Criminal Justice System in UK
Introduction Criminal justices the system of practices and institutions of directed at upholding, Those accused of crime have against abuse of investigatory and prosecution powers. and mitigating, or sanctioning those who violate with criminal penalties and efforts.

Definition of Criminal Justice System
Normally, the first contact an offender has with the criminal justice system is through police who investigates a suspected wrong-doing and make an arrest. Next is the court, where disputes are settled and justice is administered. In the U.S. guilt or innocence is decided through the adversarial system. If the accused is found guilty s/he turned over to the correctional authorities from the court system.

Criminal justice system refers to the collective institutions through which an accused offender passes until the accusations have been disposed of or the assessed punishment concluded. The criminal justice system consists of three main parts: (a) adjudication (courts which include judges, prosecutors, defense lawyers: and (b) corrections (prison officials, probation officers, and parole officers). In a criminal justice system, these distinct agencies operate together under the rule of law and are the principal means of maintaining the rule of law within society. (c) Law enforcement (police, sheriffs, marshals.

Policing
The first contact an has with the criminal justice system is usually with the (or law enforcement) who investigate a suspected wrongdoing and make an, but if the suspect is dangerous to the whole nation, a national level is called in . The first police force comparable to the present-day police was established in 1667 under King in France, although modern police usually trace their origins to the 1800 establishment of the in, the, and the. When warranted, law enforcement agencies or police officers are empowered to use force and other forms of legal coercion and means to effect public and social order.

Police are primarily concerned with keeping the peace and enforcing based on their particular mission and jurisdiction. Policing has included an array of activities in different contexts, but the predominant ones are concerned with and the provision of services. Formed in 1908 the began as an entity which could investigate and enforce specific federal laws as an investigative and in the United States; this, however, has constituted only a small portion of overall policing activity.

Main article:
The courts serve as the venue where disputes are then settled and justice is administered. With regard to criminal justice, there are a number of critical people in any court setting. These include the, and the. The judge, or magistrate, is a person, elected or appointed, who is knowledgeable in the law, and whose function is to objectively. These critical people are referred to as the courtroom work group and include both professional and non professional individuals.

The case should be decided in favor of the party who offers the most sound and compelling arguments based on the law as applied to the facts of the case. Is decided through the. In this system, two parties will both offer their version of events and their case before the court (sometimes before a judge or panel of judges, sometimes before a jury).

The prosecutor, or district attorney, is a who brings charges against a person, persons or corporate entity. The prosecutor should not be confused with a or plaintiff's counsel. It is the prosecutor's duty to explain to the court what crime was committed and to detail whathas been found which incriminates the accused. Although both serve the function of bringing a complaint before the court, the prosecutor is a servant of the state who makes accusations on behalf of the state in criminal proceedings, while the plaintiff is the complaining party in civil proceedings.

A defense attorney counsels the accused on the legal process, likely outcomes for the accused and suggests strategies Defense counsel may challenge evidence presented by the prosecution or present exculpatory evidence and argue on behalf of their client. At trial, the defense attorney may attempt to offer a to the prosecutor's accusations. The accused, not the lawyer, has the right to make final decisions regarding a number of fundamental points, including whether to testify, and to accept a plea offer or demand a jury trial in appropriate cases. It is the defense attorney's duty to represent the interests of the client, raise procedural and evidentiary issues, and hold the prosecution to its burden of proving guilt beyond a reasonable doubt.

This process varies depending on the laws of the specific jurisdiction. In some places the panel (be it judges or a jury) is required to issue a unanimous decision, while in others only a majority is required. In America, this process depends on the state, level of court, and even agreements between the prosecuting and defending parties. The final determination of guilt or innocence is typically made by a third party, who is supposed to be disinterested. This function may be performed by a judge, a panel of judges, or a panel composed of unbiased citizens. Some nations do not use juries at all, or rely on theological or military authorities to issue verdicts.

Those who cannot afford a private attorney may be provided one by the state. Historically, however, the right to a defense attorney has not always been universal. In the U.S., an accused person is entitled to a government-paid defense attorney if he or she is in jeopardy of losing his or her life and/or liberty. For example, inEngland criminals accused of were not permitted to offer arguments in their defense. In many jurisdictions, there is no right to an appointed attorney, if the accused is not in jeopardy of losing his or her liberty.

This reduced sentence is sometimes a reward for sparing the state the expense of a formal trial. Many nations do not permit the use of plea bargaining, believing that it coerces innocent people to plead guilty in an attempt to avoid a harsh punishment. Some cases can be disposed of without the need for a trial. Some nations, such as America, allow in which the accused pleads guilty, or not guilty, and may accept a diversion program or reduced punishment, where the prosecution's case is weak or in exchange for the cooperation of the accused against other people. In fact, the vast majority are. If the accused confesses his or her guilt, a shorter process may be employed and a judgment may be rendered more quickly.

The entire trial process, whatever the country, is fraught with problems and subject to criticism. and form an ever-present threat to an objective decision. In this case, the criticism is that the decision is based less on sound justice and more on the lawyer's eloquence and. This is a particular problem when the lawyer performs in a substandard manner. Any on the part of the lawyers, the judge, or jury members threatens to destroy the court's credibility. Some people argue that the often Byzantine rules governing courtroom conduct and processes restrict a layman's ability to participate, essentially reducing the legal process to a battle between the lawyers. The jury process is another area of frequent criticism, as there are few mechanisms to guard against poor judgment or incompetence on the part of the layman jurors. Judges themselves are very subject to bias subject to things as ordinary as the length of time since their last break.

The Manipulations of the court system by defense and prosecution attorneys, law enforcement as well as the defendants have occurred and there have been cases where justice was denied.

Corrections
Like all other aspects of criminal justice, the administration of has taken many different forms throughout history. Early on, when civilizations lacked the resources necessary to construct and maintain prisons, forms of punishment. Offenders are then turned over to the correctional authorities, from the court system after the accused has been found guilty. Historically punishments and have also been used as forms of censure.

Early prisons were used primarily to sequester criminals and little thought was given to living conditions within their walls. In America, the movement is commonly credited with establishing the idea that prisons should be used to reform criminals. The most publicly visible form of punishment in the modern era is the. Prisons may serve as detention centers for prisoners after trial. For containment of the accused, jails are used. This can also be seen as a critical moment in the debate regarding the purpose of punishment.

Punishment (in the form of prison time) may serve a variety of purposes. Many modern prisons offer schooling or job training to prisoners as a chance to learn a vocation and thereby earn a legitimate living when they are returned to society. Religious institutions also have a presence in many prisons, with the goal of teaching ethics and instilling a sense of morality in the prisoners. First, and most obviously, the incarceration of criminals removes them from the general population and inhibits their ability to perpetrate further crimes. A new goal of prison punishments is to offer criminals a chance to be rehabilitated. If a prisoner is released before his time is served, he is released as a parole. This means that they are released, but the restrictions are greater than that of someone on probation.

There are numerous other forms of punishment which are commonly used in conjunction with or in place of prison terms. are also sanctions which seek to limit a person's mobility and his or her opportunities to commit crimes without actually placing them in a prison setting. Furthermore, many jurisdictions may require some form of public or community service as a form of reparations for lesser offenses. Monetary are one of the oldest forms of punishment still used today. These fines may be paid to the state or to the victims as a form of reparation. In Corrections, the Department ensures court-ordered, pre-sentence chemical dependency assessments, related Drug Offender Sentencing Alternative specific examinations and treatment will occur for offenders sentenced to Drug Offender Sentencing Alternative in compliance with RCW 9.94A.660.

Some societies are willing to use executions as a form of political control, or for relatively minor misdeeds. Other societies reserve execution for only the most sinister and brutal offenses. Execution or. is still used around the world. Its use is one of the most heavily debated aspects of the criminal justice system. Others still have outlawed the practice entirely, believing the use of execution to be excessively cruel or hypocritical.

History
The modern criminal justice system has evolved since times, with new forms of, added for and victims, and reforms. During the, payment to the victim (or the victim's family), known as, was another common punishment, including for violent crimes. These developments have reflected changing, political ideals, and economic conditions. In ancient times through the Middle Ages, was a common form of punishment. For those who could not afford to buy their way out of punishment, harsh penalties included various forms of. These included, and , as well as

Though a prison,, existed as early as the 14th century in was not widely used until the 19th century. Correctional reform in the United States was first initiated by towards the end of the 17th century. For a time, criminal code was revised to forbid and other forms of cruel punishment, with and replacing corporal punishment. These reforms were reverted, upon Penn's death in 1718. Under pressure from a group of these reforms were revived in Pennsylvania toward the end of the 18th century, and led to a marked drop in Pennsylvania's crime rate. and others led significant reforms during the late eighteenth and early nineteenth centuries.


Legislature
A Legislature is a kind of with the power to pass, amend, and repeal The law created by a legislature is called In addition to laws, legislatures usually have exclusive authority to raise or lower and adopt the and other. Legislatures are known by many names, the most common being although these terms also have more specific meanings.

In the legislature is formally supreme and appoints a member from its house as the prime minister which acts as the In a, according to the doctrine, the legislature is considered an independent and coequal branch of government along with both the and the executive.

The primary components of a legislature are one or more or houses: assemblies that can and upon A legislature with only one house is called legislature possesses two separate chambers, usually described as an upper house and a lower house, which often differ in duties, powers, and the methods used for the selection of members. Much rarer have been legislatures; the still exists, but the most recent national example existed in the waning years of.
In most parliamentary systems, the lower house is the more powerful house while the upper house is merely a chamber of advice or review. However, in presidential systems, the powers of the two houses are often similar or equal. In it is typical for the upper house to represent the component states; the same applies to the supranational legislature of the. For this purpose, the upper house may either contain the delegates of state governments, as is the case in the European Union and in and was the case in the before 1913, or be elected according to a formula that grants equal representation to states with smaller populations, as is the case in and the modern United States.

Because members of legislatures usually sit together in a specific room to deliberate, seats in that room may be assigned exclusively to members of the legislature. In parliamentary language, the term seat is sometimes used to mean that someone is a member of a legislature. For example, saying that a legislature has 100 "seats" means that there are 100 members of the legislature, and saying that someone is "contesting a seat" means they are trying to get elected as a member of the legislature. By extension, the term seat is often used in less formal contexts to refer to an electoral district itself, as for example in the phrases.

A court is a form of often a with the between and carry out the administration of, and matters in accordance with the In both courts are the central means for and it is generally understood that all persons have an ability to bring their claims before a court. Similarly, the of a crime include the right to present a before a court.

The system of courts that interpret and apply the are collectively known as the. The place where a court sits is known as a. The room where court proceedings occur is known as a, and the building as a; court facilities range from simple and very small facilities in rural communities to large buildings in cities.

The practical authority given to the court is known as its jus dicere) -- the court's power to decide certain kinds of questions or petitions put to it. According to a court is constituted by a minimum of three parties: the actor or, who complains of an done; the reus or who is called upon to make satisfaction for it, and the judex or judicial power, which is to examine the truth of the fact, to determine the law arising upon that fact, and, if any injury appears to have been done, to ascertain and by its to apply a. It is also usual in the superior courts to have attorneys, and advocates or counsel, as assistants, though, often, courts consist of additional attorneys, and perhaps a jury.

The term "the court" is also used to refer to the or officials, usually one or more. The judge or panel of judges may also be collectively referred to as (in contrast to and ollectively referred to asthe). In the United States, and other common law jurisdictions, the term "court" (in the case of U.S. federal courts) by law is used to describe the judge himself or herself.

In the the legal authority of a court to take action is based on and venue over the parties to the litigation.

Jurisdiction
Jurisdiction, means "to speak the law," is the power of a court over a person or a claim. In the United States, a court must have both personal jurisdiction and subject matter jurisdiction. Each state establishes a court system for the territory under its control. This system allocates work to courts or authorized individuals by granting both civil and (in the United States, this is termed subject-matter jurisdiction). The grant of power to each category of court or individual may stem from a provision of a written or from an enabling. In, jurisdiction may be deriving from the common law origin of the particular court.

Trial and appellate courts are courts that hold. Sometimes termed "courts of first instance," trial courts have varying Trial courts may conduct trials with juries as the (these are known as or trials in which judges act as both finders of fact and (in some jurisdictions these are known as. Juries are less common in court systems outside the common law tradition.

are courts that hear of lower courts and trial courts.

Some courts, such as the may have both trial and appellate jurisdictions.

Civil law courts and common law courts
The two major models for courts are the civil law courts and the common law courts. Civil law courts are based upon the judicial system in France, while the common law courts are based on the judicial system in England. In most civil law jurisdictions, courts function under an. In the common law system, most courts follow the governs the rules by which courts operate: for private disputes (for example); and for violation of the criminal l

In particularly in correction, corrections, and correctional, are describing a variety of functions typically carried out by, and involving the and of persons who have been. These functions commonly include. A typical correctional institution is a. A correctional system, also known as a penal system, thus refers to a network of agencies that administer a prisons and community-based programs like parole and probation boards; this system is part of the larger which additionally includes and Jurisdictions throughoutand the Uk have ministries or departments, respectively, of corrections, correctional services, or similarly named agencies.

Corrections is also the name of a concerned with the theories, policies, and programs pertaining to the practice of corrections. Its object of study includes personnel training and management as well as the experiences of those on the other side of the fence — the unwilling subjects of the correctional process. Stohr and colleagues write that "Earlier scholars were more honest, calling what we now call corrections by the name, which means the study of punishment for crime."

The terminology change in US academia from "penology" to "corrections" occurred in the 1950s and 1960s, and it was driven by a new philosophy emphasizing. It was accompanied by concrete changes in some prisons, like giving more privileges to inmates, and attempting to instill a more communal atmosphere. At least nominally, most prisons became correctional institutions, and guards became correctional officers. Although the corrections-related terminology continued thereafter in US correctional practice, the philosophical view on offenders' treatment took an opposite turn in the 1980s, when the "get tough" program was labeled by academics as "The New Penolog

Conclusion
The use of sanctions, which can be either positive (rewarding) or negative is the basis of all criminal theory, along with the main goals of social control, and deterrence of behavior.

Many facilities operating in the United States adhere to particular correctional theories. Although often heavily modified, these theories determine the nature of the facilities' design and security operations. The two primary theories used today are the more traditional Remote Supervision and the more contemporary In the Remote Supervision Model, officers observe the inmate population from remote positions, e.g., towers or secure desk areas. The Direct Supervision Model positions within the inmate population, creating a more pronounced presence.

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Development of Insurance Business and its Applicability

Development of Insurance Business and its Applicability in

Introduction
“Insurance is a way of protecting against these financial losses”. “General insurance or non life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event” Anyone who owns an asset can buy insurance to protect it against losses due to fire or thefand so. Each one of us can insure our and our dependents” health and well being through hospitalization and personal accident policies.

Definition of Insurance: Insurance may be defined as a cooperative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against that risk. This means that insurance provides a pool to which the many contribute a and out of which the few who suffer losses are compensated by the insurer.

It may be noted that insurance can not prevent loss of property or goods by fire or other perils. It can merely provide financial compensation for the effects of misfortune. An insurances therefore, does not protect the material property which is the subject – matter of the insurance, but the pecuniary interest of the insured.

Chapter – 1
Development of Insurance Business and its Applicability in Bangladesh.
Since 1947 until 1971 insurance business gained momentum in this part of what was then known as East Pakistan. There were about 49 companies transacting both life and general insurance business. These companies were operating under a free competitive economy. After the emergence of the People’s Republic of Bangladesh in 1971, the government in order to make available the fruit of liberation to the general mass, nationalized the insurance industry along with the banks in 1972 by Presidential order no. 95At the same time, five insurance corporations were initially established by the government, which are following.
(i) National insurance corporation,

(ii) Teesta insurance corporation,

(iii) Karnphuli insurance corporation,

(iv) Rapsa life insurance corporation and

(v) Surma life insurance corporation.

On 14th may, 1973 the Insurance corporation Act VI, 1973 was enacted under which the previous five corporations were abolished an the following two corporations emerged:
1. Sadhran Bima Corporation for general insurance and.

2. Jiban Bibna corporation for Life insurance in Bangladesh.

Sadharon Bima Corporation for general insurance deals with any kind of non life insurance. Such as: fire insurance, cyclone insurance, flood insurance etc. On the other hand, Jiban Bima Corporation deals with the insurance of human life or life insurance.

Chapter – 2
Life Insurance
A Contract of life insurance is a contract whereby the insurer, in consideration of a certain premium, undertakes to pay to the assured, or to the nominee or assignee or the legal successor of the assured in case of his death, a stated sum of money or annuity (i.e, payment in monthly, quarterly, half- yearly or yearly instalments), on the death of the insured or on the expiry of a certain period. According to Seetion 2 (11) of the insurance Act, 1938, “life insurance business means the business of effecting contracts of insurance of upon human life.

Insurable Interest: “No insurable interest no insurance’ is a maxim of the law of insurance. Thus, a contract of life insurance is void unless the assured has an insurable interest in the life insured. Insurable interest arises out of the pecuniary relationship that exists between the insurer and the insured, so that the policyholder stands to lose by the death of the insured and continue to gain by his remaining alive. Thus, a son has no insurable interest in Ted by the son.

Presumption of insurable interest: it the following three cases, insurable interest is presumed to exist and no proof is required:

(i) In own life. In this case interest is presumed because one can protect his estate from that loss of his future gains or savings which might be the result of his premature death.

(ii) Wife in the life of her husband. In this case interest is presumed because the husband is legally bound to support his wife and hence she insurable interest in the life of her husband.

(iii) Husband in the life of her wife. In this case interest is presumed only if the

wife is literate and earning member.
In these cases there is no limit to the amount of insurable interest and one can insure for any sum whatsoever, and as often as he pleases.

No Presumption of insurable interest:
The cases where insurable interest is not presumed and an evidence of interest is required can be studied under two heads:
(i) Persons Related: In case of relations other than husband and wife, like as, father and son, uncle and nephew, sister and brother insurable interest is to be proved. If one proves that he is supported by another orelation then only he can insure that other relation’s life.

(ii) Persons not Related: The following have been held to have an insurable interest due to business or contractual relationship:

(a) A creditor in the life of his debtor ‘to the extent of the debt’.

(b) A creditor in the life of surety.

(c) A partner of a partnership firm in the life of a co- partner.

(d) An employee in the life of his employee.

(e) An employer in the life of his key employee.

Kinds of life insurance Policies: Various types of life insurance are issued to meet the varying needs of the members of the society. The more important typer are following:

(i) Whole life Policy: Under this policy the premiums are payable throughout the life of the on the death of the assured to his assignees, or nominees or heirs.

(ii) Endowment Policy: in this case, the policy runs only for a limited period or up to a particular age not exceeding the age of 70 years. Premiums are payable fill the maturity of the policy.

(iii) Limited Payment life policy: in this case, premiums are payable for a specified number of years or until death if it occurs earlier.

(iv) Convertible whole life policy: in case of such a policy the premium is low at the beginning, treating the policy as a whole life policy. Under the terms of the policy the assured is given an option to convert the policy into an endowment policy after five years.

(v) Joint life policy: This type of policy is taken upon the joint lives of two or more persons. The sum assured becomes payable at the end of a specified tern of years, or on the first death of either of the lives assured, whichever is earlier. This type of policy is particularly useful for partners in a partnership firm.

(vi) Annuity policy: this policy is an endowment policy with the difference that here the full amount of the policy is not payable in a lump sum but is payable in the form of annuities for a specified number of year or till the death of the assured.

(vii) Education /Marriage Endowment Policy: Such a policy is effected for the purpose of meeting the education or marriage expenses of children. As is usual, here also assured insures his own life but the purpose is different.

Surrender value: it is applicable only on the life insurance. The ‘surrender value’ denotes that value or consideration which the insurer is prepared to pay at any particular time during the currency of the policy, after it has run for a specified period, in total discharge of the contract, in case the assured wishes to surrender his policy and extinguish his claim upon it. In brief, the surrender value is the cash value of the policy which is payable to the policy holder if he decides to terminate the contract after a specific period or term.

Paid – up value: if, after the policy has acquired a ‘surrender value’ a policy – holder discontinues the payment of the premium, the policy does not become wholly void but continues to subsist as a ‘paid-up policy’ entitled to the ‘paid-up-value’ of the policy. Of course, such a value is payable only at the maturity of the policy; and it is for this reason that this value is always higher than the ‘surrender value’ which is playable immediately on surrendering the policy.

Chapter – 3
Fire insurance
Fire insurance means insurance against any loss of or damage to property by fire. A contract of fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to indemnify the insured against financial loss which the latter may sustain by reason of certain defined subject-matter being damaged or destroyed by fire during a specified period.

Character is tries: the characteristics of a contract of fire insurance are as follows:
1. It is a contract of indemnity. The insured suffering the loss in fire policy can.

2. It is a contract of utmost good faith. The proposer is under an obligation to supply detailed information regarding the subject-matter to be insured. He must disclose all material facts correctly and fully, otherwise the contract is avoidable at the instance of the insurer.

3. It is a contract from year to year and therefore a fire insurance policy can be issued for a period of a one year only.

4. The principles of ‘Subrogation’ and ‘contribution’ apply to contract of fire insurance.

5. It covers loss caused proximately by fire.

6. Unlike a life insurance policy, a fire policy does not carry any surrender value or paid- up value.

7. The assured must have insurable interest in the subject- matter, i.e. the property insured, both at the time of contract as well as at the time of loss.

8. Procedure for Effecting Fire insurance:

For taking out a fire policy the proponent has to fill a proposal from giving necessary description such as location, amount, age, nature of possession etc. Of the property. While filling up the proposal form, the proposer must observe utmost good faith and disclose all the material facts. On receiving the proposal form the insurer assesses the risk to be insured. The properly is fully inquired and examined by the surveyors who determine the degree of risk precisely. If the insurer thinks that the property is insurable, he gives his acceptance of the proposal subject to the payment of premium. Finally a fire insurance policy duly stamped and containing the terms and conditions of insurance will be issued by the insurer to the assured.

Chapter – 4
Marine insurance
A contract of marine insurance is a contract whereby the insurer undertaker to indemnify the assured, in the manner and to the extent there by agreed, against marine losses, that is to say, the losses incidental to marine adventure.

Subject – matter of a contract of marine insurance: Every lawful marine adventure may be the subject – matter of a contract of marine insurance. The more popular types of marine insurance are as follows:

(i) Hull insurance: insurance of vessel and its equipments (i.e., furniture and fittings, machinery, tools, coal and engine stores etc.) are included in hull insurance.

(ii) Cargo insurance: The insurance of cargo includes goods and merchandise and not the personal belongings of the crew and passengers.

(iii) Freight insurance: in many instances, under the terms of contract, the shipping company is unable to earn freight, whether paid in advance or otherwise, if the cargoes are not safely transported. As such, if the cargoes are destroyed or the ship is lost on the way, the shipping company losses the freight. To guard against such an eventuality the shipping company may effect freight insurance.

(iv) Liability insurance: Liability insurance includes liability to a third party by reason of hazards like collision etc.

Maritime perils: As observed earlier, marine insurance policies protect the assured against maritime perils. According to Section 2 (e), “maritime perils means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, was perils, pirates and rovers, thieves, captures, seizures, restraints and detainments of princes and peoples, jettisons, barratry and any other perils which are either of the like kind or may be specified by the policy”.

Characteristics of Marine Insurance Contracts: The characteristics of a contract of marine insurance are as follows’.

(i) It is a contract of indemnity.

(ii) It is a contract based upon the utmost good faith, and if the utmost good faith be not observed by either party, the contract may be avoided by the other party.

(iii) The doctrine of ‘Subrogation’ and ‘contribution’ apply to a contract of marine insurance.

(iv) A marine policy is invariably subject to the ‘ average clause’

(v) All marine insurance contracts are subject to certain “express and implied warranties”.

(vi) In a marine insurance contract, the assured must have insurable interest in the subject – matter insured at the time of the loss, though he may not have insurable interest when the insured is effected.

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Modernism and the Revolution of the Word

8 the word made fresh:
Modernism and the Revolution of the Word
There lies her word, you reder! The height herup exalts it and the lowness her down abaseth it. It vibroverberates upon the tegmen and proslodes from pomoeria. A widow, a hedge, a prong, a hand, an eye, a sing, a head and keep your other augur on her paypaypay.

In Chapter 4 of A Portrait Stephen, disaffected, gazes out across the Irish Sea and prophetically contemplates the distant prospect of Europe, unseen and only dimly felt. He stands between two opposing revolu-tionary impulses.

Behind him lie the forceful, importuning voices of the Celtic revival, rooted in Romantic culture which had alrcady long ago had its day in Europe and, on the other, through a language long suppressed and almost extinct. In terms of European mainstream letters Ireland is for Stephen a backwater – as it had been for Joyce too.

Instead, both look to the distant preluding of a different revolutionary phenomenon in European civilization and culture, beyond the sea and be-yond Britain, to the continent: to Paris, Berlin, Vienna and other centres where, amid widespread feelings of discontent and scepticism, a new movement was beginning to find shape and momentum: Modernism.

It is to the uncertain stirrings of Modernism that Stephen, like Joyce, flies at the end; though A Portrait is not a fully Modernist text (in the sense that Ulysses is), the novel appeared as a significant influence in the early days of the embryonic movement. Its subject and techniques of both Modernism and of Joyce himself, who became its prime mover. To fully appreciate these features in A Portrait it is vital to see it in the wider context of European artistic currents, and especially in the light of the crisis of values and uncertainties which took place during the period from 1890 to 1920, a crisis which occurred in the face of a widespread collapse of confidence in science, philosophy, religion and art.

To try to pinpoint the start of any movement with a specific date or work of art is inevitably a ticklish endeavour – Modernism more so since it was never a school, just a more or less simultaneous stirring

Critical Studies: A Portrait of the Artist as a Young Man
among intellectuals and artists as a common but independent reaction to the failure of science and religion to offer a convincing definition of the changing world. There was never any consensus or manifesto among the artists and writers who have since been grouped together under its umbrella by succeeding critics. Thus Modernism has no easily identifiable starting date and indeed no real starting date – it grew instead as a late nineteenth-century reaction to Romanticism and a response to the worlds social and intellectual changes. And while its achievements reveal its radically distinct approaches based on new perspectives, its initial rise was quite gradual.

While the break itself is difficult to pinpoint in time there is no question about the great divide in the terms on which art, literature, philosophical attitudes, social values, politics and science separated the Modernists from the age of Jane Austen, Wordsworth, George Eliot and Dickens.

But what differentiates the approach and style of Modernism from what went before? How can we identify the style of Modernism – its soul?

First of all, Modernism is not one style but many. Unlike Romanticism which was effectively a change of emphasis growing out of the unconscious reaction to Neo-classicism, Modernism is a concerted attempt to create a new artistic attitude through a new way of looking at the world and at the art which expresses it. This is typified for instance in the new styles of painting, such as Picasso’s Cubism, with its rejection of representationalism in favour of significant form and expressive style based on experience – a sort of introversion turning on scepticism and mannerism, in which technique and form are unmistakably foregrounded. But unlike representational art, which finds its pretext in a close physical correspondence between the image and the real world, Modernist art finds justification within itself; it is ultimately self-sufficient.

For Modernist art, there is not merely a crisis in reality but also a crisis in perception. On a wider scale, Modernism springs from and closely corresponds with the crises and anxieties of the age as a whole – industrialization and urbanization on a vast scale, rapid and uncontrollable change and chaos, together with the inevitable alienation the individual. And all this is mirrored in the splintering of art into diverse schisms and ‘-isms’.

But if Modernism is characterized by a preoccupation with style, what is the character of that style? As we have hinted, this is no simple task since paradoxically the movement is united by its own impulse for fragmentation, partly aimed at thwarting generalizations about itself. We can say, however, that it is typified on the one hand by flagrant artifice – it flaunts its technical underwear – yet also by a high level of abstraction, with a lack of piety for the conventions of language and form. It is characterized also by shock, crisis and discontinuity, ob-scurity and anxiety –all seking to break down old comfortable reader realitionsships and to substiute itsead new oncs,to plaace the reader in a postions of continual flus with artist- auther.At the same time there is a storng drive towards art which finds its form,the ultimate end,according to Nietzsche:

a book about nothng ,a book whithout external attaxhments,which would hold itself togethter through the internal force of its style.

This is an idea which is echoed in part by Stephen Dedalus in A Ponrait when he talks about the artist being above and beyond his creation; Joyce’s novel itself, though biographical in origin, finds its strength through internal referents as much as through correspondence with reality.

And yet, as we have seen in the previous chapter on epiphany, Modernism is also much concerned with time, especially with the transience of the moment, in particular the paradox that, while on the one hand the experience of a moment is evanescent, on the other its effects are permanent. Many writers struggled to capture the spontaneity and impact of the moment – in Virginia Woolf’s phrase, to catch ‘the atoms as they fall upon the mind’, to unfold its significance, and not only as the subject matter of their work. By exploiting it as the organizing function of the art form, they could also exploit its internal life. the inimitability of the moment is paralleled by the uniqueness of the form of the work in which it is reflected: the idea that for every work of art there is a uniquely individual form appropriate to its subject matter.

Fundamentally, the crisis in Modernism is underpinned by a profound intellectual readjustment, whose consequences strike at the formal conventions in art and literature, at the methods of characterization and the use of language and, as we have seen, at the very idea of the artist himself. Above almost all else it is associated with the idea of an avant-garde – in spite of the spirit of alienation, denial and scepticism.

There is thus an inbuilt elitist tendency among artists implied by such avant-gardeism, and this is naturally reflected among readers too since Modernism evolved as an arcane and private art addressing an audience with a shared, educated culture. The result is an overall readership

Critical Studies: A Portrait of the Artist as a Young Man
divided into those who regard Modernism as the ideal form of expression of the age, embracing even its hostilities, and those who find it marginal, temporary and above all incomprehensible.

It was in the beginnings of these stirrings that A Portrait first appeared in book form, almost unnoticed, and it was also during the horrifying abyss of the First World War and shortly after the Irish Easter uprising, two of the most critical and violent assaults upon British imperialism. It emerged into a world immersed in profound and far-reaching turmoil, through which many of the cosy assumptions and principles which bad gone before would be swept away. In one of the most remarkable periods of dynamic growth and turbulent change, the thirty years before the war witnessed decline and transformation in a wide range of the most profound areas of the social fabric – in science, technology, economics, social philosophy, and psychology, as well as the arts.

At the turn of the century London, Paris and Berlin were the triple hubs of the capitalist, industrialized world, together dominating almost the whole globe through a web of industrial, commercial and imperialist forces, controlling between the three of them over 60 per cent of the world markets for manufactured goods. Yet the period between 1890 and 1914 also saw a rapid boom in heavy industrial output in the three countries with, at the same time, a momentous technological revolution which resulted in a great number of key technical innovations: the emergence of electricity ad petrol as the new major power sources; the internal combustion and diesel engines, with the appearance of the motor car and trams and buses on the city street scene; the first powered flight; increased mechanization of industry and agriculture; the introduction of new synthetic fibres and plastic with a rise in the importance of the chemical industry; and in communications with the invention of the telephone, the typewriter and wireless telegraphy.

During this time the three major European capitals also underwent a massive surge in urbanization (in 1910 the population of London was almost 4.5 million, of paris over 2.5 million, while by contrast that of Dublin was only 304,802) continuing the flight from the land begun in the industrial revolution. And in the cities themselves the routines of urban life were becoming increasingly dominated by the rigid routines of the office and factory. The day of mass production had dawned with industry gearing up to generate and sustain vast mass-markets through economies of scale and advertising: thus, with the beginnings of cinema and mass-circulation newspapers, the modern mass media had bben born.

It is a picture of the individual overwhelmed and subjugated to colossal dehumanizing forces of industry, commerce and production. Yet, while the ancient aristocratic regimes of the imperial powers – Britain France, Russia – still remained intact, the new emergence of wealth as a key force was beginning to dislodge the hereditary lies on status, materialism, education and leisure with the rise of a nouveau riche – parvenus who derived their new-found wealth from profit and trade; some, like T.S. Eliot, in TheWaste Land, equated this new class with moral and social decline:

One of the low on whom assurance sits
As a silk hat on a Bradford millionaire.
Polarization of the prosperous leisured class from the slum-dwelling poor increased as the latter came to be regarded merely as a pool of cheap surplus labour and degraded humanity. Gradually, however, although the rich had by and large isolated themselves from the lower classes, the voice of mass protest was already beginning to make itself heard – the workers had already begun to organize themselves and membership of socialist parties across Europe was rapidly increasing, while at the same time the women’s suffragette movement was gathering strength and momentum.

But, over this latent if awakening conflict there still sat a high degree of smugness about the middle and upper classes. In spite of the spectre of organized labour, there was, before the war, no real threat yet to the established order of society. For the leisured classes of the three major colonial powers, labelle epoque was characterized by freedom and security, grace, ease and privilege served by cheap and plentiful labour and material benefits, at the centres of empires equally untroubled by (and largely ignorant of) their deep social, racial and sexual inequalities.

But what of the intellectual life of the period? In 1895 Wilhelm Rontgen’s discovery of X-rays and the Curies’ discovery of the properties of radium heralded the onset of a profound revolution in physics. They were closely followed by the nuclear research of Thompson, Rutherford and Soddy whose immediate spin-off was the most profound reformulation of attitudes to physical matter since classical theories, the foremost concepts being Max Planck’s Quantum Theory of Energy (1900) and Einstein’s Special Theory of Relativity (1905). In twenty years the whole image of the physical universe, previously regarded as the most complete and secure foundation of scientific thought, was shot through with doubt and attempts were made to replace it with a new model.

Critical Studies: A Portrait of the Artist as a Young Man
Although we have an image of the individual beleaguered by the dehumanizing forces of industry on a huge scale, as a result of this we can see the social sciences beginning to make a closer, more scientific examination of him. Most renowned in this field is, of course, Sigmund Freud, founder of psychoanalysis. One of the most pervasive influences on twentieth-century thought in general and literary theory in particular, he has been an immensely seminal force in the widest range of social contexts as well as in his own specialist fields. His involvement in psychology itself dates only from the 1890s when, with Josef Breuer, he published Studies in Hysteria (1895) a landmark in psychoanalysis. However, his ideas, which created a revolution in psychology by focusing controversially on early influences and childhood sexuality, also contain many contradictions, a feature which identifies his work as a herald of Modernism while at the same time containing the seeds of its demise. Although aware of his impact, Joyce never acknowledged any influence of Freud on his own early works which, nevertheless, show a remarkable parallel development with Freud’s concerns and reach similar discoveries by separate courses; for instance, Joyce’s emphasis on the crucial role and influence of Stephen’s mother and other early influences in A Portrait, and his exploration of father – son relationships in Ulysses.

By middle age though. Joyce had certainly studied some of Freud’s ideas in depth and finnegans Wake displays the undoubted influence – and inevitable parodies – of Freud’s and symbol theories (Joyce described psychoanalysis sardonically as ‘...we grisly old Sykos who have done our unsmiling bit on’ alices, when they were yung and easily freudened...’ (Finnegans Wake, p. 115).

A side effect of Freud’s early work, the role and importance of mythology, itself later became very much a central concern of psychoanalysis through the exploration of cultural archetypes; the most notable theorist in this area is Carl Gustav Jung, an early pupil of Freud, who later wrote an appreciative account of Ulysses and also became one of the many psychiatrists to treat Joyce’s daughter. Lucia, during her illness.

As traditional concepts of ‘fictional reality’ were overturned and new attitudes to time – personal as well as cultural – started to appear, artists too began to turn to myth to fill the gap which had been left, seeing in it also a means of bringing order to the contemporary world and discipline to feeling and experience. For Joyce, myth became one of the fundamental features of his mature work, exploited for both theme and form, though he used it extensively throughout all his writing: from his earliest published work (‘Et tu, Healy’), through Dacdalian and Odyssean fable in A Portrait and Ulysses, to the Celto-Christian myths (among many others) of Finnegans Wake.

But psychology very rapidly cast its attention across a host of human activities. In addition to mythology, Jung also worked on word association, an interest paralleled by the research of William James whose book, The Principles of Psychology (1890), not only anticipated many of Freud’s concepts but in addition, and most significantly, outlined the phenomenon of the ‘stream-of-consciousness’, one of the most characteristic narrative devices of Modernism as a whole and of Joyce’s mature work in particular.

At about the same time as these advances in psychology, the foundations of modern socilogy too were being laid from the theories of Emile Durkheim and Max Weber both of whose most original work appeared between the years 1895 and 1914. Both sought to find solutions to the crises in social living by confronting what they considered to be the heart of the individual’s dilemma: ‘a state of confusion in a rootless, incoherent world from which traditional values and rules had been dislodged’. And both proposed, among other things, a return to myths as a regenerative source of cultural values and coherence.

At the heart of many of these crises, however, is a deep philosophical scepticism – a profound sense of uncertainty. Hand in hand with new social realities, the early part of this century witnessed a revolution in philosophical perspectives and moral vision to cope with the widespread collapse of faith in monolithic systems of truth. Freudian theory, based though it was on a framework of nineteenth-century assumptions of determinism, rationalism and positivism, suddenly switched the emphasis on to the unconscious and causal factors which appeared outside the previously held views of personal responsibility. And the notion of absolutes in normal and abnormal behaviour was given a severe blast, with the concept that all individuals display neurotic symptoms in varying degrees.

It is difficult to comprehend now the hostility with which his theories were greeted, yet Freud’s sturdy framework maintained similarly deterministic evolutionary assumptions as those which lay behind Darwinism, Marxism, and the philosophical ideas of Wittgenstein, Kierkegaard, Moore, Bergson, Russell and Nietzsche.

Against the view of the hapless citizen beset by oppressive megalithic forces in which he came to be regarded as the product of natural causal features and largely passive, philosophical outlooks began to react by redefining the nature of existence and the essence of the human

Critical Studies: A Portrait of the Artist as a Young Man
Personality. Friedrich Nietzsche’s ideas in the 1880s of ‘aristocratic radicalism’ and the myth of eternal regeneration were momentous landmarks in the swing towards the reassertion of the individual. Though he had been published before, Nietzsche’s views sprang to prominence in the last decade of the century through the popularization of his ideas be the Danish critic Georg Brandes, through whom they worked a powerful influence on the playwrights Strindberg and Ibsen and thus, indirectly, on Joyce. By believing firmly that mankind had reached a moment of destiny in which human ideas and values must become subject to radical reappraisal. Nietzsche prophesied and helped bring about the revolution in thought which would ultimately bring about Modernism itself.

Although many of his ideas have become discredited by a stress on his ‘moral nihilism’ and by their later annexation by the Nazis, Nietzsche’s perspectives herald a significant change of emphasis, a challenge to the nineteenth-century idea that true values were located in the society rather than in the individual. Taking this up, Ibsen gave full expression to the new thinking by insisting through An enemy of the People (1883) that the ‘majority is never right’, an idea which Joyce embraced to the full (see Chapter 4). But Ibsen was not alone; for instance, Hardy’s naturalistic Jude the Obscure and Tess of the D’Urbervilles both present stark portraits of the alienated individual, outcast by society’s intolerance, and G.B. Shaw was beginning to grapple with the theme of social tyranny, while Joseph Conrad’s impressionistic world exposed the nihilism and moral bankruptcy of deeply accepted values.

The new thinkers and artists were turning their attention to the new arena in which flux, fragmentation and pluralism were key notions, in contrast to the fixed and stable positivist world of nineteenth-century thought. Reality was no longer limited by ideas of a fixed, palpable and solid world of phenomena; it could be evasive, evanescent, protean, like the fleeting, elusive images, mysterious associations and perceptions of the conscious and subconscious mind.

And just as late nineteenth-century aesthetics had come to explore confidently beneath the surface of reality, challenging traditional surface materialism, science blasted this view of reality and its materialism; to the dots, dashes and strokes of the impressionists were now added concepts of invisible particles and waves.

A concern for the abstract, a recognition of a special kind of subjective logic antithetical to the commonsense rationality of Naturalism and Utilitarianism, also emerged through the inspirational thinking of the psychologist William James and the philosopher Henri Bergson. Bergson, an important influence on the young T.S. Eliot who attended his lectures in Paris, placed supreme emphasis on the intuition as the chief means of grasping reality, through ‘intellectual sympathy’ as he called it.

At once, ambivalence and imaginative philosophical speculation became respectable avenues of exploration and, consistent with Freud’s theories, the dream and man’s unconscious became germane areas of serious research. It was also soon recognized that the workings of deep structures of the mind offered radical new formulas for accumulating and shaping material into a distinctly special coherence which writers readily exploited to the full – opening the way for works such as August Strindberg’s A Dream play (1902) through expressionism, surrealism, and a range of experiments leading to Joyce’s Finnegans Wake in 1939, its ultimate expression. In his preface to A Dream play, Strindberg reveals his full cognizance of the new possibilities:

In this dream play, as in his previous dream play To Damascus, the author has tried to reproduce the disconnected but apparently logical form of a dream. Anything may happen; all things are possible and probable. Time and space do not exist; against an unimportant background of reality, the imagination spins and weaves new patterns; a blend of memories, experiences, free ideas, absurdities, improvisations. The characters split, double, multiply; they evaporate, crystallise, scatter and converge. But a single consciousness holds dominion over them all: that of the dreamer.

By the beginning of this century the old values and certainties had been severely challenged; the stable predictable world of the nineteenth century was in increasing crisis as the forces which would ultimately wrench it apart gathered strength, forces which would eventually culminate in the stark cataclysm of the world war. It is against such a scenario that Strindberg’s statement needs to be set but, as his statement also implies, the vision of disintegration and uncertainty was too a powerful and exciting inspiration to the artist, a provocation to come to terms with it in a new order and a new sort of artistic order: Modernism.

When Joyce moved to Paris in December 1902, it was already the capital of progressive vitality and innovation in the arts, and Paris was to remain indissolubly linked with the Modernist movement throughout the rest of Joyce’s lifetime. Among artists already working there at the time of his arrival were Braque, Utrillo, Derain, Matisse, Duchanp, Vlaminck, as well as Picasso and Cezanne. Like Joyce, many others too were drawn to the city about this time – Brancusi, Modigliani, Mare,

Critical Studies: A Portrait of the Artist as a Young Man
Klee, Chagall, Mondrian. In painting, the new vision is characterized by Matisse’s fauvist interiors, Seurat’s optical experiments in divisionism (for instance, in Afternoon on the island of La Grande Jatte, 1884), and in the colour – sculpture experiments of Cezanne, Picasso and others who sought to model subtle surface effects through a rigorous discipline of form and space (e.g. Cezanne’s Mont Sainte-Victoire, 1885-7, and Picasso’s Les demoiselles d’Avignon, 1907).

In Paris and elsewhere the early 1900s saw an exceptional flowering of artistic talent – for example, in Dresden Die Brucke group (early expressionists), and in Munich the Der Blaue Reiter group whose influential talents, Kandinsky and Klee, laid the foundations of the later Bauhaus group and profoundly influenced post-war Abstract art. Elsewhere, other related talents were beginning to blossom: Edvard Munch, Norwegian expressionist; Oskar Kokoschka, Austrian expressionist; James Ensor, Belgian painter and etcher; and the artists of Italian futurism who strove to assimilate into their art the images and forms of the world of mechanization.

And then in music there is Stravinsky, the most prominent, strident figure among the new wave of composers, in the wake of Mahler and Richard Strauss, and his best work dates from the period before the war. Drawing inspiration from the Romantic twilight, Stravinsky’s work heralds a neo-classicism in music, his ballet suite, The Rite of Spring, signalling the climax of his bold pre-war experiments in complex rhythms, fragmentary and repetitive melodies and polyphonal harmonies – its performance in Paris in 1913 provoked a riot in the audience. For twentieth-century music this is the most exciting period with Debussy, Ravel and Satic in France, Berg and Schoenberg in Vienna and Bartok in Hungary.

But it is in literature that there is the most prolific blossoming of Modernist talent – Gide and Proust, Paul Valery and guillaume Apollinaire in France; Henry James and Conrad in England – followed by Virginia Woolf and D.H. Lawrence; Mann and Rilke in Germany; Chekhov in Russia; Strindberg in Sweden; Ibsen in Norway; as well as exiles such as the profoundly influential Ezra Pound, Gertrude Stein and T.S. Eliot from the USA.

With such a catalogue of diverse talents, a generalization of all their aims and characteristics, as if they were all pursuing the same ends, would be clearly unsatisfactory and probably impossible. Yet, although Modernism is not a school, many of its artists have shared attitudes and approaches, by chance as often as by design. For example, Modernist writers share among other things a deep concern with form and the problematics of language, but approach them not as obstacles but rather as an opportunity to be explored, through the use of irony, paradox and similar related tropes together with silence and obscurity, to express fragmentation and discord, absurdity and fear in the face of the contemporary predicament Though not a progenitor of Modernism, W.B. Yeats’s ‘The Second Coming’ (1919) catches the tension and uncase of the period:

Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world...

Among the achievements of Modernism two works stand out as its monuments, T.S. Eliot’s The Waste Land and Joyce’s Ulysses. The Waste Land (1922), the most significant verse work of Modernism, brilliantly evokes the crises of the age: spiritual collapse and death, cultural aberrancy, the crisis in communication, and the disintegration of traditional social values. Yet through all its broken and perfidious images roams the solitary figure of the blind seer Tiresias, ‘the most important personage in the poem, uniting all the rest’. Based on a mythological Greek figure of renowned percipience who existed as both man and woman, Tiresias is perfectly equipped from his unique point of view outside contemporary time to observe and comment objectively upon it. It is through him that The Waste Land confronts and comes to terms with the theme of chaos, chaos on the scale of both the private individual and the shared cultural stock of the community. Yet the poem does not make order of chaos. Though it clearly achieves an internal formal sort of order, it only dramatizes chaos, representing it through Eliot’s pervasive tone of resignation and, through the poem’s polemical ironies, attempts to fix or formulate it while at the same time acknowledging the helpless plight of the individual before the gathering tide of degeneration and nihilism.

Like The Waste Land, Ulysses is anattempt to come to terms with the dislocated individual in the Human Age and, like Eliot, Joyce exploits past cultural models and myth both for internal order and for theme itself, through a submerged commentary on the contemporary world. Both also come to terms with chaos by at first creating their own chaos, a chaos more easy to manage and to make sense of. In each, form and content achieve a fine calescence so that each work accomplishes an internal life of its own. There is too in Ulysses the figure of the blind stripling, drifting Tiresias-like in and out of view

Critical Studies: A Portrait of the Artist as a Young Man
across Joyce’s Dublin, though without either the formal or the moral force of Eliot’s figure.
As we have seen, many of these formal and thematic features are prefigured in A Portrait; we can also see prefigured there the area in which Joyce and Eliot differ most: in their attitudes to the revolution against nineteenth-century values – Eliot despondently regarding it as one of cultural despair and Joyce finding in it a qualified hope, an opportunity to redefine man’s relationship in the world by an assertion of enlightened humanistic values and working through a sort of new social contract rooted in fellowship and transcendent mythic values.

Because Modernism is in large part a reaction to nineteenth-century Romanticism it is tempting to see it as a revival of Classicism, whereas it is in fact an intense form of Romanticism which attempts to disguise its acute subjectivism by overlaying itself with obscurity – the obscurity itself a symptom of the age, a parallel and an acknowledgement of the positivist model. This is reflected too in an uncertainty about the use and efficiency of language to express anything other than language itself; language and material reality cease to be directly linked in a relationship of simple correspondence.

There is accordingly a dual attitude in Modernism: on the one hand, a sense of confidence in the self as the guarantor of reality (subjective perception as the only reliable source of truth), on the other, a deep anxiety and scepticism about this truth and the ability of language to express it.

Obscurity is thus a recurrent characteristic of Modernism, a sort of ‘negative capability’, exacerbated by the often esoteric esoteric areas of experience which writers began to explore; it is characterized by the frequent use of difficult and otiose cultural models and mythology, and of references from narrow erudite sources in the search for fresh perspectives among ancient ways. Eliot is a good example of this in his apparent use of dead books and etiolate references (side by side with everyday domestic images with which they are held in uneasy tension). In this way the anxiety of the writer is partially submerged since the obscurity of his sources accords him with a superiority in relation to his reader.

The reader’s unstable position is often further undermined by the uncertainties which arise from the absence of conventional plot sequence, from narrative silences, and the suppression of conventional pointers and the commentary of the narrator. In addition, other typical Modernist devices and strategies operated to unsettle the reader, often inducing the hostility of early critics: the absence of easily recognizable characters, the focus on narrative methods to create an internal intellectual discourse – writing about writing – and to vary the distances between the reader and the narrator (further obscuring the evasive author).

At heart, Modernism involves hiding, deceiving, dislocation and uncertainty brought about by the intrinsic failure of traditional reality and the rejection of the old methods of conveying it. Indeed the very resistance of the Modernist work to interpretation is often the source of its energy. Moreover, there is an awesome awareness, implicit if not actually articulated until later in the period, of the void lurking at the heart of modern living, a horrifying emptiness reflected in the Modernist author’s frequent silences and that, in this situation of absurdity, all that really matters is the relationship between the author and the reader in a sort of literary game.

Two central challenges have preoccupied the Modernist novel: exploration and expression of the subtle potentialities of consciousness, and a coming to terms with the perceived state of chaos and fragmentation of the real world. Although A Portrait is not a fully Modernist text, both of these concerns can already be seen in embryo in it: firstly, in the abandonment of the restraints of conventional chronological plot (in favour of expressive form with modulating styles and shifting author – character – reader relationships arranged through Stephen Dedalus’s consciousness); and, secondly, in the sense of awe and fear which Stephen feels in the face of the chaos behind received forms of order (that is, the imposed moral order of the adult world and the Church) and the void awaiting him in the uncertain future beyond the novel:

A sense of fear of the unknown moved in the heart of his weariness, a fear of symbols and portents, of the hawklike man whose name he bore soaring out of his captivity on osierwoven wings...

At the start of this century it seemed that the novel might have exhausted its potential in terms both of form and of content (having fully explored different forms and narrative styles, inner and outer states, politics, religion, philosophy, sex as well as violence). The novel could confidently embrace any aspect of human affairs which public taste and the circulating libraries would permit, or so it was confidently imagined.

However, in England the three-volume novel’s interest in scientific realism had declined into a sterile preoccupation with plot, materialism and the naturalistic fallacy of surface effects – typified in the writings of Wells, Galsworthy and Bennett who, according to Virginia Woolf, could examine every physical aspect about a character and yet overlook its essential soul. To illustrate her criticism she used the analogy of a

Critical Studies: A Portrait of the Artist as a Young Man
railway in which a Mrs Brown might be travelling with them, while they observed everything in the background:

at factories, at Utopias, even at the carriage; but never at her, never at life, never at human nature... For us those conventions are ruin, those tools are death.

One of the immediate consequences of this apparent dead-end was a crisis of confidence, especially in the capacity of language to communicate, but there also followed a collapse of faith in the realist illusion (a scepticism which had been growing even as the novel itself had evolved, at least since the eighteenth century). The crisis emerged most characteristically in a new form of self-awareness, even in self-consciousness, doubt and a failure of confidence. But this was not new. Lawrence Sterne’s Tristram Shandy (1760-67) brilliantly epitomizes the novelist’s doubts about narrative conventions and exploits them through parody for comic effect. It is of course a witty display of authorial virtuosity, though it accepts the traditional authorial role and material content in order to parody them. However, Modernism goes further than authorial virtuosity, especially in first undermining and then positing new author – reader relationships, directly co-opting the reader’s active involvement but also, through its subtlety of form-play, examining and qualifying the very nature of the art form itself as the artist creates it, so that ultimately the reader himself is complicit in the form of the novel.

A Portrait focuses precisely on this and further anticipates later Modernist developments by focusing also on the theme of the artist – the growth of the artist becomes the theme of his own creation, and by extension if we grant the special relationship between Stephen Dedalus and James Joyce and novel eventually comes to discuss itself. For example, in Chapter 5 the villanelle and the art theory are the culmination of growing speculation about the nature of the artist’s relationship to his art, to his reader and to society in general:

The image, it is clear, must be set between the mind or senses of the artist himself and the mind or senses of others.

Because of this secpticism there also emerged in the early days of Modernism a distinct feeling of angst, a fear that the author of a novel creates nothing in fact but clearly fakes or forges the so-called reality in a work and that his search for form is partly to justify this (a clear symptom of this is the popularity of the detective story in the late nineteenth century especially among prominent writers such as Wilkie Collins, Dickens, Conan Doyle, Henry James and T.S. Eliot), forging a coherent pattern on to the apparent chaos. Stephen Dedalus too talks of forging in this way (p. 257) – imposing meaning on life through art, forging an order different from that in reality but creating a new aesthetic order. But he also uses ‘forges’ to highlight the sense that the Modernist artist is a confidence trickster, deceiver, con man like Thomas Mann’s Felix Krull. But who is fooling whom? Is Stephen deceiving only himself or, through Joyce, the reader too?

Further aspects of the Modernist novel can also be seen beginning to emerge in A Portrait. For example, the form of the novel, rather than being a more or less detached vessel into which the subject matter is poured and contained, actually partakes of the subject matter as later, in the mature Modernist work (such as Ulysses), the form actually became the content, united and radiant in appropriate wholeness and harmony: these works in this order. As Joyce told his friend, the artist frank budgen:

I have the works already. What I am seeking is the perfect order of words in the sentence. There is an order in every way appropriate.

It was a concern very much shared by other Modernist writers at this time, anxious to liberate the novel from its close dependence on external material realism (itself based on assumptions of a direct correspondence between words and reality) and to concentrate of probing the unutterable territory of the human consciousness and the soul, instead of finding their creative from within the artist’s uniquely private vision. Subsequently, the Modernist novel also became very much concerned with disrupting the traditional forward flow of narrative time by sudden leaps forward and backward along ‘timeless’ moments (or epiphanies), and setting up conflicts with, while also exploiting, the reader’s ‘real time’ progress through the text.

But one of Joyce’s profound innovations here is the use of multiple points of view. A Portrait has no single perspective: Stephen’s consciousness changes as he matures and, through the shifting modulating style, the perspective of the narrator also changes, setting up an implicit dialectic between the two. The idea itself of an implied narrator – a voice not wholly Joyce’s but a surrogate author and Joyce’s representative in the work – is a new development evolving through Flaubert, James and Conrad, and arising directly from the avowed aim of keeping the author’s moral presence out of the novel. As we have seen, A Portrait excludes any direct authorial moral comment but continues to exert contrl\ol over the reader’s response through the technique of the form – juggling the order, emphasis, theme and point of view.

Critical Studies: A Portrait of the Artist as a Young Man
Time is also of crucial importance. In the Modernist novel time dominates, both as one of the key themes as well as one of the key organizing principles of the design. Marcel Proust’s A la recherche du temps perdu (1913-27) is a paradigm of this preoccupation with time. An enormous undertaking, its scope is equally epic, its central ideal being that in moments of intense illumination it is possible to penetrate and recapture the long-lost past and to relive its emotions. Because of his special skills and sensitivity the artist, unlike the ordinary person, is able to record and prolong such isolated moments into eternity itself through the magic of symbolism and myth vision (stressing the elevated status of the artist).

But to be able to exploit such moments for the central experience of reality, it was necessary for the novelist to concentrate on pattern rather than plot in organizing his work. Both A la recherche du temps perdu and A Portrait display this emphasis, and Virginia Woolf made her plea for such novels in which, like A Portrail, the interplay of the consciousness of the writer and of his people work to create the form:

If a writer were a free man and not a slave, if he could write what he chose, not what he must, if he could base his work upon his own feelings and not upon convention, there would be no plot, no comedy, no tragedy, no love interest... Life is not a series of gig lamps symmetrically arranged; but a luminous halo, a semi-transparent envelope surrounding us from the beginning of the consciousness to the end. Is it not the task of the novelist to convey this varying, unknown and circumscribed spirit, whatever aberration or complexion it may display, with as little mixture of the alien and external as possible?

At the same time the capacity of the language and the novet form are pressed to new limits in attempting to make language approximate to the inner realities of such phenomena as simultaneity (Ulysses), sudden illumination or epiphany (Dubliners and A Portrait) and relative time and the unconsciousness (the techniques of stream-of-consciousness and ‘interior monologue’).

we have seen above already that this idea of the ‘moment’ was one which energized the work of so many Modernist writers – Woolf, Eliot, Proust, and others – but especially of Joyce, in his idea of the ‘epiphany’, the basic unit of the form in both Dubliners and A Portrait. Its use underlines vividly the fragmentariness of modern existence and its disintegration, at the same time deriving the form of the work from a principle of significant aesthetic pattern rather than from a conventional chronographic history.

The concept of the epiphany dynamically assimilates the Modernist idea of time as the moment to the special notion of truth as discovery. And the writer’s use of his own biography works in the same way, fusing the writer’s conception of real life with the need for pattern and coherence, as Proust reflected:

the true life, life at last discovered and illuminated, the only true life really lived, is that of the writer.
The theme of the artist's own biography (sometimes attacked as a form of introversion) is encountered again and again in the Modernist novel. Like Proust's masterpiece, A Portrait is both the portrait of the novel's creator and the revelation of the life principle on which the novel is written. It represents that reality which the novelist is most familiar with: his own life and his art. Combined with the epiphany as the most logical means of arranging and signifying experience, his own themes of personal exile and alienation parallel the exile and alienation of the age. In the best work of the period, this theme confronts and resolves one of the central crises in the Modernist novel - the struggle to express the new impalpable realities in the wake of the acute failure of confidence in the language. In A Portrait Stephen Dedalus is at the same time both the experience of the novel and its author; Joyce adapts his own experience, and his words are both the means of expressing them as well as being the subject of the expression themselves. The text ultimately forges its justification within itself, again perlectly fusing form and content, technique and subject.

In Joyce's time the 'portrait of the artist' theme occurs again and again: in Thomas Mann's Tonio Kroger, Andre Gide's The Counterfeiters, D.H. Lawrence's Sons and Lovers and in Proust's monumental work, as well as in submerged form in countless works, frequently involving exile or flight into the unknown - a correlative of the Modernist crises themselves - through which the artist confronts the problemarics of artistic creation and his own relationship to it.

Joyce's works expose and confront in full the crises of Modernism and so enter fully into the mainstream of the movement, Joyce becoming its primum mobile. His works span almost its complete range and parallel its development in microcosm, Ulysses representing the culmination and highest achievement of the Modernist phenomenon and its highest creative expression. Like A Portrait, it takes its starting point in the immediate reality of Joyce's own life and times but through its intricate processes (including the use of myth, multiple perspective, epiphany, variable planes of ironic meaning and linguistic experiment) he transcends and metamorphoses the here-and-now to embrace all time. from explicit representational biography (and some autobiography) in the

Critical Studies: A Portrait of the Artist as a Young Man
early pages of A Portrait, Joyce's career is an artistic odyssey progressing by succeeding phases of ironic detachment and displacement until, by Finnegans Wake, art itself has become the myth, the final stage of the search for a self-sustaining art image, existing only in and through the multiple uses of language, without reference to any world other than within itself, germinating and proliferating in ever-widening gyres of meaning and response.

But is Finnegans Wake the Big Bang or merely a black hole? As an attempted solution to the problems which Modernism tried to confront, Finnegans Wake is quite final. However, it is also silence. It is the silence which lies at the core of all Modernist works, perhaps all creation, a sort of taboo: the silence in the face of the realization that it may all have become a game. If Modernism found its ultimate logical expression in Finnegans Wake then it did not overcome the incipient scepticism about the relationship between the word and reality, but succeeded in transcending it by making the word itself the ultimate reality and consequently the word is silence, ironically. What need is there of more words? In the beginning is the word, and in the end.

For this reason some disparagers of Modernism claim that Finnegans Wake shows the ultimate folly of the movement: it sows the seeds of its own destruction. Others, however, suggest that the Wake took Modernism along only one of several available courses which had been open; the rest lie locked in the room of infinite possibilities which it ousted, perhaps. Certainly Wake was not the end and, though there has been a reaction in literature in its own wake - signs of a return to the traditional materialistic realism - the flow continued after Joyce and, under his considerable shadow, in the novels and plays of Samuel Beckett (for a time Joyce's amanuensis on Wake), Vladimir Henry Miller, William Faulkner, O'Brien and more widely in the theatre and Arthur Miller, Harold Pinter and the post-Modern novels of William Burroughs, John and the French.

*   *   *

Historical development of Legal system in Indian subcontinent

Historical development of Legal system in Indian subcontinent

Chapter 1
Legal System:
The best know definition of a legal system comes from professor hart .he listed five factors had to co-exist to create a legal system. these are as follow:

Rules which either forbade certain conduct or compelled certain conduct at pain of sanctions.

Rules stating what needs to be done in certain mechanical’ areas of law such as making a contract or making a will.

Rules requiring people to compensate those whom they injured.

A system of courts to determine what the rules are, whether they have been broken and what the appropriate sanction is and

A body whose responsibility it is to make rules, and amend or repeal them as necessary
The above five factors seem to be the minimum requirements for a legal system. Considering these in the context the first one being the criminal law. and the second two being part of civil law in Bangladesh. There are parliament is the legislative body as pointed out in factor 5. (1)

Chapter 2
Legal History of India can conveniently be studied under four important periods-Hindu period, Muslim period, British period and after Independence. Hindu period extends for nearly 1500 years before and after the beginning of the Christian era. Muslim period begins with the first major invasion by Muslims in100 A.D. British period begins with the consolidation of the British power in the middle of the eighteenth century and lasts for nearly two hundred years. The modern period began with the withdrawal of the British when on, India was declared Independent.

Historical Introduction
In the late and early eleventh centuries, Mahmud of Ghazni, Muhammad of Ghor defeated Prithvi Raj at Thaneswar and marched to Delhi. Thus, by the end of the twelfth century he established a Muslim Sultanate at Delhi conquering most of northern India. A new political factor was introduced into the Afghans. From 1206 till 1526 nor less than thirty-three Turkish Kings, a muslim of Turkish race, attacked India from the north-west. Subsequently, Mahmud led a series of raids of north-west India plundered, destroyed the temples and each time returned with huge wealth. In 1191 Muhammad of Ghor attacked India, but he was defeated by Hundu Rajas led by Prithvi Raj, a Rajput hero. Next year in 1192, belonging to five dynasties, occupied the throne of Delhi. In 1398, Tamurlane or Timur, a Mongol conqueror, captured Delhi and ended the Sultanate of Delhi. The Sultanate was revived in the middle of the fifteen century. The Delhi Sultanate was characterised by dynastic instability and the Sultans were mostly engaged in a series of dynastic blood feuds and Hindu persecution. (2)

They practised a military deposition, ruthlessly weeding out the incompetent in the perpetual struggle for succession to the throne. Earlier, the Sultans certainly envisaged establishing an empire embracing the whole of India. Though they conquered northern India, the Deccan proved to be an obstacle. In 1336, the Hindu Kingdom of Vijayanagar was founded and for the next two centuries it remained as a dominant power in the South. (3)

Chapter 3
Hindu period:
Hindu period extends for nearly 1500 years before and after the beginning of he Christian era. The ancient India was divided into several independent states and the King was the supreme authority of each state. As far as the administration of justice is concerned the king was considered the fountain of justice.

Town or District Court:
Town or district was run by the government officials to administer justice under the authority of the king.

Village council:
The local village councils or kulani was constituted at village level. The council dealt with petty civil or criminal matters.

Judicial procedure:
Stages of a suit:
A suit or trial consisted of four stages- the plaint, the replay, the trial & investigation and the verdict or decision of the court.

Bench of more than one judge:
The courts were functioning on the principal that justice should not be administered by a single judge.

Ancient Hindu Social Order, Institutions and Religious Philosophy:
In determining the social order two important concepts may be stated, namely, the caste system and the joint family system.

Caste system- The caste system emerged in ancient India as unique and one of the most rigid social systems ever developed in any part of the world.1 A caste was a social group consisting solely of persons born in it. The scholars and priests of the Hindus belonged to this caste. They had in law and in fact privileges and prerogatives not held by other sections of Hindu society. 2 Whole society was divided into four main caste. The four castes were precisely and clearly defined and rules pertaining to their lawful activities and functions dominated all social activities. The Brahmins were considered to be the most superior caste.

Joint family system- The joint family system was another important institution which determined the social order amongst Hindus in ancient India. A family was regarded as a unit of the Hindu social system. 5 An ancient family included parents, children, grandchildren, uncles and their descendants, and their collaterals on the male side. This social group had common dwelling and enjoyed their estate in common. At the head of the family was the patriarch, whose authority was absolute over the members of his family.

Organization of court structure:
The king’s Court:
the king’s Court was the highest court of appeal in the state. It we also a court original jurisdiction for cases of vital importance to the state. The king as advised by Brahmins, the chief justice, & other judges.

The chief justice’s court- Next court was the chief justice’s court. It was consisted of the chief justice and a board of judges to assist the chief justice.

Special tribunal:
Sometimes separate tribunals with specified territorial jurisdiction used to be fumed among judges who were members of the board of the chief justice’s court.

Doctrine of precedent:
The decisions f the king’s court were binding on all lower courts.(5)

Evidence:
During the course of proceedings both the parties were required to prove their case by producing evidence.

Trial by ordeal:
Ordeal which was a kind of custom based on religion and faith in god was a means of proof to determine the guilt of the person. There were following kinds of ordeal- ordeal by fire, ordeal by water, ordeal by poisoin, ordeal by rice grains, ordeal by lot.(6)

Chapter 4
Muslim period:
This period starts with the invasion by Turkish Muslims in the Indian sub continent in 1100 A.D. The whole Muslim period in india in india may be divided into two sub periods- the sultanate of Delhi and the Mughal Empire.

Courts at centre:
The courts established at the capital of the Sultanate were as follows: The king’s court, Diwan –e- Mazalim, Diwan-e- Risalat, Sadre Jehan’s court, Chief justice’s court and Diwan-e- Siyasat.

Provincial courts:
In each province at the provincial headquarters foyr courts were established- Adalat Nazim-e- subah, Adalat Qazi subah, Diwan-e- Subah and Sadre-e- subah.

Legal system under the Sultanate:
The sultan or king was the supreme authority in his kingdom. The judicial system under the sultanate was divided into many parts which are as follows-courts at centre, provincial courts, District courts, parganah courts, village courts.

District courts:
In each District following courts were established- The District’s Qazi’s court, Faujder court, court of Mir Adils, Court of Kotwals.

Parganah’s Courts:
e courts of Qazi –e- parganah and kotwals were constituted at each parganah Headquarter.

Village courts:
Racg group of villages, a panchayat was functioning to look after the executive and judicial functions.

Legal system under the Mughal Administration:
During the Mughal period the Mughal Empire was considered the fountain of justice. The important courts were functioning during this period were as follows- courts at capital, provincial courts, District courts, piranha’s courts, village courts.

Provincial Courts-
The Governor’s Court (Adalat-e-Nazim-e-Subah)

The Provincial chief Appeal Court ( Qazi-e-Subah’s Court)

Provincial Chief Revenue Court (Diwan’s Court)

District Courts-
District Qazi

Faujdar Adalat

Kotwali court

Amalguzari Kachari

Parana’s Court-
Qazi-e-Parganah’s Court

Court of Kotwali

Amin-e-Parganah

Courts of Capital:
These Courts are available at capital-

The Emperor’s court

The Court of chief Justice

Chief Revenue Court

Village Courts-
Court of Village Panchayat

The Court of Zamin

Crime & punishment in the Mughal administration:
System procedure was followed by the courts during the mughal period. The judicial procedure was regulated by two Muslim codes namely Fiqh-e- Firoz Shahi & Fatwai –i- Alamgiri. Evidence was classified into three categories- a) full corroboration b) testimony of single individual c) admission including confession. The Muslim criminal law classified crimes under three categories.

1) Crime against god

2) Crime against the king

3) Crime against private individual.

There were three form of punishment –
Hadd (fixed penalties)

Tazir( Discreationary punishment)

Qisas(retaliation) and Diya ( blood money) (9)

Chapter 5
British period:
The modernization of ancient Indian law took place in the hand of the British people who came in India as a trading company under a series of Royal Charters. The pace of the development of the administration of justice In British India may be divided into following five periods:

Early administration of justice until the Charter of 1726

Administration of justice from the Charter of 1726 till the regulating act of 1773

Administration of justice from the regulating act of 1773 till the era of unification in 1861

From 1861 till the independence in 1947.

Criminal judiciary:
1)overnor -in-general

2) Court of Quarter session

3) justices of peace

Third period:
The judicial reform took the following shape in this period-

A supreme court was established in place of Mayor’s court in each presidency town of Calcutta

The supreme court consisted of a chief justice and three other puisne judges

The Supreme Court was empowered to supervise the court of collector.

The supreme court had both original, appelate, civil, criminal jurisdiction.

Fourth period:
Hs may be divided into two sub heads: from 1861 till 1935(the era of high court) and from 1935 till 1947(the era of high court and the federal court)

Judicial system after unification- 1) The supreme court, Sadar diwani court and Sadar Nizamat Adalat were abolished.

2) The high court had original criminal jurisdiction within the local limits of its civil jurisdiction.

3) The high court had supervisory jurisdiction over all subordinate courts both civil and criminal

4) Unlike the erstwhile supreme, the High court was empowered to exercise jurisdiction over revenue.

First period:
This period marks the beginning of the British involvement into the administration of justice in India. This period deals with the intervention of the company into the administration of justice in India as opposed to intervention by the British Queen.

Second period:
This period may be divided into two parts; from the charter of 1726 till the charter of 1753 and from the charter of 1753 till the regulating act of 1773.

The charter of 1726 established a corporation for each Presidency towns.

Judiciary was divided into two categories- 1) civil judiciary 2) criminal judiciary

Following courts were in the civil judiciary- 1) privy council 2) governor in council 3) Mayor’s court (10)

Criminal judiciary was divided into following courts- 1) Governor in council 2) court of Quarter session

3) Justices of the peace

The administration f justice under the charter of 1753- This period starts with the charter of 1753 issued by King George II out the deficiencies created by the operation of the previous charter of 1726.

This charter was divided into two types of judiciary-
1) civil judiciary

2) Criminal judiciary

Civil judiciary:
1)rivy council

2) Governor in general

3) Mayor’s court

4) Court of Requests.

Chapter 6
Pakistan Period:
As mentioned earlier, with the adoption of the constitution of 1956 the highest in Pakistan became the supreme court of Pakistan and the high courts were retained at provinces as earlier. The subordinate courts were the same as in 1947. After the adoption of the constitution of 1962 the whole judicial structure was the same as under the constitution of 1956. (13)

Chapter 7
Next Phase:
While the great Mughal was ruling in Delhi, there appeared on the Indian scene a phenomenon almost unparalleled in the history of world. After a brief episode of Portuguese domination, a handful of adventurers from the distant island of England in the Atlantic, Some of those who were sent out from England to guide the destines of India were actuated by the loftiest of motives, while others were definitely hostile to Indian interests. forming the English East India Company, came India as a trading body which possessed some sovereign prerogatives for the purpose of trade and became transformed into a sovereign body, “the trade of which was auxiliary to its sovereignty”. But disinterest as were in the petty squabbles between individual, they could evolve an efficient system of administration of justice in which fair play predominated and which we have inherited. But English justice, as we shall see, was always pragmatic even in their own country and necessarily so in India. Some of rules evolved to protect the ruler were certainly not conducive to a proper administration of justice. The British period, however, constituted a major and fundamental breakthrough from our past practices and traditions.

*   *   *

Remittance as Bank Product: Its Handling and Impact on Profitability of the Bank: A NCC Bank Perspective

EXECUTIVE SUMMARY

Banks today are performing very well to meet the objectives of various groups. As banking organizations have grown in recent years, the growth of local deposits has simply been inadequate to fund the growing need of customers for loans and new services. But bank’s entry into remittance services that their financial statements are increasing. More and more of them have been engaging in remittance services. In many cases, This development has places management great chance set and meet bank performance goals.

Banking system of Bangladesh has gone through three phases of development-Nationalization, Privatization and Lastly Financial Sector Reform, National Credit and Commerce Bank Limited (NCCBL) started its journey in the financial sector of the country as an investment company back in 1985. The company operated up to 1992 with 16 branches and thereafter with the permission of the Central Bank converted in a full-fledged schedule private commercial bank in May 1993 with serve the nation from a broader platform.

The whole working process of NCC Bank Limited is divided into 3 divisions as under:

(i) General Banking Division

(ii) Credit Division, and

(iii) Foreign Exchange Division.

This report has been prepared based on the information taken from the 3 divisions, specially foreign exchange as mentioned above.

Through foreign remittance is one of the major parts of bank’s income but the loans and advances and other loan schemes play a vital role in success of NCC Bank Limited. NCC Bank ltd. has offered the clients deposit scheme, loan scheme, remittance service and the like.

Part – 1
1.1 Introduction:
Now a days Industries as well as the Non Resident Bangladeshis and persons working outside are the real assets of the remittance business of the country. To motivate and also to ensure increased remittance flow, NCC Bank have made a number of arrangements with various exchange companies. NCC Bank considering to take steps so that the beneficiaries here in Bangladesh can receive the money at their door steps.

Most large remittance come from foreign exchange business including Import and Export. Bank largely depends in its Foreign Exchange Business to ensure profitability. To look after the Business and also to ensure prompt service to the Import and Export, officers having exposure and expertise in Foreign Exchange Business have been posted both at Head Office & Authorized Dealer Branches. During 2009, the Bank handled Export and Import business to the tune. Bank’s wide network of correspondence plays vital role in facilitating its international trading. At present, total number of correspondents is 335.

With a view to facilitating homebound remittance, the Bank made arrangements with a number of exchange companies during the year. This arrangements brought significant development in remittance business. NCC Bank are going to expand this network in near future.

Corporate Governance establishes specific responsibility to ensure accountability. With a view to ensuring accountability and fairness in functions of the company and also to comply with the requirements of regulatory agencies, care has been taken to improve Corporate Governance. Due to this practices the remittance department of NCC Bank has been growing to provide a good participation in the profitability of the Bank.

1.2 Origin of report:
For any business school student only curriculum activities are not enough for handling the real business situation. So it is an important opportunity the students to know about the field of business through the project program. This project is a perfect blend of the theoretical and practical knowledge. This report is originated to fulfill the requirement of the assign project report on Customer Service Of Ncc Bank Ltd. In this regard, I have been working as an employee in NCC Bank Limited, Lal Dighirpar, Sylhet. I leaned how the host organization works with the help of the internal supervisor. On the basis of working experience for this period I have prepared this report and I have tried my best to relate the theoretical knowledge with the practical work situation.

1.3 Objectives of Study:
The objectives of this report are as under:

· Primary objective:
The primary objective of this report is to fulfill the requirement of MBA program. For this reason I had to be attached with an organization so that I can have some practical job related experience along with the academic knowledge.

· Secondary objectives:
The study was conducted to achieve the following secondary objectives:

1. To gain a relationship between theoretical and practical learning and real situation of the customer service of ncc bank.

2. To know the history of NCC Bank Ltd.

3. To understand the major banking activities which a banker performs.

4. To get an idea about the overall performance of NCC Bank Ltd.

5. To have the idea of reporting system by each branch to its Head Office.

6. To know about the rules and regulation of the bank.

7. To study different product handled by NCC Bank.

8. To evaluate customer’s views about the services offered by commercial banks

9. To show the relationship of Bank profitability and different remittance services.

10. Finds and probable solutions.

1.4 Methodology of Study:

a). Study Design:
The study was fully a descriptive in nature. The study was conducted using the participatory method. To know the in-depth information, the topic was discussed with the expert professionals related to bank for several times and review of record of NCC Bank Limited and other related secondary information and other relevant information were gathered from secondary sources including several journals and booklets.

b). Data Collection method:
Data have been collected from two sources. These are as under:

1. Primary source

2. Secondary source

i). The primary sources of data include the followings:

1. Face to face conversation with the bank officers and staffs

2. Tele conversation with the clients.

3. Study of different files of different sections of the bank.

4. Practical Deskwork.

ii). The secondary sources of data include as under:

1. Annual report of NCC Bank Limited

2. Different publications of NCC Bank Limited

3. Unpublished data received from the treasury division.

4. Different text books

Different circulars sent by Head Office of NCC Bank Limited and Bangladesh Bank

1.5 Scope of the report:

National Credit and Commerce Bank Limited (NCCBL) is operating widely with 79 branches all over Bangladesh. This report is strictly confined NCCBL’s Remittance department , Sylhet.

1.6 Limitation of study:
A. The main constraint of the study was insufficiency of information that was highly required for the study. Since the bank officials are very busy with their activities, as a result it was thought to have proper knowledge as was required for the study.

B. The duration was not enough to cover all aspects of banking.

1.7 Historical Background:
National Credit and Commerce Bank Limited bears a unique history of its own. The organization started its journey in the financial sector of the country as an investment company back in 1985. The company operated up to 1992 with 16 branches and thereafter with the permission of the central bank converted into a full fledged scheduled private commercial bank in May 1993 with paid capital of Tk. 39.00 Crore to serve the nation from a broader platform.

During last 12 years of its operation NCC Bank has acquired commendable reputation by providing sincere personalized service to its customers in a technology-based environment.

The bank has up a new standard in financing in the industrial trade and foreign exchange business. Its various deposit and credit products have also attracted the clients both corporate and individuals who feel comfort in doing business with the bank.

The initial authorized capital of the bank was Tk. 75.00 crore and Paid up capital was Tk. 19.520 crore at the time of conversion who is now raised, to Tk.60.00 crore. The sponsors of the new bank consisted of 26 members, who comprised the first Board of Directors. The share price of the bank is currently being quoted at both Dhaka and Chittagong Bourses at an average price of Tk.320/- against per value of Tk. 100.00. NCC Bank based upon its commendable business performance for the year ended 2004 has meanwhile declared stock dividend 30%. The bank which started with 16 branches in 1993, has at present 41 branches and 03 booths are located in prime commercial areas of Dhaka, Chittagong, Sylhet, Feni, Khulna, Jessore, and Rangpur district head quarters, The initial authorized capital of the bank was Tk. 39.00 crore. The present authorized capital is Tk.250.00 crore and paid up capital is Tk.60.00 crore. The sponsors of the new bank consisted of 26 members, who comprised the first Board of Directors. The share price of the bank is currently being quoted at both Dhaka and Chittagong Bourses at an average price of Tk.320/- against per value of Tk. 100.00. NCC Bank based upon its commendable business performance for the year ended 2004 has meanwhile declared stock dividend 30%. The bank which started with 16 branches in 1993, Chittagong, Sylhet, Feni, Khulna, Jessore, and Rangpur district head quarters.

Out of which as many as 17 are authorized dealer branches, fully equipped for dealing in direct foreign exchange business. NCC Bank is now positioned to best suit the best financial needs of its customers and makes them partner of progress.

1.8 Vision:
The vision of the bank is to become the bank of choice in the communities they serve. This by offering to their customers the financial services which are expected by their customers while providing a return to their owners. In accomplishing this mission, the bank has now been free from all the natures of a problem bank though full filling all the conditions set by the central bank. They proudly say “NCCBL is profit making and problem free”.

1.9 Mission:
NCC Bank shall be at the forefront of national economic development by: -

(i) Anticipating business solution required by all NCC Bank’s customers everywhere and innovatively supplying them beyond the expectation.

(ii) Maintaining the highest ethical standards and a community responsibility worthy of a leading corporate citizen.

(iii) Setting industry benchmark of world class standard in delivering customer value through the comprehensive product range, customer service and all the activities.

(iv) Building an exciting team based working environment that will attract, develop and retain employees of exceptional ability who help celebrate the success of bank’s business, of bank’s customers and of national development.

(v) Continuously improving productivity and profitability and thereby enhancing share holder value.

Part – 2
2.1 NCC Bank At present:
Over the years NCC Bank has built itself as one of the pillars of Bangladesh’s financial sector and is playing a pivotal role in extending the role of the private sector of the economy.

Like clothes, shops, bakeshops, food shops, NCC Bank is not a debt shop. The term being used by many to call the present say banks. It is now being called a modern bank that undertakes all its operations at an international standard.

Banks are the pillars of the financial system. Specially, in Bangladesh, the health of the banking system is very vital because the capital market is little developed here. As the banks are still the major source of credit and exercise great influence on the financial system, it is extremely important that the country’s banking system should be in good health in the interest of investment activities, meeting the needs of all kinds and related matters.

Having started its operation as a commercial bank in 1993, recovering from some primary difficulties, NCC Bank has now emerged as a major player in the financial sector. The bank has been able to attain a commendable CAMEL rating and its performance has been outstanding in terms of profitability for the year ended 2000.

Listed in both the Dhaka and Chittagong Bourses since 1993 with an IPO that raised the paid up capital of the bank to Tk.39.00 Crore, the current price level of its share and turn in trading is evidence of its high rating among investors.

The bank is pledged-bound to perform even better in the coming year, opening new branches, adding new and better products and services to its customers at their doorsteps. The bank has a strong branch network nation wide with 51 branches and on booth to effectively address the needs of its cross-segment customer base.

2.2 Target Company:
Due to the predecessor Company’s involvement remittance sector of the country the bank inherited its top corporate customers. Moreover the bank is involved in import trade financing. The bank has financed in textile and apparels sectors. The bank has a tread of choosing customer from diversified groups. Bulk importers of consumer durable, food gains industrial raw materials are its customers. The bank has first class customers in the construction sectors involved in high-rise building, heavy construction and roads and high way construction.

2.3 Authorized Capital
The authorized Capital of the bank remained unchanged at TK. 2500 Million in the year 2006.

2.3 Paid- up capital
The bank raised its paid-up capital from TK 975.04 million to TK 1201.79 million, the capital based of the bank has become strong.

2.4 Reserve fund and other reserve
The reserve fund of the Bank increased of TK. 530.68 million in the year 2010 as against TK. 984.90 million of previous year.

2.5 Deposit
Deposit of the bank at the end of the year 2011 was TK 28147.34 million, which is more than deposit of 2010. From 2007 the bank had a rising position. It had happened for increase competition in banking sector and NCC Bank took a good position in comparison with other banks. This is happen because increasing confidence of customer to NCCBL inspire people to make more and more deposited to NCCBL.

2.6 Trade Finance & Correspondent bank
Successful companies today are fully aware that they need to be able to rely on the services of a bank that can handle international trade with a good hand. Ever since its conversion into a full-fledge bank in 1993, NCC Bank has been an accomplished “Trade Finance” bank. With a highly professional team experienced and competent professionals we are able to provide a wide range of services to companies engaged in international trade.

2.7 Credit
In line with the policy guideline issued by the central bank from time to time, the bank formulates its own credit policy keeping it flexible to accommodate changes that are taking place. At present, several credit schemas are on the offer, which received quit well responses from the customers and may help the bank to expand its customer base. The bank also engaging in syndication with other banks for allowing large loans converging Bangladesh bank’s rules and regulation.

Credit of the bank at the end of the year 2011 was TK. 24678.36 million, which is more than the preceding year. Credit investments of bank are increases as increases in the deposit amount.

Part – 3
3.1 REMITTANCE OF NCCBL
Foreign exchange remittance takes place in NCCBL, as in other commercial banks, in two forms:

*. Outward remittance and

*. Inward remittance

3.1.1 Outward Remittances
Outward remittances may be offered under open general permission or under specific sanction from Bangladesh Bank. Application is required for this remittance to the Bangladesh Bank’s IMP, TM forms. Application for remittances against import is to be made on IMP form, for travel on TM form and for miscellaneous changes on TM form. As per Exchange Control Regulation a traveler can’t take a draft along with him under official rate of exchange. An outward remittance can be affected either under Wage Earner’s Scheme or at rate depending on the kind of sanction.

3.1.2 Inward Remittances
Inward remittances may be affected in the above-mentioned process. All such inward remittances are to be reported to Bangladesh Bank on form if the amount is above $2000 and no “IRV”. In case of Wage Earners Scheme the remittance is to be reported on schedules WSR 1 to 4 and WSP 1 to 10.

3.2 Members of Remittance department

3.3 Types of remittance

Remittance are basically two types:

*. Local remittance.

*. Foreign remittance.

3.3.1 Local remittance
Remittance is significant part of the general banking> The bank receives and transfers various types of bills through the remittance within the country. Obviously the bank charges commission on the basis of bills amount. NCCBL remittances are safe, swift, inexpensive and simple.

3.3.1(a) Types of local Remittance:
A. Pay Order(PO)

B. Demand Draft(DD)

C. Telegraphic Transfer(TT)

D. Mail Transfer(MT)

E. Shanchay Patra(SP)

a) Pay Order(PO):
Pay Order is an instrument that contains an order for payment to the payee only incase of local payment whether on behalf of the bank or its constitution. Unlike cheque there is possibility of dishonoring Pay Order. NCCBL charge different amount of commission on the basis of Pay Order amount.

b) Demand Draft:
By DD any person can send money from one branch to another branch of NCCBL. To send the money he/she must fill up the NCCBL’s prescribed form of DD and paid charge/commission and receives DD block. The following information are included in the DD block:

(i) Name of the sender branch

(ii) Name and account of the party who receives the money.

(iii) For security purpose a confidential test number are included in the DD block

(iv) Amount of money to be transferred

(v) Name of receiver branch

The sender sends this block to the receiver branch of DD. When this DD block is received by the receiver branch, the authorized officer of the receiver branch tests the DD confidential number and if the test number is proofed then he /she gives the money to the payee.

C) Telegraphic Transfer:
1. To send money urgently NCCBL may be requested for TT on payment of a nominal charge and telegram charge.

2. Any person urgently sends money from one branch to another branch within NCCBL through TT.
When a message of TT sends through phone from one branch to another branch in that time the message received by the authorized officer who has a right of power of attorney. After that, he/she fills up the TT form.

Following things are included in the TT form:
i). TT number

ii). TT test number

iii). Name and account number of the payee

iv). Power of attorney number of the sender and receiver of TT.

v). The amount to be transferred.

3. After fill up the TT form, he tests the test number of TT. If he ensures through testing the test number then he credits the account of the payee. On the other hand, if the test number is not proved then he calls back to the sending branch of TT and request to send a new TT.

d) Mail Transfer:
Money can be sent through mail transfer to any body who has an account in any other branch of the same bank for this purpose the sender shall have to furnish the details like:

1. The name of the beneficiary and his account number

2. The amount to be transferred

3. The name of the branch where the account is maintained

3.3.2 Foreign remittance:
NCC Bank is the member of Money Gram and SWIFT networks. Using the services of this global network, non-resident Bangladesh nationals can send money from abroad to their home country within a few minutes without any risk. NCC Bank has also arrangement with foreign money exchange companies like USE Exchange Co., Redha-Al-Ansari Co. etc.

a) Money Gram:
Money Gram is represented in over 115 countries and is available at more than 25,000 locations worldwide. In the USA alone Money Gram is available at more than 15,000 locations. Besides, in the UK Money Gram is available through 1700 Postal Branches and 500 Thomas Cook travel shops making is the UK’s largest money transfer network. Finally using the Money Gram service could not be simpler. All one has to do is to visit a conveniently situated Money Gram agent anywhere in the world and to hand over they money they want to send their relatives or friends along with the one-off transaction fee:

A. Sender completes a “send” form and gets a receipt. Money Gram Agent gives a Ref. No. Which has to be passed to the receiver.

B. NCC Bank makes an enquiry on the Money Gram computer network to obtain authorization to pay recipient and recipient receives the fund.

Money Gram is one of the fastest ways to transfer money. Customers using Money Gram can send or receive money usually within 10 minutes from anywhere in the world.

To get the money the recipient need not to have a bank account with NCC Bank Ltd. NCCBL does not levy extra charge. It gives better exchange rate to the recipient. The recipient can approach at any branches of NCC Bank at his convenience with the reference No. and a photocopy of pass port /Voter ID/Citizenship Certificate.

Graphical presentation of Money Gram in 2006 and 2007:

Operation of Money Gram

(Receive remittance instantly over the counter)

* Sender goes to Send Agent

* Send Agent received Money and enter information into Money Gram System via MW Software and give a Reference Number.

* Sender provide the Reference Number to the Receiver

* Receiver comes to Receive Agent (our bank) with that Reference Number and fill up a form supplied by Money Gram.

* Received Agent gets connected with the Money Gram System via MW Software with that Reference Number, if find OK then pay cash on counter.

* Received Agent (we) keep copy of valid ID (Valid passport, bank certificate) from the receiver.

Cover Fund is credited to our account with SCB, NY on the following day equivalent to the payment made by our branches i.e. we pay first and next day get the fund.

b) PLACID EXPRESS NY
In March 2002, the bank has entered a Taka drawing arrangement with Placid Express NY, for home remittances of Bangladeshi expatriates in the United States. The beginning was good and the bank offered ideal customer services but the volume of remittance through this channel has been reduced very soon because of the following reasons:-

* Removal of one of the Top executives for activities that caused huge losses of the bank;

* Increase in the number of competing companies;

* Longer transaction time in servicing beneficiaries of remote areas beneficiaries where NCCBL does not have any branches;

* Lack of Liquidity; and

* Absence of online mode of payment, which is however sometimes hazardous for transactions.

Graphical presentation of Placid:

Operation of Placid

Bank receive list of invoices via e-mail at the morning and place for test.

Each invoice contains information about the beneficiary such as his name, bank & branch name, account number, phone/address etc.

Then Bank separate the invoices according to the location of beneficiary’s bank branch and nearest branch and prepare branch-wise statement and fax statement to the respective branch by 11:30 am.

If beneficiary maintains account with NCC bank than it credited the fund to his account by noon.

If beneficiary maintains account with other bank than issue P/O in favor of him and sent it by hand/courier service to his bank. Beneficiary’s bank present the P/O at the clearing house and collect the fund from our bank for further credit to the beneficiary’s account. Generally it takes 2-4 days for crediting the fund to the beneficiary’s account.

Cover Fund is credited to our account with Citi NA, NY first then we pay against that fund.

c) Express money:
The X press Money Services would like to welcome NCCBL to their network. X press Money (XM) is a web-based person-to-person money transfer system that allows an individual to send/receive money through any of our network agents instantly. All transactions are done through secure servers using 128-bit encryption technology so as to provide maximum security

System Operation Requirements
PC (Operating system Windows 98 or higher) with connection to Internet and preferably a LaserJet Printer for taking prints.

MAM works well with Internet Explorer version 5.50 (Build 4522.1800) and above.

Flash Player is required (user will be prompted to install when visiting the site, if its not already in the computer)

Wingdings 2 and Wingdings 3 fonts should be installed for best viewing the icons.

d) Al Fardan:
Al FARDAN Exchange, the pioneer in money exchange and worldwide remittance services in the U.A.E., established in 1971, is a trusted name for millions of residents and expatriates. A modern exchange house with advanced infrastructure and courteous staff, has an extensive network of correspondent banks all over the world to facilitate faster, completely reliable transactions.

Al FARDAN Exchange offers the most competitive rates on its array of money exchange services and offers need-based services that cover all transactional needs. Worldwide remittances, purchase and sales of foreign currency banknotes and traveller cheques, cash advance against credit cards are just a few services to mention from a wide range of financial services offered.

e) Habib express:
Habib express is another important medium through which wage earner remittance is accepted by NCC Bank. Here head office at first enter in system server and received necessary information about the amount of remittance, beneficiary who will receive the amount and any reference number which work as security for Bank as well as beneficiary. Head office gives information through fax to it respective branch from where receiver will receive money. Another way, when customer comes to bank than, respective branch where online system is activate, they enter in terminal to get necessary information to pay money.

Bank receive list of invoices via e-mail at the morning and place for test.

Each invoice contains information about the beneficiary such as his name, bank & branch name, account number, phone/address etc.

Then Bank separate the invoices according to the location of beneficiary’s bank branch and nearest branch and prepare branch-wise statement and fax statement to the respective branch by 11:30 am.

If beneficiary maintains account with NCC bank than it credited the fund to his account by noon.

If beneficiary maintains account with other bank than issue P/O in favor of him and sent it by hand/courier service to his bank. Beneficiary’s bank present the P/O at the clearing house and collect the fund from our bank for further credit to the beneficiary’s account. Generally it takes 2-4 days for crediting the fund to the beneficiary’s account.

f) Dhaka Janata:
Dhaka Janata are introduces to provide remittance facilities to emigrant and other people of Bangladeshi who work as contractual basis in the Italy. Here Dhaka Janata also maintain same procedure of getting information from system server including the name, referance number, amount, Phone number etc. But difference with other product is that its respective branch cannot get information from using software. Here head office sends information through fax to all respective branch. All receivers when come to bank, than respective branch check his information with information received from head office.

Operational Procedure:
Hear office ID receive list of invoices via e-mail at the morning.

Invoice contains information about the beneficiary such as his name, bank & branch name, account number, phone/address etc.

If beneficiary maintains account with other bank than issue P/O in favor of him and sent it by hand/courier service to his bank. Beneficiary’s bank present the P/O at the clearing house and collect the fund from our bank for further credit to the beneficiary’s account. Generally it takes 2-4 days for crediting the fund to the beneficiary’s account.

Then Bank separate the invoices according to the location of beneficiary’s bank branch and nearest branch and prepare branch-wise statement and fax statement to the respective branch by 11:30 am.

If beneficiary maintains account with NCC bank than it credited the fund to his account by noon.

g) Tele money:
Tele money is another important product for remittance services. Large number of people of our country works in Saudi Arab. Tele money help those people to send their money within very short moment through Arab National Bank. The operational procedure of this product is same as other. NCC Bank have no branch in all places where beneficiary stay. Here through a software head Office collect the invoice including name, address, secret code etc. People those who have account with NCC Bank, are credited in their account. In tele money bank inform to beneficiary about their money everyday to provide them more facilities. So tele money provides this service through third party. Here mostly Sonali Bank work as third party and a specified commission from this services.

Operational procedure:
Hear office ID receive list of invoices via e-mail at the morning.

Invoice contains information about the beneficiary such as his name, bank & branch name, account number, phone/address etc.

Then Bank separate the invoices according to the location of beneficiary’s bank branch and nearest branch and prepare branch-wise statement and fax statement to the respective branch by 11:30 am.

If beneficiary maintains account with NCC bank than it credited the fund to his account by noon.

If beneficiary maintains account with other bank than issue P/O in favor of him and sent it by hand/courier service to his bank. Beneficiary’s bank present the P/O at the clearing house and collect the fund from our bank for further credit to the beneficiary’s account. Generally it takes 2-4 days for crediting the fund to the beneficiary’s account.

h) Export proceed:
Export Proceed are very vital part in remittance services, as it cover large portion of total remittance of NCC Bank. Most of remittance received from corporate level for their exporting business. Here several types of Bank are engaged with these services. Payment is made through Nostro and Vostro Account.

Here Nostro account means, NCC Bank have an account with listed foreign bank. Foreign remittance come to bank through those foreign bank. Foreign importer pay the money to that foreign bank. Foreign bank credited necessary amount to NCC Bank account. All of remittance come in export proceed as foreign currency. Head office convert this foreign currency into home currency and pay to his respective branch. Foreign Bank who are engaged with this bank are:

Non-interest bearing:
Standard Chartered Bank, Singapore.

Standard chartered bank, Japan.

American Express Bank, New York.

Sumitomo Mitsui Banking Corp.

Bank of Tokyo Mitsubishi, Japan.

Bank of Tokoy Mitsubishi, kolkata.

American Express Bank, Colombo.

Interest bearing:
Standard Chartered Bank, New your.

Mashreq Bank, New York.

Citi Bank N.A, New York.

Standard chartered bank, London.

Uni Credio Italiano spa.

Commerge bank AG, Frankfurt.

SWIFT:

NCC Bank is a member of society for inter bank financial telecommunication. Through this fast, secure, and global communication NCC Bank has gained 24 hours connectivity with 7000 financial institutions in 200 countries for transmission of LCs, Guarantees, funds transfers, payments etc. SWIFT is a bank owned non-profit co-operative based in Belgium servicing the financial community worldwide. It ensures secure messaging having a global reach of 6495 Banks and Financial Institutions in 178 countries, 24 hours a day. SWIFT global network carries an average 4 million message daily and estimated average value of payment messages is USD 2 trillion.

SWIFT is highly secured messaging network enables Banks to send and receive fund transfer, L/C related and other free format messages to and from any bank active in he network.

Having SWIFT facility, Bank will be able to serve its customers more profitable by providing L/C, payment and other messages efficiently and with utmost security.

Part – 4
Trend and Time series analysis
4.1Trend Analysis:

Trend analysis is a general term that embraces a variety of specific tools. For instance, trend analysis relies on the sequencing of movement in remittance of total inward and outward.

The movement of export is relatively increasing position in steady way. Here in 2003 and in 2004 the growth was stably increases and after that it rises in increasing scale. The position of import is different. Because in the year of 2003 and 2004 it declined and after that it increases in 2005 strongly and continue in 2006. The position of remittance is almost same as import because it also decreases in 2003 and 2004 . After that it increases in 2005 and 2006 which provide a good sign for future.

Time series analysis
A time series analysis would show the patterns of change in statistics over time to the projected estimates for the future remittance of NCCBL. The time series analysis helps in locating the scope of adjustments for uncertainty about the future. It is a set of observations taken at specific times, usually at equal intervals. Mathematically.

Time series has revealed certain characteristic movements, or variations, some or all of which are present to varying degrees. Analysis of such movements is of great value in many connections, one of which is the problem of forecasting future movements. It should thus come as no surprise that many industries and government agencies are vitally concerned with this important subject.

Fundamental steps in Time Series analysis:
Collect data for the time series, making every effort to ensure that these data are reliable. Always keep in mind the eventual purpose of the time series analysis, for example, if one wishes to forecast a given time series, it may be helpful to obtain related time series. If necessary, adjust the data for comparability, such as for leap years and holidays.

Graph the time series, noting qualitatively the presence of seasonal variations and of long term trend and cyclic variations.

Construct the long term trend curve or line, and obtain the appropriate trend values by using the least squares, freehand, moving averages or semi averages method.

If seasonal variations are present, obtain a seasonal index and depersonalize the data.

Adjust decentralize data for trend.

4.2.1Time Series Analysis of Export of NCCBL

The linear equation used for the estimated trend of export through NCCBL is

Yc=bx +a;

where Y is the return variable in each year, X=time/year, a=constant

From the above table

A = åY/N,

= 31631.28 / 5

= 6326.26

Here b=åXY/åX2

= 10804.97 / 10

= 1080.4

N=5

Hence we get the equation of the export trend line is

Y= 1080.5X+6326.26, where a= 6326.26 and b= 1080.5

The time series analysis shows positive result in the year of 2002 as it is greater than expected position but in the year of 2003 the position is reversed. In this year expected amount exceed actual figure. Position improved in the year of 2005 and 2006

4.2.2Time Series Analysis of Import of NCCBL

From the above table

a=åY/N,

Here b=åXY/åX2

N=5

Hence we get the equation of the export trend line is

Y= 1134.09X+14777.32, where a= 14777.62 and b= 1134.09

The time series analysis shows positive result in the year of 2002 as it is greater than expected position but in the year of 2003 the position is reversed. In this year expected amount exceed actual figure. Position improved in the year of 2005 and 2006

4.2.3Time Series Analysis of Remittance of NCCBL

From the above table a=åY/N, Here b=åXY/åX2 N=5

Hence we get the equation of the export trend line is

Y= 613.04X+2185.58,

where a= 2185.58

and b= 613.04

Remittance in the year of 2002 are in better position in comparison with expected position. Here in 2003 the position is reversed as the expected earning are exceeded the actual earnings. Same condition are faced by bank in the year of 2004 and 2005. but in 2006 due to better performance the position is reversed and the bank earn much more amount than its expected amount.

Part – 5
Impact of remittance on the profitability of
NCC Bank
Profitability of NCC Bank is the most vital point for the bank which is depend on several factors including deposit of general and corporate personnel, utilization of such deposited amount, providing loan and loan recovery etc. Here remittance transfer play a small but vital role in the organization. Specially for NCC Bank which are highly engaged with remittance cervices. NCC Bank are very much popular for wage earner remittance specially to send money through money gram, which is already rewarded in overseas.

Basically NCC Bank remittance business happened in three form:
1. Wage earner remittance

2. Inward remittance through export.

3. Outward remittance through import.

Bank get a good commission from these remittance process. This remittance forms make good effect on profitability. To make it more clear we can use Coefficient of correlation between Profit and Inward, Outward remittance.

Now to do this calculation we have to know what is coefficient of correlation and what it measure.

5.1Coefficient of Correlation:
The ratio of the explained variation to the total variation is called the coefficient of determination. If there is zero explained variation , this ratio is . If there is zero unexplained variation , the ratio is . In other cases the ratio lies between 0 and 1. Since the ratio is always nonnegative denote it by r2. The quantity r, called the coefficient of correlation(or briefly correlation coefficient), is given
R = xy/ √ (∑x2) (∑y2)
Now we will explain what its calculation measure . Its calculation measure following things.

If the result are between 0 to 0.25 than it measure that Profit and remittance are poorly correlated. That means the change in one taka remittance profit will changes will 0.25 taka or lower.

If the result are between .25 to .50 than it measure that Profit and remittance have medium correlation.

If the result are between .5 to .75 than, it measure that Profit and remittance have good correlation.

If the result are between 0.75 to 1 than, it measure that profit and remittance have very good correlation.

5.1.1Coefficient of linear correlation between Profit and wage remittance:

X ═ 4228.84 / 5

═ 845.77

Y ═ 10927.90 / 5

═ 2185.58



R ═ xy/ √ (∑x2) (∑y2)

═ 1192746.78/ √ ( 333794.61 x 4514491.39)

═ 0.972

So from this result we can say that the correlation between Profit and Wage earner remittance is very good. That is, if the remittance changes in 1 taka than the profit will change in 0.97 taka.

5.1.2Coefficient of linear correlation between Profit and Import:

X ═ 4228.84 / 5

═ 845.77



Y ═ 73886.62 / 5

═ 14777.32



R ═ xy/ √ (∑x2) (∑y2)



═ 2330809.85 / √ (333794 x 17082970.23)

═ 0.98

So from this result we can say that the correlation between Profit and Outward remittance through export is very good. That is, if the outward remittance changes by 1 taka than profit will changes by 0.98.

5.1.3 Coefficient of linear correlation between Profit and Export:

X ═ 4228.84 / 5

═ 845.77

Y ═ 31631.28 / 5

═ 6326.26



R ═ xy/ √ (∑x2) (∑y2)



═ 1999491.23 / √ (333794 x 12356308.32)

═ 0.985

So from this result we can say that the correlation between Profit and Inward remittance through export is very good. That is, if the inward remittance changes by 1 taka than profit will changes by 0.985.

Part – 6
6.1 SWAT analysis
Both manufacturing and service oriented business organizations start to possess some weakness as time elapse. The weaknesses of an organization can be turned into opportunities if recognized on time. Moreover, overlooking any threat may result in loosing valuable business opportunities. For this reason, an assessment of every business organization is required to judge the performance from the aspects of its Strength, Weaknesses, Opportunities and Threat (SWOT).

SWOT analysis of NCC Bank Ltd. is as under:

6.1.1 Strength:
The bank provides quality service to the clients compared to it other contemporary competitors.

Experienced bankers and corporate personnel have formed the management.

Some services of the bank are automated which attract large number of clients. For instance, the bank provides Automated Taller machine (ATM) service s in several locations.

The bank will very recently introduce on line banking which will enable it to automated all of its operations .At present, several banking functions are performed by computers. The bank is also a member of SWIFT (Society for Worldwide Inter bank Financial Telecommunication) alliance Access which enables the bank to exchange critical financial messages swiftly and cost effectively.

NCC Bank has already achieved a goodwill among the clients that helps it

retain the valuable clients.

6.1.2 Weaknesses:
Delegation of authority is centralized which makes the employee to realize less responsibility. Thus, the employee morale is deteriorated.

The credit proposal evaluation process is lengthy. Therefore, sometimes valuable clients are lost and the bank becomes unable to meet targets.

No substantive use of Annual Confidential Report (performance evaluation form of the employee) to reward or to punish the employee. Hence the employee becomes ineffective.

The bank lacks aggressive advertising and promotional activities to get a broad geographical coverage.

The bank has only a few ATM booths and not in proper places. So, the scope of using ATM card is limited.

The bank has no any research and development division.

6.1.3 Opportunities:
The bank can introduce more innovative and modern products and services for then customers.

The bank can offer micro credit business for individuals and small businesses.

It can diversify its portfolio by taking new sector.

Many branches can be opened to reach the bank’s services to the remote areas.

It can recruit more efficient and experienced persons to give fast and efficient service to the customers.

6.1.4 Threats:
The common attitude of Bangladeshi clients is default.

Multinational as well as the fast growing local banks with modern products and services are capturing huge market within a short period and resulting to switch over the existing customers of the bank.

Bangladesh Bank sometimes requires Private Commercial Banks to be abide by such rules and regulations which are not suitable for every commercial bank.

Part – 7
PROBLEMS AND SOME SPECIFICS
7.1 Problems

It include following things.

7.1.1 The Small Branch Network
Due to a small branch network of NCCBL many potential exchange companies feel discouraged to have a remittance arrangement with it. Exchange companies for few years stay with the bank but once they get the approval from other banks with a huge network they terminate the businesses with us gradually.

7.1.2 Lack of Promotional Support from Missions Abroad
While negotiating and making arrangement NCCBL does not receive adequate support from missions of Bangladesh in Foreign Countries. Sometimes the case has been the reverse, and the missions were found to discourage the campaign.

7.1.3 Not all beneficiaries are not the NCCBL Account Holder
In most cases of the existing drawing arrangement, it is found that the beneficiaries do not get their money in time because they are not NCCBL account holders.

7.1.4 Inadequate beneficiary information
In case of remittance received through FTT, sometimes delay in money transfer is caused by sufficient information about the beneficiary.

7.1.5 Lack of education about remittance through former channel
Many unskilled Bangladeshi workers residing in the gulf and middle-east countries do not know how best to send their money home. Too often they rely on transfer through private hands visiting Bangladesh or the Hundi Agents. Further, even if some may know about the formal system of money transfer through secured banking channel, the newly introduced Anti Money Laundering Act guidelines-2002 encourage a large number of them do not use it because they find it difficult to meet the formalities largely because of the lack of education and partly because of the problems in their immigration status.

7.2 Some suggested measures to improve the remittance of NCCBL

7.2.1 Bonds
The Wage Earners Bond and US Dollar Investment Bond and premium bonds are effective in attracting foreign remittances. As the wage earners cannot visit frequently they prefer to invest once a time. The NFCD and NITA accounts are as such not popular to them. To influence Wage Earners Bonds(WEBD) investment should be more user-friendly and easy to understand.

7.2.2 Online Banking

Local or global online banking establishment eases the transaction. Customers will be increasingly attracted to NCCBL remittance services of online banking is established and if the system of remittance transfer through online channel can be introduced.

Under this system a client will to be able to do following type of transactions:

Cash withdrawal from his/her account at any branch of the Bank irrespective of location.

Cash deposit in his/her account at any branch of the Bank irrespective of location.

Cash deposit in other's account at any branch of the Bank irrespective of location.

Transfer of money from his/her account with any branch of the Bank.

Any amount can be deposited or transferred under Prime Line. In the system, however, at present there is a limit for cash withdrawal through bearer or by account holder himself.

7.2.3 Subsidiary offices with the help of Foreign National Bank

NCCBL can establish a subsidiary branch or at least a booth facility overseas where the volume of remittance is increasing and the transactions will be cost effective for future earnings.

7.2.4 Campaign for Remittance
In Bangladeshi Missions abroad, as well the Bangladesh Bank may initiate promotional campaigns highlighting the existing arrangement in NCCBL and other private banks of this country so that Bangladeshi’s men residing around the world become familiar with remittance through banking channel including this procedure and formalities as well as the benefits of the system.

7.2.5 Transparency of Anti-Money Laundering (AML) Act-2002
The newly introduced AML Act-2002 in Banking sector of Bangladesh causes huge delay in transactions and in some cases encourage the clients of bank to shift another account to a different Bank. Although it restricts the illegal transactions through banking channels but lot of questions and formalities are time consuming for executing any transaction. Thus simplifying and arranging it in a more précised and transparent may increase the remittance and deposit increase of the bank.

7.2.6 Electronic Fund Transfer (EFT)
NCCBL can start remitting money from different countries of the world through Electronic Fund Transfer (EFT) system through which Beneficiaries at Dhaka city will get remittances on the next working day and outside Dhaka where courier services are available will be able to get remittances on the 2nd working days of remittances. The beneficiaries, who are maintaining accounts with other NCCBL.

Guidelines of NCCBL Foreign Exchange Transactions
A. Outward Remittances
1. Most outward remittances are approved by the ADs, on behalf of the Bangladesh Bank following declaration of Taka as convertible for current accounts payments from March, 1994. Only a few remittances of special nature require Bangladesh Bank's prior approval.

2. All remittances from Bangladesh to a foreign country or local Currency credited to on resident Taka accounts of foreign banks or Convertible Taka account constitute outward remittances of foreign Exchange. ADs must exercise utmost caution to ensure that foreign currencies remitted or released by them are used only for the purposes for which they are released; they should also maintain proper records for submission of returns to Bangladesh Bank as also for the latter’s inspection from time to time.

3. In all cases of purchase of foreign currency an application must be made to an AD and, wherever necessary to Bangladesh Bank. For Payments against imports into Bangladesh, the prescribed application form is form IMP and for other types of remittances form TM. TM form must be used for reporting by the ADs even when remittance is approved by Bangladesh Bank in any other manner, for instance by issuing a special permit. On receipt of the application in the prescribed form, the ADs may affect the sale of foreign exchange if they are empowered to approve the application. If the transaction requires prior approval of the Bangladesh Bank, the form should be forwarded by the AD to the Bangladesh Bank for Consideration.

4. Applications for Bangladesh Bank's prior approval for outward Remittances, wherever required, should be submitted to Bangladesh Bank only through the ADs and not by their customers directly; all such applications should be forwarded by the ADs to Bangladesh Bank by their own messengers or by post.

5. In respect of the forms or permits etc. approved from the Bangladesh Bank, the ADs should see that these have been approved by duly authorized officers and that they bear the Bangladesh Bank's Embossing seal. In case the authorization is signed by an official of Bangladesh Bank whose specimen signature may not be available with them such authorization should be resented to the nearest office of the

Foreign Exchange Policy Department and the signatures authenticated. It is most important that, once forms have been approved by or on behalf of the Bangladesh Bank, the ADs carry out the transactions only on behalf of the original applicants for whom the forms were approved.

6.Permits issued (where applicable) by the Bangladesh Bank must be utilized within the period of its validity indicated in the permits. The amount released must not exceed the authorized limit. Also, the instructions, if any, given in the permits with regard to the amounts to be released periodically e.g. monthly or quarterly must be strictly adhered to.

7. Remittances made against permits or approval letters of Bangladesh Bank should be reported on TM form. The AD must state on the TM form the number of the permit against which the remittance has been made by him and must certify that the remittance has been endorsed by him on the permit. The remittance must be endorsed on the back of the permit giving the date of the remittance under the stamp and signature of the AD. When the permit is exhausted or no longer required, it should be returned to the Bangladesh Bank by the AD along with the TM form on which the last remittance is reported.

8. All authorizations excepting TM forms approved by the Bangladesh Bank or by the ADs on behalf of the Bangladesh Bank remain valid for a period not exceeding 30 days from the date of approval unless they are expressly stated as valid for a specified longer period or unless they have been revalidated for a further period. TM form approved by the Bangladesh Bank will, however, remain valid for a period of three calendar months from the date of approval by the Bangladesh Bank. Permits issued by the Bangladesh Bank are also valid for specified periods as stated on the permits. The ADs should not affect any remittance against approved Forms or Permits which have lapsed unless they have been duly revalidated.

9. Original copies of all IMP forms, TM forms covering remittances affected by the ADs must be submitted to the Bangladesh Bank along with the appropriate returns for the disposal of the remaining copies of the IMP forms.

10. In the event of any remittance, which has already been reported to the Bangladesh Bank on the prescribed return being subsequently cancelled either in full or in part, the ADs must report the cancellation of the outward remittance as an inward remittance. The return in which the reversal of the transaction is reported should be supported by a letter giving the following particulars:

a) The date of the return in which the outward remittance was reported.

b) The name and address of the applicant.

c) The amount of the sale effected originally.

d) The amount cancelled.

Reasons for cancellation.
B. Inward Remittances
1.The term "Inward Remittances" includes not only remittance by T.T., M.T., Drafts etc., but also purchases of bills, purchases of drafts under Travellers' Letters of Credit and purchases of Travellers' Cheques.

2. The ADs may freely purchase foreign currencies or raise debits to non-resident Taka Accounts of the respective bank branches and correspondents. Remittances equivalent to US$ 2000 and above should be reported oil Form C attached to the appropriate schedule However, declaration on Form C by the beneficiary is not required against remittances sent by Bangladesh nationals working abroad. The purpose of remittances should be clearly stated on the Form C. Where the country of origin of funds and currency in which remittances received are the same, the ADs may submit a consolidated Form C in respect of those remittances attaching therewith a separate list showing details of remittances comprising the amount reported on Form C. Remittances received against exports should be certified and reported on EXP Forms. In case of remittance received in advance for exports the AD should obtain a signed declaration from the beneficiary on the back of the "Advance Receipt Voucher” certifying the purpose of remittance.

3 There is no objection to the ADs obtaining reimbursement from non-resident banks in freely convertible foreign currency in respect of Taka bills and drafts purchased by them under instructions from such a non-resident bank whether under Letters of Credit or under other arrangements.

4. If an inward remittance already reported to the Bangladesh Bank is cancelled, either in full or in part, because of non-availability of beneficiary, the ADs must report the cancellation of the inward remittance as an outward remittance on TM form. The return in which the reversal of the transaction is reported should be supported by a letter giving the (a) reference of the return in which the inward remittance was reported (b) name and address of the beneficiary (c) amount and the reason for cancellation and (d) amount of the purchase as effected originally.

C. Non-Resident Foreign Currency Deposit Account:
1. All non-resident Bangladesh nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad may maintain interest bearing time deposit accounts named "Non-Resident Foreign Currency Deposit (NFCD) Account" with the ADs.

2. Bangladesh nationals serving with Embassies/High Commissions of Bangladesh in foreign countries as also the officers/staff of the Government/semi-Government departments/nationalized banks and employees of body corporate posted abroad or deputed with International and Regional agencies like IMF, World Bank, IDB, ADB etc. during their assignments abroad may open such accounts.

3. The accounts are in the nature of term deposits maturing after one month, three months, six months and one year. The accounts may be maintained in US dollar, pound sterling, Euro or Japanese yen; initially with minimum amount of US$ 1000 or pound sterling 500 or equivalent. Accounts may be opened against remittances in other convertible currencies after conversion of those into US Dollar, Pound Sterling, Euro or Japanese yen.

4. These Accounts may be maintained as long as the Account-holders desire.

5. Eligible Bangladesh nationals may send application along with a set of specimen signatures of the opener of the account to an AD in Bangladesh duly verified by Bangladesh Mission abroad, or a reputable batik or any other person known to the AD in Bangladesh. The application forms may be had from Bangladesh Missions abroad and from the ADs in Bangladesh or their branches abroad. No set of specimen signatures will be required to be enclosed with the application form if the application is submitted to an AD with whom the applicant has already been holding a foreign currency account. In Such case a reference to the respective FC account number will serve as self-introduction and the account-opening branch will verify the signature with the specimen signature maintained for the FC account.

6. The ADs will pay interest on deposits into the accounts at the euro currency deposit rates. In case of premature repayments, the interest amount will be forfeited to the depositing AD. The interest on deposits into this account is exempt from the tax payable under Income Tax Act. ADs may also apply interest on NFCD Account which is not specifically mentioned as Term Deposit, if balance not less than US Dollar 1000 or Pound Sterling 500 or equivalent for 1 (one) month or longer.

7. The ADs in Bangladesh may at their option sell foreign exchange deposits (in US Dollars only) to the Bangladesh Bank without any lower limit at the Bangladesh Bank's buying rate and repurchase the principal and interest at the Bangladesh Bank's selling rates prevailing on the day of repurchase. The ADs may also invest abroad the amounts deposited with them and pay interest to the depositors out of earnings from such investments.

8. The account holder can freely repatriate the balance and the interest accrue & thereon in foreign exchange to the country of his residence or anywhere he chooses and may at his option, convert the balance into local Taka at the prevailing exchange rate.

9. Foreign nationals and companies/firms registered and/or incorporated abroad, banks, other financial institutions including institutional investors and 100% foreign owned (A-Type) industrial units in the Export Processing Zones in Bangladesh, are also allowed to open and maintain NFCD accounts with the ADs. The minimum amount of time deposits in such cases should be US$ 25,000 or its equivalent in pound sterling, Euro or Japanese yen. Other terms and conditions in respect of these account-holders will be the same as those mentioned above for NFCD accounts of non-resident Bangladesh nationals.

10. Separate monthly statements summarizing currency wise the transactions in the NFCD accounts of all AD branches of a bank should be submitted from the head offices/ principal offices of the banks to the FEPD at the head office of Bangladesh Bank, as per proforma at appendix 5/5, by the 15th of the month following that it relates.

D. Resident Foreign Currency Deposit Account
1. Persons ordinarily resident in Bangladesh may open and maintain Resident Foreign Currency Deposit (RFCD) accounts with foreign exchange brought in at the time of their return from travel abroad. However, proceeds of export of goods or services from Bangladesh or commission arising from business deals in Bangladesh shall not be credited to such accounts.

2. Balances in these accounts shall be freely transferable abroad. Fund from these accounts may also be issued to account-holders for the purpose of their foreign travels in the usual manner (i.e.with endorsement in passport and ticket, up to US $ 1500 in the from of cash currency notes and the remainder in the form of TC).

3. These accounts may be opened in US dollar, pound sterling Euro or Japanese yen and may be maintained as long as the account holders desire. While depositing foreign exchange for credit to such account the depositor shall furnish written declaration, mentioning the date of return from abroad and the amount of foreign exchange brought in, that the foreign exchange

is not a receipt against export of goods or services from Bangladesh,

(ii) is not a commission due from abroad arising from business deal in Bangladesh. The ADs will credit the foreign exchange presented by the depositor to the RFCD account only after examining the passport of the depositor and the FMJ form (if the amount exceeds the equivalent of $ 3000) and after being satisfied about the correctness of the declaration.

4. Interest in foreign exchange shall be payable on balances in such accounts if the deposits are for a term of not less than one month and the balance is not less than US $1000 or £500 or its equivalent. The rate of interest shall be one quarter percent (0.25 percent) less than the rate at which interest is paid on balances of bank in their foreign currency clearing accounts maintained with the Bangladesh Bank.

5. The head offices/principal offices of the banks shall prepare currency-wise consolidated monthly statements of transactions in the RFCD accounts in all their AD branches and send the same to Foreign Exchange Policy Department, Bangladesh Bank, head office by the 15th day of the following month.

E. Letters Of Credit And Remittances Against Imports
1. The ADs may not issue, advise, notify or confirm any LC, authority to purchase, guarantee or similar undertaking covering imports into Bangladesh the implementation of which would involve a payment in Taka to a non-resident account or a payment in foreign currency except in accordance with the instructions prescribed hereunder.

The AD should establish LCs against specific authorization only on behalf of their own customers who maintain accounts with them and are known to be participating in the trade. Payments in retirement of the bills drawn under LCs must be received by the ADs by debit to the account of the concerned customer or by means of a crossed cheque drawn on the drawee's other bankers. These restrictions will not apply to import of articles for the private use of the importer as permitted in the Import Policy Order.

2. (i) All LCs and similar undertakings covering imports into Bangladesh must be documentary LCs and should provide for payment to be made against full sets of onboard (shipped) bills of lading, air consignment notes, railway receipts, post parcel receipts showing dispatch of goods covered by the Credit to a destination in Bangladesh. All LCs must specify submission of signed invoices and certificates of origin. If any particular LCAF require submission of any other document or the remittance of exchange at certain periodical intervals or in any other manner, the LC should incorporate those instructions of the LCAF. Port of entry (destination land port) should be specifically declared or mentioned at L/C in the case of import through land route.

(ii) It is not permissible to open clean or revolving or packing credits. Applications for opening such LCs should be referred to the Bangladesh Bank with full particulars.

(iii) The ADs may open divisible, transferable LCs for imports into Bangladesh under cash LCAF without reference to the Bangladesh Bank. They may also allow without reference to the Bangladesh Bank amendments that do not violate foreign exchange regulations and import control regulations.

(iv) It is not permissible to open import LCs in favor of beneficiaries in countries from which import into Bangladesh are banned by the competent authority.

3. LC covering import of goods into Bangladesh against valid LCAF should be opened within the period, if any, prescribed in the current IPO.

The AD should, before opening an LC, see documentary evidence that a firm order for the goods to be imported has been placed and accepted. The AD should ensure while opening an LC that full description of the goods to be imported are given in each Credit along with the unit price of the merchandise. The ADs should also obtain confidential report on the exporter from their branches or correspondents abroad or in their discretion, unn and Bradstreet in all cases where the amount of the LC exceeds Tk. 2,00,000 against proforma invoices issued direct by foreign suppliers and Tk. 5,00,000 against indents issued by local agents of the suppliers. Such reports should be obtained by the ADs themselves and the reports if submitted by the importers should not be accepted. The ADs may also, at their discretion and in their own interest, verify the standing of the beneficiaries even in cases where the value of the Credit is lower than the limits mentioned above.

4. LC may be established providing for payment to the country of origin of goods or any other country except those countries imports from which are prohibited. The LC may provide for payment or reimbursement in any freely convertible foreign currency, in the currency of the country of the beneficiary or of the country of origin/shipment of goods, or by way of credit to the non-resident Taka account of the concerned bank abroad. Payments for imports under barter agreements or under foreign Loans/Grants can be made only in the manner specified for the concerned barter/loan/grant.

6. An AD may approve on behalf of Bangladesh Bank remittance against imports into Bangladesh provided the conditions set out are complied with the documents covering the import, whether under LC or otherwise, are received through the AD concerned. In case of import by post, the ADs may make remittance without prior approval of the Bangladesh Bank only if the parcel is addressed directly to the AD. Where the parcel is addressed to an individual care of the AD/ to the individual direct, prior approval of Bangladesh Bank should be applied for, in the manner laid down in para 25 below.

5.ADs may allow remittance against discrepant documents/ documents received directly by the importers after the goods have been cleared from the customs, on the basis of the relative LCAF, the exchange control copy of the customs bill of entry for consumption or customs certified invoice in the case of import by post, and the relative invoices.

6. Bank would be prepared to consider approval for advance remittance against goods to be imported into Bangladesh where such goods are of specialized or capital nature. Applications for approval in Form IMP should be submitted to Bangladesh Bank along with the exchange control copy of the relative LCAF, the contract in original (with a spare copy) entered into between the importer and the foreign manufacturer or supplier, and an undertaking as per proforma. Such application will not normally be considered where the advance remittance applied for is more than one third of the total C&F value of the goods to be imported.

(a) All applications for payments for imports into Bangladesh should be made on IMP forms. The IMP forms must be submitted in duplicate by the importer or his duly authorized agent. In cases where empowered to approve the remittances on behalf of the Bangladesh Bank, the AD will endorse its approval on the reverse of the IMP form in the space provided for the purpose. In other cases, the AD will submit the IMP form together with required supporting documents to the Bangladesh Bank for approval.

(b) The AD should mark with a bold letter "G" the IMP form for remittance against an import in the name of a Government department or office for which LC are opened by the AD. In other cases, where LCAFs are issued to private parties and are marked "On Government Account", the IMP forms should be similarly marked with bold "G".

7. In all cases of remittances for imports into Bangladesh, the importer must submit within 4 months from the dates of remittances the relevant exchange control copy of the customs bill of entry. In case of import by post, the importer must submit the invoice certified by the customs authorities in lieu of the exchange control copy f the bill of entry. Where the value of an import by post is less than £ 5 or its equivalent in other foreign currency, the customs authorities will issue a certificate instead of certifying the invoices. In such cases, the certificate may be submitted in place of the certified invoices.

8. The Bangladesh Bank is prepared to consider applications for extension of the time limit beyond 4 months in cases of genuine difficulties, such as delay in the arrival of the ship or difficulties in clearing the goods already landed at a port in Bangladesh etc.

9. (a) The ADs will obtain invoice, in duplicate, both of which will be certified by them as usual. After recording in the IMP form the particulars of the remittance affected, the original copy of the IMP form along with a copy of the certified invoice shall be forwarded to the Bangladesh Bank with the usual monthly returns.

(b) The duplicate copy of IMP form will be retained by the AD. Subsequently when the exchange control copy of the bill of entry/customs certified invoice is submitted by the importer, the particulars therein should be matched and checked with those in the IMP form and invoice filed earlier, to see if the merchandise for which remittance was made has been duly received in Bangladesh. If no material discrepancy is detected, the case should be considered closed.

(c) Cases with material discrepancy between the particulars of merchandise for which remittance was made and the merchandise actually received as evidenced by the exchange control copy of bill of entry/customs certified invoice, and cases of non submission of bill of entry/customs certified invoice within four month of remittance should be reported to the area office of Bangladesh Bank quarterly.

(d) In respect of all imports in the public sector the forms should be kept in separate importer wise folders till final disposal.

10. An the event goods are completely lost, duplicate copy of the IMP form should be forwarded to the Bangladesh Bank giving full particulars of the loss and the manner in which the insurance claim has been collected. In the event of partial loss, the exchange control copy of the customs bill of entry for the goods actually cleared should be submitted giving full particulars of the loss and the manner in which the insurance claim has been collected.

11. ADs may establish LCs for pre-shipment inspection favoring internationally reputed pre-shipment inspection companies if the relative sales contracts or LCs so stipulate, as per terms of contract entered into by the importer with the pre-shipment inspection companies. These remittances should be approved and reported in TM forms.

12. Subject to compliance with other conditions laid down in this chapter and in the current IPO, import LCs may be opened on deferred payment (DA) basis in die following cases:

Capital machinery imports on upto 360 days usance basis;
Industrial raw materials imports for own use of industrial importers (including back to back imports discussed in detail in the next section) on up to 180 days usance basis;

Industrial raw materials imports for own use of industrial importers (including back to back imports discussed in detail in the next section) on up to 180 days usance basis;

13. Subject to compliance with other conditions laid down in this chapter and in the current IPO, import LCs may be opened on deferred payment (DA) basis in die following cases:

Capital machinery imports on upto 360 days usance basis;
Industrial raw materials imports for own use of industrial importers (including back to back imports discussed in detail in the next section) on up to 180 days usance basis.

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