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Railway receipt
Railway receipt is issued against receipt of goods consigned & also against payment. The persons claiming the delivery is required to produce the receipt granted to the sender at the forwarding station and the same should be taken back from him before delivery of goods. Goods are not to be delivered to any person other than the invoiced or endorsed consignee.
Rate
It refers to the amount of a charge or payment with reference to some basis of calculation for example interest/profit rate.
Rate of exchange
It refers to the ratio at which a unit of the currency of one country can be exchanged for that of another country.
Rate of interest
It refers to the rate of profit which is charged or paid for the use of money. An interest rate is generally expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal.
Rate of return
It refers to the rate of profit on an investment, which is usually expressed as a percentage of the total amount invested. Rate of return is generally, but not always, calculated annual basis.
Ratification
Acceptance or confirmation of an act or agreement that was signed (executed) by the authorized party itself. For example, a treaty, is not enforceable or valid until the ratification process is complete.
Ratio
It refers to the result of one number or quantity divided by another and provides meaningful comparison.
Rationalization
It refers to remove unreasonable elements for improving, production, trade and profitability.
Raw material
Material before being processed or manufactured into a final form.
Ready money
Liquid cash, money that is in hand or may be obtained quickly or easily.
Real cost
It refers to the cost of producing goods or services, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Real estate
It refers to the Land, including all the natural resources and permanent buildings on it.
Real income
It refers to the income of an individual or group after taking into consideration the effects of inflation on purchasing power. For example, if a person received a 5% salary rise over the previous year and inflation for the year was 8%, then his real income would have shrunk by 3%. wages".
Real investment
It refers the purchase of assets such as land, real estate, plant and machinery as opposite to the acquisition of shares and securities.
Realizable value
This is a method of determining what an asset would be worth (its present value) if its present owner sold it in the current market or at a near future date. This is considered assuming that the loan against the asset became past due what will be realizable value of the asset. Also refer forced sale value FSV.
Realization account
This is an account which is opened when a business is winding up, for example dissolution of Partnership.
Realized profit
Realized profit is profit that comes from a completed trade transactions. Realized profit Realized profit is included in the account balance in trading account statements. Unrealized profit is profit that comes from a currently active trade at a future date. Unrealized profit will change with each price change, so it can be reduced to zero or loss.
Real property
Land and all the things that are attached to it are real property. Anything that is not real property is personal property. A house is real property, but a bed room set is not Real property. It is of a permanent and immovable nature and rights are transferred through execution of deed.
Real time
This is a computer term which refers that the data in the computer is up dated instantly. For example online transfer of money is a system by which money is transferred on real time basis.
Rebate
It refers to the deduction or return (an amount) from a payment or bill.
Receipt
It is a written acknowledgement that a specified article or sum of money has been received as an exchange for goods or services.
Receive for shipment bill of lading
This document serves only as a receipt for goods accepted for shipment on a named ship. This is issued where the goods arrive at the port of departure before the arrival of ship. This type of B/L is not considered a complete B/L and is replaced by a shipped on board bill of lading when the goods do go onboard.
Receiver
This is an independent and impartial party appointed by a court to receive, manage, and preserve a disputed property which is the subject matter of a court case, pending final disposition of the case.
Recession
It refers to the period of general economic decline which result into high unemployment, stagnant wages, and fall in retail sales. a recession generally does not last longer than one year and is much milder than a depression. Although recessions are considered a normal part of a capitalist economy, there is no unanimity of economists on its causes.
Reconciliation
The process of analyzing two related records and, if differences exist between them, finding the cause and bringing the two records into agreement. Example: Comparing an up-to-date cheque book with a monthly statement from the financial institution holding the account.
Recourse
It refers to the legal right of a bank to seek repayment of the loan from the borrower's and/or the guarantor's unpledged personal property, in addition to the property pledged to the banker as collateral.
Rectification
It refers to the correction of mistake already committed, or express of the true intention of the parties in a case it differs with the expression which was not expressed in the original version.
Red clause
This is special provision in documentary credit where the beneficiary( seller) is authorized to obtain an advance from the bank on an unsecured basis. The liability for default is assumed by the buyer through the issuing bank. This clause is generally written in red ink, hence it is called Red clause.
Redeemable debenture
These debentures are issued under an agreement in which a company issuing debenture agrees to repay the borrowed sum on a specified date or after a specified period of notice.
Redeemable preference shares
This is a type of shares that is liable to be bought back by the issuing company on a specified date or after a specified period of notice.
Re-export
It refers to the imported good exported by the importing country.
Refer to drawer
This is one of the reasons used by the bankers to return cheques due to the lack of funds. The inspectors State bank of Pakistan do not accept this reason as valid (ambiguous) because ordinary customers do not understand meaning of this reason.
Refinance
It refers to finance again. In order to support genuine exporters, SBP has introduced certain export refinance schemes. Export refinance scheme is divided in to Part-I and Part-II. SBP Banking Services Corporation (BSC) manages all operational matters of EFS. Banks and DFIs are required to first provide finance to the exporter and after financing, file claims with SBP BSC for refinance. The financing facility is provided to direct exporters up to 180 days and to indirect exporters for up to 120 days.
Refund
An amount paid back because of an overpayment or because of the return of an item previously sold.
Registered capital
This is alternate term of authorized capital which refers to the maximum value of shares that a company can legally issue. This number is specified in the memorandum of association when a company is incorporated, but can be changed later with shareholders' approval.
Registered charge
Charge which is registered with the registrar of the property & in case of limited company,its registeration with the registrar of the company.
Registered post
If you need proof that your Letter-post item arrived at its destination, purchase an Advice of Receipt card at the time of mailing for an extra fee. The Advice of Receipt card is attached to your Registered Mail item. Your recipient signs and dates the card, and returns it to you in the mail. This card is your proof that the recipient received your Registered Mail
Registrar
Government official appointed officer to maintain a register in which transactions of a specific nature are recorded for public knowledge.
Registrar of companies
Under the Pakistani corporate law, the registrar is responsible for recording and maintaining certain details of the new and existing companies within his or her jurisdiction. He or she also controls the formation of new companies, and renewal of or changes in the existing ones.
Registration
It refers to the entering information relating to assignments, deeds, contracts of sale, judgments, mortgages, new securities, automobiles etc., in a public record book.
Registration of charge
In case of limited companies in addition to the completion of documentation formalities, banks and DFIs are required to get registered charge with the registrar of the companies in relation to the credit facilities allowed.
Regulator
It refers to an independent body that determines and maintains the operating parameters of a system, generally within certain prescribed or preset regulations. For Example State bank of Pakistan is the regulator of banking industry.
Reimbursement clause
It is a clause which relates to the amount to be refunded or paid for costs incurred or expenses paid or payment of the bill drawn against letter of credit by the correspondent bank.
Release of lien
To free a piece of real estate from a mortgage.
Remittance
Transfer of funds, from one place to another, for example by a buyer to a distant seller, through some instrument of transfer such as a cheque, draft, Telegraphic transfer bankers cheque or through online transfer. Funds so transferred are called remittance.
Remote
It refers to the service available to the client computers over a network.
Remuneration
It refers to the Reward of employment as pay, salary, or wage, including allowances, benefits such as company car, medical plan, pension plan, bonuses, cash incentives, and monetary value of the non-cash incentives.
Renewal
The act or process of renewing such as, renewal of credit facilities, renewal of term deposit renewal of the copyright, renewal of lease agreement. In banking it refers to a form of extending an unpaid loan in which the borrower's remaining unpaid loan balance is carried over (renewed) into a new loan at the beginning of the next financing period.
Rent
It refers to the payment made periodically by a tenant to a landlord in return for the use of land, a building, an apartment, an office, or other property.
Rental
It refers to the income arising from rents received.
Represent
It refers to present again e.g. paying banker of a cheque may ask collecting banker to represent cheque.
Representative
Authorized to act as an official delegate or agent, standing or acting for another through delegated authority in official capacity.
Repurchase agreement (repos)
This is a contract between a buyer and a seller whereby the seller agrees to repurchase the item sold on a designated date, for which the investor/ buyer receives a fixed return.
Rescheduling of debt
It refers to the extending the repayment period of an existing loan.
Reserve currency
One of the national currencies or IMF's special drawing rights (SDR) used by a country to hold its foreign currency reserves and gold for settling international trade transactions and other obligations.
Reserve fund
This is a fund seta side from profit of the company to meet some extra ordinary expenses.
Reserve price
It refers to the minimum price set by the seller below which no offer is accepted.
Residual interest
Interest that continues to accrue on your credit card balance from the statement cycle date until the bank receives your payment. For example, if your statement cycle date was January 10 and the bank received your payment on January 20, there were ten days for which interest accrued. This amount will be posted on your next statement.
Residual value
It refers to the estimated scrap value of an asset at the end of its economic or useful life.
Resolution
This is a proposition put before a meeting of shareholders directors or members of a company or association for discussion, approval or adoption. Resolutions are generally of four types: (1) Elective, (2) Extraordinary (3) Ordinary and (4) Special.
Resolution to borrow
This is an authority granted to the officers of a company, through a resolution passed by the shareholders, to obtain financing fund based or non fund based. In order to protect institutional interest it is advisable that banks / DFIs should provide a Performa resolution which the borrower completes and signs.
Respondent
It refers to the defendant against whom a petition or complaint is filed in a court.
Restrictive Indorsement
Indorsement which limits further negotiability of a negotiable instrument. For example, the words 'accounts payee Only' on the face (in the Pakistan, India & UK) or 'For deposit only' on the back in the US of a cheque block its cashing over the counter
Retail banking
Retail banking is a banking service that is meant primarily towards individual consumers. It focuses consumer markets a wide range of personal banking services, including offering savings and checking accounts, bill paying services, as well as debit and credit cards. In Pakistan, many retail banking products are also extending to small and medium sized businesses. All branches except corporate branches falls under the ambit of retail banking. It is the biggest funds generating unit and its excessive funds are utilized by corporate banking .
Retention money
Generally this is money that is held back that would otherwise be paid, until the other party performs some service or task. Take example, of the construction business, where it is common that a series of payments are made over time, with the requirement that for example 10% of the payments is withheld until the job is complete. This way, the contractor can be paid his costs during construction, but obviously doesn't get the entire amount until the job is done.
Return cheque
Cheque / instrument which is returned by the paying bank either presented on counter or in clearing.
Return item
A negotiable instrument—principally a cheque—that has been sent to one bank for collection and payment and is returned unpaid by the sending bank.
Revaluation
It refers to the adjustment in the value of currency with respect to another currencies or a benchmark rate of exchange. It also refers to the readjustment of assets or liabilities in foreign currency according to the latest market value in local currency.
Revenue
It refers to the amount generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of the company before any costs or expenses are deducted.
Revocable credit
It is an L/C that may be amended or canceled any time by the buyer (the account party) without the approval of the seller (the beneficiary). Since it does not provide any protection to the seller, it is rarely used.
Revolving credit
A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. Also called a open-end credit.
Revolving letter of credit
This is an L/C which contains a clause that credit will again be available to the seller after reimbursement of the credit availed. There is no limit of turnover, but value of the bill drawn under the L/C is clearly defined.
Right of setoff
Bank's legal right to seize a borrower's any accounts credit balance except a sub-account balance in the same bank to apply it towards the borrower's any over due loan . In some countries this right is not applicable to consumer and credit card payments.
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