Banking Terms - Set 13 (Foreign housing, CIBIL, Cambist, Bill buying rate, FIE)

Foreign invested enterprise (FIE)

A legal structure that permits a company to set up business in a foreign country. Various types of foreign invested enterprises exist in different countries. They tend to be highly regulated, especially in China. Deep regulation tends to limit avenues the enterprise may pursue to make a profit. Limitations on control of the enterprise by the parent company are common.

Bill Buying Rate

Bill Buying Rate is to be applied when a foreign bill is purchased. When a bill is purchased, the rupee equivalent of the bill value is paid to the exporter immediately. However, the proceeds will be realized by the bank after the bill is presented to the drawee at the overseas centre. In case of a usance bill, the proceeds will be realized on the due date of the bill which includes the transit period and the usance period of the bill.

Cambist

An individual or broker considered to be an expert in foreign exchange rates. Cambist may also refer to book providing information such as exchange rates on world currencies and other medium of exchange.

CIBIL [Credit Information Bureau (India) Limited]

Credit Information Bureau (India) Limited or CIBIL is a Credit Information Company (CIC) founded in August 2000. CIBIL collects and maintains records of an individual‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications.

Foreign housing exclusion and deduction

An IRS deduction that allows a taxpayer to exclude payment from an employer to cover foreign housing expenses when filing annual income tax forms. The payment is not considered income, whether the employer pays on the employee's behalf or pays directly to the employee.