Regulatory Alerts2019-10-24
Directive No. 03-DCC-2019, dated October 25
The Foreign Exchange Control Department shortens the settlement period for goods imported via letters of credit under Quantity Auctions, requiring commercial banks to report settlement needs and list the letter of credit number on the requirements schedule upon submission of entry documents. This measure applies to all Quantity Auctions conducted prior to its issuance and formally revokes clauses 6 and 8 of Directive No. 03/DCC/2018. The directive takes immediate effect to streamline foreign exchange operations for imported goods.
Share