Regulatory Alerts2009-06-29
Added · Updated
FE Circular No. 07: Application of appropriate Incoterms in respect of foreign trade
Authorised Dealers of Foreign Exchange in Bangladesh are instructed to ensure that Letters of Credit accurately reflect the stipulations of applicable Incoterms, specifically prohibiting the advising of FOB terms when delivery to a nominated person occurs prior to loading. Dealers must verify these terms before advising beneficiaries and immediately inform issuing banks of any inconsistencies to secure necessary amendments. Additionally, dealers are required to inform exporter customers of the correct Incoterm conditions so they can insist foreign buyers issue Letters of Credit accordingly.
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