Discontinuation of Submission of Export Related Statements to Bangladesh Bank

Foreign Exchange Operation Department BANGLADESH BANK Head Office Dhaka website: www.bb.org.bd FEOD Circular No.: 01 Date: 03 March 2024 Managing Directors/CEOs All Schedule Banks in Bangladesh Dear Sirs, Discontinuation of Submission of Export related Statements to Bangladesh Bank Please refer to the Guidelines for Foreign Exchange Transactions-2018 (GFET, 2018), Volume-1, Chapters 8 and 10; and relevant FE Circulars, Circular Letters and departmental letters in terms of which schedule banks are requested to submit several export related statements/returns to Bangladesh Bank. 2. Bangladesh Bank launched the Online Foreign Exchange Transaction Monitoring and Management System (FX Dashboard) to streamline trade transactions, promote paperless processes, and enhance the ease of doing business. The FX Dashboard allows banks to report foreign exchange transactions on regular basis, while enabling Bangladesh Bank to monitor these transactions. 3. Therefore, it has been decided that banks are no longer required to submit the hard copies of the following statements/returns to Bangladesh Bank: a) Monthly Statement of Outstanding Export Bills (Appendix 5/34); b) Statement of Particulars of Export Bills Outstanding Beyond the Prescribed Period of Realisation (Appendix 5/35); c) Export Proceed Realisation Certificate Against Direct Exports (Appendix 5/36); d) Statement of Remittance of Export Claims (Appendix 5/72); and e) Any other export trade related statements sent to FEOD, Bangladesh Bank against departmental letters issued earlier. 4. Instead, banks are now required to upload information on overdue EXPs to the Online Export Monitoring System (OEMS) by the 10th day of each month, including the reason for the overdue status, actions taken to realize export proceeds, and litigation status (if applicable). No repetition is necessary if the status of an overdue EXP remains unchanged since the previous reporting. 5. Banks are also advised to preserve relevant information and documents in appropriate format for future reference. These instructions will come into force immediately. Yours faithfully, (Md. Bayazid Sarker) Director (FEOD)