Introduction to Foreign payment

Jun 22nd, 2015
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The importance of international trade in the economy of a country is too well known to require emphasis. A number of advantages flow from international trade. Many developed nations of the world owe their present status to international trade; many developing countries place their hopes of development on it.

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Chapter no: 1Introduction to Foreign payment1.1IntroductionThe importance of international trade in the economy of a country is too well known to require emphasis. A number of advantages flow from international trade. Many developed nations of the world owe their present status to international trade; many developing countries place their hopes of development on it. A common man, who is not keenly interested in these use a large number of these items are either imported or some components of them are imported. Even if an item is indigenously produced, it may be found that it is made on an imported machine.1.2Foreign Trade and Foreign ExchangeInternational trade refers to trade between the residents of two different countries. Each country functions as a sovereign state with its own set of regulations and currency. The difference in the nationality of the exporter and the importer presents certain peculiar problems in the conduct of international trade and settlement of the transactions arising there from. Important among such problems are:Different countries have different monetary units;. Restrictions imposed by countries on import and export of goods;Restrictions imposed by nations on payments from and into their countries; Differences in legal practices in different countries.The existence of national monetary units poses a problem in the settlement of international transactions. The exporter would like to get the payment in the currency of his own

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