TM Trade Finance Sr

To be an expert in operating processes and documentation of international trade transactions and Trade Finance products viz. Bank Guarantees, Letter of Credits, Imports payment, LC-discounting, Documentary Acceptance, Cash against documents (CAD) etc.

To review and effectively supervise execution of all trade finance transactions (BG-LC and Imports payment) by the team.

Ensuring Tax compliances and RBI IDPMS reporting of all Imports payments.

Job Context & Major Challenges

Job Context

With no. of manufacturing units above 50, growing new business verticals and capacity above 100 MTPA, volumes and expectations handled by Trade Finance team has grown substantially. Requirement of effective review mechanism to ensure checks and controls is very important for a function having High Value High volume and stringent compliances.

Job Challenge

To be an expert on International trade terms, operating processes, and documentation needs. To review PO / Contract and negotiate LC terms with suppliers in coordination with CPC team. Identifying document discrepancies in Import documents, highlighting to CPC team, and guiding them towards resolution of discrepancies.

To review all Trade Finance transactions being executed by team as an effective Checker, preventing errors and ensuring compliances of regulatory requirements.

He should have working knowledge of Direct Tax regulations and documentation needs on compliances and ensure coordinating requisite declarations from all the suppliers in coordination with CPC team. Deviations needs to be raised with Tax team.

Ensuring RBI reporting requirements of IDPMS platform for all the import payments in a time bound manner.

Key Result Areas

KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)

KRA1 Review all trade finance transactions as an Checker – Review all Imports payments initiated by team over ‘Trade on Net’ portals of Banks and ensure that the payments are as per the underlying documents and in compliant with regulatory guidelines.

• Review all issuances / amendments in Letter of Credit (LC) and ensure that they are as per the PO / Contract terms.
• Review all Bank Guarantee requisitions and ensure there is no onerous / adverse clauses and as per the underlying exposures.

KRA2 Arrangement of Letters of Credit – To arrange draft and final import LCs after taking due care of PO terms

• To open LCs with Banks offering least charges.
• To keep track of Bankwise LC limits.
• To keep track of UCP guidelines referred in international trades.

KRA3 Import Remittances – To release Advance, Collection and LC import payments after checking PO terms

• To coordinate with CPC and plants for import payment confirmation
• To arrange for amendment in POs wherever required
• To coordinate with CPC and plants for applicability of liquidated damages
• To comply with statutory guidelines
• To coordinate with cash flow team for arrangement of funds
• To coordinate with auditors for arrangement of certificate
• To intimate users the LC expiry dates.
• To arrange for LC amendments wherever required
• To arrange import remittance advices from Banks
• To verify LC charges as agreed with the Banks

KRA4 Ensuring timely RBI IDPMS reporting for all Import payments. – Reconciliation of IDPMS records with import payments and providing documentary evidence to Banks.

• To coordinate with CPC for pending Bill of Entry for onward submission to Banks and coordinate with Banks for reconciliation.
• To resolve Bank queries pertaining to Bill of Entry. To track and follow statutory guidelines wrt Bill of Entry

KRA5 Ensure Tax compliance – Ensure collecting Tax declarations from all suppliers and specified formats. Explain the need and clarify the queries of suppliers related to tax declarations.

• Review tax declarations received and evaluate taxability as per guidelines from tax team. Refer exceptional cases to Tax team for further obtaining an opinion and tax treatment.

KRA6 Arrangement of Bank Guarantees – To arrange Bank Guarantees as per the requirement of users

• To open BGs with Banks offering least charges
• To coordinate with users and ensure expired BGs are returned
• To keep track of Bankwise BG limits.
• To verify Bank Guarantee charge as agreed with the Banks
• To arrange advices for BG charges
• To ensure BGs are updated in SAP

KRA7 MIS – To prepare monthly import payment MIS

• To prepare LC and BG utilization MIS
• To prepare pending Bill of entry status