as a written undertaking by which a bank, at the request of its customer (the applicant), irrevocably commits itself to pay a sum of money to a third party (the beneficiary) upon receipt of a complying demand by the beneficiary informing the bank that the applicant failed to fulfill his obligations under the underlying commercial contract. 
As it appears from the definition, the bank does not guarantee the actual fulfillment of the applicant’s obligation under the contract. It only commits itself to pay, in whole or in part, the amount stated in the guarantee.
This means that the bank will not, and is not liable to, deliver the goods or assume any responsibility for carrying out a project.
Parties involve in Bank Guarantee:
    An applicant : the party having an obligation under the underlying relationship supported by the guarantee.
    A beneficiary : the party in favor of which a guarantee is issued.
    A guarantor : the bank issuing the guarantee and committing itself to pay upon receipt of a complying demand for payment.
    Counter Guarantee:
    A counter guarantor who guarantees the guarantor banks obligation. If so, counter-guarantor ( bank ) issues a counter guarantee in favor of the bank who will commit payment to the beneficiary.

Checklist of Foreign Exchange Transactions

1. Approval from Head Office(if required)
2. IRC checking/original copy of IRC/genuineness and its validity/checking payment of IRC fees.
3. Putting IRC fees.
4. Entitlement of IRC on IMP
5. Validity of Indent/Proforma Invoice
6. Renewal of the expired indent by the indentor.
7. Indent/Proforma Invoice signed by the Importer and indentor/supplier.
8. Copy of Trade license.
9. Certificate from chamber of commerce and Industries/Trade Association
10. TIN/VAT registration

Banking Notes

General Banking
  Indemnity: Indemnity nj Ggb GK Pzw³ hv‡Z GK c¶ Avi GK c¶‡K ¶wZi nvZ †_‡K i¶vi AsMxKvi K‡i| †PK nvwi‡q †M‡j, bKj wWwW Bm¨y Ki‡j, wnmveavixi g„Z¨ n‡j Indemnity †bqv nq|
  Set off: hw` GKRb MÖvn‡Ki `~ÕwU wnmve _v‡K (GKwU cvIbv wnmve Ges GKwU †`bv wnmve) Z‡e GK wnmve †_‡K UvKv wb‡q Ab¨ wnmve adjust Kivi AwaKvi‡K set off e‡j|
  Contingent liability: ‡hmKj `vq fwel¨‡Z m„wó n‡Z cv‡i ‡m¸‡jv n‡jv Contingent liability (m¤¢ve¨ `vq)| ‡hgb-Gjwm, wejm&, e¨vsK M¨vivw›U|
  Negotiable Instrument: Negotiable Instrument means a Promissory note, Bill of Exchange or cheque payable either to order or to bearer. (N.I Act-1881 Article 13 (1))

Resident and Non-Resident

A resident is a person bank or firm who/which resides in Bangladesh.
A non-resident is a person, bank or firm who/which resides outside Bangladesh. Non-residents include Bangladesh nationals who go out of Bangladesh for any purpose . 
A person is presumed to be ordinarily resident if he maintains a home in Bangladesh or resides in the country for a substantial part of each year or pays income tax as a resident of Bangladesh. 
On the other hand, the fact that a person gives an address in Bangladesh does not necessarily mean that he should be regarded as a resident if he is, in fact, only a temporary visitor and is ordinarily resident elsewhere.
Chapter-1, Section-7 (i)

Deposit Insurance Trust Fund (DITF)

What is meant by Deposit Insurance Trust Fund (DITF)?
In accordance with the provision of the "Bank Amanat Bima Ain 2000 (The Bank Deposit Insurance Act, 2000)", premium collected from insured banks and all other receivables are deposited into an account called Deposit Insurance Trust Fund (DITF).

Who is the Chairman of the Trustee Board?
The Governor of Bangladesh Bank who is the Chairman of the Board of Directors of Bangladesh Bank is also the Chairman of the Trustee Board.

How many members are in the Trustee Board?
All the members of the Board of Directors of Bangladesh Bank are the members of the Trustee Board. At present 9 (nine) members are in the trustee Board.

What is DIS?

What is DIS?
Deposit Insurance Systems is an institutional initiative to protect depositors against the loss of their deposits in the event that a scheduled bank goes into liquidation.

What are the objectives of Deposit Insurance Systems (DIS)?
The important objectives of DIS are:
Protect small depositors
Enhance public confidence
Enhance stability of the financial system
Increase savings and encourage economic growth
Enhancing more propitious bank services

When DIS was introduced in Bangladesh?
In Bangladesh Deposit Insurance was introduced in August, 1984.

Foreign Exchange Market

Spot Market: 
Where exchange of one currency for another currency being happened on the spot or within two Banking days.
Forward Market:
Where actual transaction or delivery of Foreign Currency to be happened at a future date of period as per today's agreement.
Future Market:
Where two parties agreed to buy or sell a fixed quantity of particular commodity, currency or security for delivery at a fixed date in the future at a fixed price. It obliged a definite purchase or sell and not an option to buy or sell. In these transactions small security deposit is required.
Option Market:
An option is a contract specifying the right to buy or sell (by the buyer of the contract) a standard amount o foreign exchange with in a specific date at a certain price. A call option confers the right to buy and a put option confers the right to sell. Buyer of the contract has the right not to buy or sell. If he lapses the deal he will loss only option money.

EXP Form

EXP Form means Export Form which is used to export any commodity to abroad. It is a prescribed form by Bangladesh Bank in Appendix 5/19 of Guidelines For Foreign Exchange Transations.

Branch (AD) will certify EXP Form only after confirming the following:
i. Arrangements have been made for realization of Export proceeds.
ii. Bonafide importer/consignee abroad
iii. EXP has been signed by the Exporter
iv. Arrangement has been made for receipt by Authorized Dealer of documents of title to goods.

Contents of EXP:
EXP No., Exporters registration no., goods details, shipment details, signature of exporter, certification of AD etc.

LCAF-Letter of Credit Authorization Form

LCAF stands for Letter of Credit Authorization Form. It is mainly application for permission for opening LC as well as importing of goods into Bangladesh and remittance there against. So it is used for opening LC, releasing goods and remittance there against.

Bank should ensure while issuing LCAF:
Valid Import Registration Certificate (IRC)
Renewal of IRC
Item to be imported is eligible as per IPO (Import Policy Order)

Purpose of LCAF:
Allowing imports, releasing goods and remittance there against.

There are five copies in each set of  LCAF., The use of each copy are:
Original-For Exchange monitoring purpose: For opening LC and for effecting remittances
Duplicate-Custom purpose: For releasing goods
Triplicate and Quardruplicate- For controlling agency (will be send to the CCI&E along with LC copy)
Quintuplicate - Office copy

BRICS: New Development Bank

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010. It is typically rendered as "the BRIC countries" or alternatively as the "Big Four".

The General Council for Islamic Banks and Financial Institution(CIBAFI)

The General Council for Islamic Banks and Financial Institution (CIBAFI) is one of the 4 "I's"
International Islamic Infrastructure Institutions. It is a non-profit organization and it was
established and hosted in the Kingdom of Bahrain on May 16, 2001. It is an affiliated organ to
the Organization of Islamic Cooperation (OIC)
. The council membership includes a large
number of banks and financial institutions registered in various countries around the world
regulated by central banks. CIBAFI has been headquartered in Bahrain due to its positioning
in the Arab and global financial industry.

The Blue Economy

The Blue Economy:
The Blue Economy is a concept designed in 1994 by Gunter Pauli. Itʹs a way of doing business in the world
of tomorrow ‐ combining profitability, sustainability and scientific knowledge.
The Blue Economy entered the UN lexicon during the 2011 ‐12 preparations for the Rio+20 Conference.

Blue Planet

The Office of Foreign Assets Control (OFAC)

The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. government charged with planning and execution of economic and trade sanctions in support of U.S. national security and foreign policy objectives. Acting under Presidential national emergency powers, OFAC carries out its activities against foreign states - such as Russia and Iran - as well as a variety of problematic organizations and individuals deemed to be a threat to U.S. national security.
Involvement of the U.S. Department of the Treasury in economic sanctions against foreign states dates to the War of 1812, when Secretary Albert Gallatin administered sanctions against Great Britain in retaliation for the harassment of American sailors.
The Division of Foreign Assets Control was established in the Office of International Finance by a Treasury Department order in 1950, following the entry of the People's Republic of China into the Korean War; President Harry S Truman declared a national emergency and blocked all Chinese and North Korean assets subject to U.S. jurisdiction. In addition to blocking Chinese and North Korean assets.
OFAC is responsible for administering the Specially Designated Nationals (SDN) List. The list is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.