Help Needed, Different banking Scenarios
 

I request the senior members to solve the following different scenarios
.
1.
Mr. Iqbal Ahmed has recently come to Pakistan. He is a Pakistani-born
US national. He does not have Pakistan government's issued Identity
Card. Before coming to Pakistan he had applied for an NICOP but has
not received it yet. Mr. Ahmed wants to open a US dollar and a Pak
Rupee account. What will be the documentation requirements?
.
2
You are holding standing instructions from one of your clients authorizing you to remit Rs. 4,000 to Modern Children Academy as monthly tuition fee by debit to his account on 5th of every month. On 5th you received a cheque in inward clearing drawn by the customer in favour of M/s Karachi Electric Supply Corporation for Rs. 12,000 and the customer’s account currently has a credit balance of Rs. 14,000 only. How will you manage this situation ensuring to protect the best interest of the customer?
.
3
A walk-in-customer has purchased a Payment Order for Rs. 5,000 in favour of
University of Karachi. After a few days’ interval he approached the issuing bank for cancellation of instrument. List the steps to be observed for cancellation of such type of instruments.
.
I shall be highly obliged if any senior give time from his/her precious time to solve these.

Are these sample questions for or from the JAIBP exams.?

I believe these questions came in stage 1 papers of Jaibp . :thinking

There is the book of 'branch banking' in stage 1 syllabus of jaibp , you will find the documentation process of banks from it that are related to the quiestions mentioned above , they are listed in detail . Rest after acquiring the knowledge of documentation procedure , you have to formulate your answer by your own virtue.

This is a scenario based question , so everybody will have a different approach, you have to learn the knowledge and then apply it in your answer.

Hope this helps.

Jet.

What is JAIBP? Is it a degree or a professional diploma? Please answer in detail

[QUOTE=mani g;541613]What is JAIBP? Is it a degree or a professional diploma? Please answer in detail[/QUOTE]
JAIBP stands for " Junior Associateship of IBP (Institute of Banker's Pakistan)" . It comes under the ISQ - IBP Superior Qualification program. which is aimed at empowering the present and potential management level- banker.

[URL="http://ibpnextgen.blogspot.com/p/what-is-jaibp.html"]http://ibpnextgen.blogspot.com/p/what-is-jaibp.html[/URL]

1) First of all you should bear in mind that all bank have different policies regarding opening of bank accounts but as all scheduled banks in Pakistan are regulated by state bank of Pakistan so the basic identity document is the same. i.e. CNIC or NICOP. If someone doesn’t have these then he/ she should produce valid passport of six months. Other documents are different for different banks but this is the basic document for establishing someone’s identity.
2) Standing instructions execute automatically once put in place. And even those can be adjusted to execute either at the SOD or EOD. In this case if standing instruction was set to execute at SOD then on said date the account will be showing credit balance of only Rs. 10,000/- so the cheque will not pass on account of insufficient balance but if instruction was set to execute at EOD then by that time there will be enough balance in the account to pass the echeque and when later it will be time for standing instruction it will not execute on account of insufficient balance. In both cases the customer can be informed and rightful can be done as instructed by the customer him/herself.
3) Answer for that question can be found in the book mentioned by another member. “branch banking” of stage 1 of IBP exams.

[QUOTE=Warraich;502922]I request the senior members to solve the following different scenarios
.
1.
Mr. Iqbal Ahmed has recently come to Pakistan. He is a Pakistani-born
US national. He does not have Pakistan government's issued Identity
Card. Before coming to Pakistan he had applied for an NICOP but has
not received it yet. Mr. Ahmed wants to open a US dollar and a Pak
Rupee account. What will be the documentation requirements?
.
2
You are holding standing instructions from one of your clients authorizing you to remit Rs. 4,000 to Modern Children Academy as monthly tuition fee by debit to his account on 5th of every month. On 5th you received a cheque in inward clearing drawn by the customer in favour of M/s Karachi Electric Supply Corporation for Rs. 12,000 and the customer’s account currently has a credit balance of Rs. 14,000 only. How will you manage this situation ensuring to protect the best interest of the customer?
.
3
A walk-in-customer has purchased a Payment Order for Rs. 5,000 in favour of
University of Karachi. After a few days’ interval he approached the issuing bank for cancellation of instrument. List the steps to be observed for cancellation of such type of instruments.
.
I shall be highly obliged if any senior give time from his/her precious time to solve these.[/QUOTE]

Dear Bro, This will be helpful..

Answr 1:
Mr. Iqbal is required to submit his Valid Passport copy and valid Us National Identity card copy with the bank, and after obtaining NICOP he will submit it to the bank..

Answer 2:
The cheque will be returned due to insufficeint of funds, as the bank has already a instruction to remitt the sum of Rs 4000 on 5th of every month. so the account stands at 10,000 now.

Asnwer 3:
A payorder can only be cancelled by the person/party for whom it is made. a formal request /application for cancellation of the payorder from univeristy of karachi will be needed. and the valid CNIC of the authorized perosn of Univeristy of karachi may also be required.

Note: The payoder can not be cancelled by the person who is paying or making the payoder in favor of other party. It can only be canclled by the Party for whom it was made.

I hope you will find this helful.

Muhammad Asghar (JAIBP Stage-2 )
Executive Officer - Compliance
Pak Brunei Inevetsment Co. Ltd