Regulatory Alerts2017-11-22
Added · Updated
Circular dated November 20, 2017 regarding the electronic response received from customs to banks on Form 4
The circular instructs banks to accept electronic responses from customs regarding Form 4 instead of paper responses. It mandates the deletion of the previous requirement for banks to obtain a stamped Form 4 from the Central Bank and to rely solely on the electronic reply received through the electronic system. Banks are required to take necessary steps to comply with this change effective September 5, 2017.
Cairo on: Dear Sir / Chairman of the Board of Directors of Tahya Bank, greetings,
With reference to my letter dated April 14, 2013, concerning the controls that banks must follow when presenting documents for import transactions, which included clause number (2) stating:\ "The bank must obtain from the bank that presented the documents and/or the issuing bank, a stamped Form 4 from the Central Bank with the date of the transaction stamped on it, along with the name of the bank that presented the documents."
And with reference to my letter dated August 30, 2017, concerning the issuance of Form 4 in both paper and electronic forms, and the acceptance of the electronic model
And the printed list stamped with the bank's stamp and dated September 5, 2017, with the Central Bank's date, which leads to the entry of the response into the bank's system directly through the electronic system, please be kind enough to delete clause number (2) mentioned above, and to accept
The response that is sent to banks from Customs electronically.
Please be kind enough to alert regarding taking the necessary measures to comply with the above.
Please accept our highest respect and appreciation,
Gamal Nagm