Direct dispatch of export documents by exporters

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 32 Date: October 03, 2021 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Direct dispatch of export documents by exporters Please refer to paragraph 10(iii), chapter 8 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1 in terms of which Authorized Dealers (ADs) are required to pass all shipping documents covering exports from Bangladesh as per declaration on EXP Form within 14 days from the date of shipment. 02. To accommodate customary practice in export trade, it has been decided that ADs may allow exporters to dispatch export documents (excluding original transport document of title to cargo) directly to importers or their agents abroad through secured media, subject to observance of following instructions: (a) The underlying sales contracts/letters of credit provide for such direct dispatch of export documents. (b) ADs shall be satisfied with the arrangement of realization of export proceeds within statutory period. (c) ADs shall endorse original transport document retained with them on receipt of payment against relevant export. (d) ADs shall, within 14 days from the date of shipment, obtain EXP Form from exporters to comply with regulatory instructions including reporting routine to Bangladesh Bank. (e) Exporters’ account with ADs is fully compliant with KYC/AML/CFT guidelines in force. 03. This is to clarify that export documents may also be dispatched by exporters against full export payment realized in advance. However, ADs shall obtain relevant export documents to adjust advance payment with related exports. 04. In terms of FE Circular No. 17, dated April 23, 2019, exporters are required to report transport/shipping information immediately in Bangladesh Bank online reporting portal, and submit relevant documents within 14 days from the date of shipment, inter alia. Exporters should adhere to the instructions to observe regulatory compliances as required under the Foreign Exchange Regulation Act, 1947. Accordingly, ADs shall follow up with exporters to expedite the process. Other instructions with regards to export transactions shall remain unchanged. Please bring the contents of this circular to the notice of your constituents concerned. Yours faithfully, (Kazi Rafiqul Hassan) General Manager Phone: 9530123