Regulatory Alerts2017-01-22
Added · Updated
FE Circular No. 03: Use of balances held in Exporter's Retention Quota Accounts
Authorized Dealers maintaining Exporter's Retention Quota (ERQ) accounts may transfer funds from these accounts to other Authorized Dealers serving the same exporters or their subsidiaries and sister concerns for import payment settlement. The transferring Authorized Dealer must ensure the funds are unencumbered and intended solely for imports, executing transfers via Foreign Demand Drafts settled through Bangladesh Bank clearing accounts, while excluding transfers within the same Authorized Dealer. Receiving Authorized Dealers must retain the transferred funds in a margin account until import payments are completed and must settle those payments in compliance with the Import Policy Order, foreign exchange regulations, and other relevant instructions.
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