Regulatory Alerts2025-01-02
Added
BRPD Circular Letter No. 01: L/C Margin for Importing Car
The document mandates a minimum 50% cash margin for the establishment of letters of credit for importing conventional motor vehicles, including sedans, jeeps, and hatchbacks. For fully electric and hybrid motor vehicles, cash margin requirements are determined based on bank-customer relationships. These instructions, issued under Section 29 of the Bank Companies Act, 1991, take effect on February 1, 2025, while other instructions from BRPD Circular Letter No. 41/2024 remain unchanged.