Union Bank Of India Statement Of Stock Position Form Download [new] [BEST]
Union Bank of India: Statement of Stock Position Form – Download and Guide
For business owners, traders, and industries dealing with inventory, maintaining a clear record of stock is crucial for both operational efficiency and banking compliance. If you are a borrower or a credit account holder with Union Bank of India, you may be required to submit a "Statement of Stock Position" periodically.
What is a Statement of Stock Position (SSP) form?
- [ ] Is the form signed by an authorized signatory (and CA if required)?
- [ ] Is the stock valuation based on the lower of cost or market price?
- [ ] Are the receivables classified as "Less than 90 days" and "More than 90 days"?
- [ ] Is the Drawing Power calculation matching the stock value (after margin)?
Why is the Union Bank of India Statement of Stock Position form important? Union Bank of India: Statement of Stock Position
What is the Statement of Stock Position Form?
The Statement of Stock Position is a financial document used to report the details of inventory held by a borrower. It is a mandatory submission for most businesses that have availed of Cash Credit (CC), Overdraft (OD), or Working Capital limits from the bank.
Inventory Breakdown: Description of goods, storage location (godown-wise), quantity (number of packages), rate per unit, and total value. [ ] Is the form signed by an
Declarations: A signed statement confirming that the goods are free from other liens and are the property of the applicant. Tips for Submission
: It is often best to request the exact Excel or PDF template directly from your assigned Relationship Manager Why is the Union Bank of India Statement
Alternatively, you can use a generic format approved by IBA (Indian Banks' Association), which Union Bank generally accepts. However, always verify with your branch first.