Regulatory Alerts2020-01-30
Added · Updated
Clarification on Submission of Authenticated Bill of Entry or Certified Invoice Against Remittance for Imports
The instruction prohibiting the opening of new letters of credit when bills of entry or certified invoices from earlier remittances remain pending beyond the permissible period is extended to imports made against admissible advance payments and under sales contracts without letters of credit. Authorized Dealers are also advised not to amend letters of credit if import reporting remains unmatched for more than four months from the date of payment. These requirements apply immediately to all Authorized Dealers in Bangladesh.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular Letter No. 07 Date: 30/01/2020 Head offices/principle offices of All Authorized Dealers in Bangladesh Dear Sir, Submission of authenticated bill of entry/certified invoice against remittance for imports-Clarification Please refer to paragraph 31(c), chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1 in terms of which new letters of credit (LCs) cannot be opened on behalf of importers provided that any bill of entries/certified invoices against earlier remittance for imports remain pending beyond the permissible period. This is to clarify that the above mentioned instruction will equally be applicable for import against admissible advance payment and/or imports under sales contract without LCs. ADs are also advised to refrain from amending LCs under which IMP reporting remains unmatched beyond 4 months from the date of payment. Other instructions in this context shall remain unchanged. Please bring the content of the circular letter, effective immediately, to the notice of all concerned. Yours faithfully, (Mohammad Khurshid Wahab) General Manager Phone: 9530123
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