1. TT buying rate for inward payment of USD 250,000.00 , if the interbank rate is 49.00/02 and margin to be charged is 0.08%. What is the amount to be credited?
SOLUTION : As it is mentioned, TT Buying Rate which means Banks will Buy. Apply buying rate 49.00. Keep in Mind : Banks will always Subtract margin while buying and Add margin while selling which simply means buy low and sell high to make profit. So For buying, we need to subtract margin. So 49.00 x 0.08%= 0.0392. So, rate = 49.00 – 0.0392 = 48.9608. Amount to be credited to the customer = 48.9608 x 250000 = Rs. 12,240,200.00
We have already dealt with problems on buying rates. Now, let us consider some problems on selling rates.
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