Regulatory Alerts2023-04-25
Added
BRPD Circular Letter No. 11: Establishment of Export Facilitation Pre-finance Fund (EFPF)
The document extends the prohibition on accessing the Export Facilitation Pre-finance Fund (EFPF) to related entities, including those within the same group, if an exporter fails to repatriate export proceeds after receiving loans from the Under-Advance Bill (UAB) or EFPF. Specifically, any borrower, along with their interested parties or group companies, is barred from obtaining new EFPF loans against new export orders if export proceeds remain unrepatriated. This directive, issued under Section 45 of the Bank Company Act, 1991, takes immediate effect and supplements previous instructions regarding the fund.
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