Regulatory Alerts2014-03-12
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BRPD Circular No. 06: Payment of bills against Import L/C in due time
The Bangladesh Bank directs all scheduled banks operating in Bangladesh to settle the value of supplier bills against approved import Letters of Credit within 15 days of receipt or 7 days of presentation. This directive is issued under Section 45 of the Companies Act 1991 to address delays that harm the banking system's reputation and increase costs for foreign banks and importers. Non-compliance with these instructions is subject to penalties under Section 109(7) of the Act.
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