Regulatory Alerts2008-09-22
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FE Circular No. 13: Reporting for Foreign Exchange Transactions Conducted by Industrial Enterprises of EPZs (Including Off-shore Banking Units) and KAFCO
This circular amends the reporting requirements under Section 14 of the Bangladesh Bank Order, 1996 for foreign exchange transactions by industrial enterprises in Export Processing Zones (EPZs), including Off-shore Banking Units (OBUs) and KAFCO. It mandates the use of updated Schedule S-10 (for EPZs) and Schedule S-11 (for OBUs) forms, incorporating specific currency codes such as Code-98 for 'Others' and unit codes like 9999 for non-standard currencies. The document also updates instructions for Form C and TM Forms, requiring the use of Form A-1 for transactions with Authorized Dealers outside the EPZ and setting a 15-day deadline for reporting adjustments.
FE Circular No. 13
Bangladesh Bank Head Office, Motijheel, Dhaka www.bangladesh-bank.org.bd
Date: 07 August 2008
FE Circular No. 13 Dated: 22 July 2008
Reporting for Foreign Exchange Transactions Conducted by Industrial Enterprises of EPZs (Including Off-shore Banking Units) and KAFCO
In exercise of the powers conferred by Section 14 of the Bangladesh Bank Order, 1996 (Order-II), read with Rule 14 of Chapter II of the Bangladesh Bank Rules, 1996, the Governor of Bangladesh Bank is pleased to issue the following directions regarding the reporting of foreign exchange transactions conducted by industrial enterprises located within Export Processing Zones (EPZs) and KAFCO, as well as Off-shore Banking Units (OBUs) established therein:
(A) For transactions conducted by industrial enterprises located within EPZ territories, the existing Schedule S-10 (Form-N) and Schedule S-11 (Form-X) shall be replaced by Forms J-1 and J-2 respectively. Additionally, Form C and TM Forms shall be discontinued.
(B) The purpose codes from 0001 to 5999 of Code-5 covered by Schedule J-1 and IRV-1, and the purpose codes from 6001 to 9999 of Code-5 covered by Schedule J-2 and IRV-2, shall be used for reporting invisible receipts.
(C) The code '9999' shall be used for currencies other than those listed in the standard currency list.
(a) For transactions conducted by industrial enterprises located within EPZ territories with Authorized Dealers outside the EPZ (in Bangladesh), the existing Schedule S-10 and S-11 shall be replaced by Currency Code-98 for the category 'Others'.
(b) For transactions conducted by enterprises located within KAFCO with Authorized Dealers, the existing Schedule S-1 categories 'Others' (Code 2016) and 'Others' (Code 6016) shall be used.
(f) From 2008 onwards, for transactions conducted by industrial enterprises located within EPZ territories or KAFCO with Authorized Dealers outside the EPZ (in Bangladesh), Form A-1 shall be used instead of the existing Form A-1/A-2/Report/Statement. For adjustments made by Authorized Dealers outside the EPZ (in Bangladesh) and Authorized Dealers within EPZ territories, Form A-1 shall be used within 15 days of the adjustment.
02. The existing Schedule S-10 (Form-N) and Schedule S-11 (Form-X) are hereby withdrawn.
03. These directions come into force immediately.
Motiujjal, Dhaka (Governor)
Tel: 7120375
FORM-N
EPZ STATEMENT S-10 Chapter -2 Para -14 For Transactions of EPZ territory
| AMOUNT | Receipts For Bangladesh Bank's use | Cr. Lac Th. Unit |
|---|---|---|
| A. Exports Receipt (Schedule A-1, A-2) | ||
| Ready made Garments & Garments accessories | 8883 | |
| Textile & Textiles Products | 8884 | |
| Footwear & Leather Goods | 8885 | |
| Others (State) | 8886 | |
| 1. Receipt from Abroad | ||
| Sub-Total: | ||
| Bangladeshi Enterprise outside EPZ ( In Bangladesh ) | 8887 | |
| Inter EPZ Enterprise ( Between the EPZs) | 8888 | |
| Intra EPZ Enterprise (Within the EPZ ) | 8889 | |
| Others (State) | 9000 | |
| 2. Receipts from Bangladesh / EPZ | ||
| Sub-Total: | ||
| B. Invisible Receipts from (Abroad ) | ||
| 1.Invisible Receipts ( Schedule J-1), J-1 Covers purpose code from 0001 to 5999 of Code-5. | 9991 | |
| 2. Invisible Receipts ( Schedule J-2), J-2 covers purpose codes from 6001 to 9999 of Code⎯5. | 9992 | |
| Sub-Total: | ||
| C. Invisible Receipts From | ||
| 1. Bangladeshi Enterprise outside EPZ ( In Bangladesh) | 9995 | |
| 2. Inter EPZ Enterprise ( Between the EPZs ) | 9996 | |
| 3. Intra EPZ Enterprise (Within the EPZ ) | 9997 | |
| 4. Others( State ) 1) 2) | 9998 | |
| Sub-Total: | ||
| D. Exchange, Transfers and Adjustments: ( Both Bangladesh & EPZ ) | ||
| 1. | 6010 | |
| 2. | 6011 | |
| 3. | 6012 | |
| 4. | 6013 | |
| 5. | 6014 | |
| Sub-Total: | ||
| Opening Balance (cr) | 6210 | |
| GRAND TOTAL: |
Page - 01 of 02 Statement of transactions for the period ended_______________ Name of Authorized Dealer______________________________ Currency ( Approved)__________________________________
Signature and Stamp of the Authorised Dealer
Page - 02 of 02
| Payments | ||
|---|---|---|
| A. Imports Payments (schedule E-2) | ||
| 1.Payments to Abroad | ||
| Foreign | 0000 | |
| Bangladeshi Enterprise out side EPZ (In Bangladesh) | 0002 | |
| Inter EPZ Enterprise ( Between the EPZ s) | 0003 | |
| Intra EPZ Enterprise | 0004 | |
| Others State | 0005 | |
| 2. Payments to Bangladesh / EPZ | ||
| Sub Total | ||
| B. Invisible Payments to (Abroad) | ||
| 1. Invisible (Schedule E-3) , E-3 covers purpose codes from 0001 to 5999 of Code 7 | 1001 | |
| 2. Invisible (Schedule E-4) , E-4 covers purpose codes from 6001 to 9999 of Code 7 | 1002 | |
| Sub Total: | ||
| C. Invisible Payments to | ||
| 1 Bangladeshi Enterprise outside EPZ (In Bangladesh) | 1015 | |
| 2. Inter EPZ Enterprise ( Between the EPZs ) | 1016 | |
| 3. Intra EPZ Enterprise | 1017 | |
| 4. Others State 1) Encashment for Local / BEPZA payments ( The contra will be reported to S-1) 2) BEPZA Payments in FC if any | 1018 | |
| Sub Total: | ||
| D. Exchange, Transfers and Adjustments: (Both Foreign & Bangladesh ) | ||
| 1. | 2010 | |
| 2. | 2011 | |
| 3. | 2012 | |
| 4 2013 | ||
| 5. | 2014 | |
| Sub Total: | ||
| Closing Balance (cr) | 2210 | |
| GRAND TOTAL : |
FORM-X
EPZ STATEMENT S-11 See Chapter -2 Para -14 For Transactions of Off-shore Banking Unit ( OBU ) in EPZ territory
| AMOUNT | Receipts For Bangladesh Bank's use | Cr. Lac Th. Unit |
|---|---|---|
| A. Exports Receipts (Schedule A-1, A-2) | ||
| Ready made Garments & Garments accessories | 8883 | |
| Textile & Textiles Products | 8884 | |
| Footwear & Leather Goods | 8885 | |
| Others (State) | 8886 | |
| 1.Receipts From Abroad:- | ||
| Sub-Total: | ||
| Bangladeshi Enterprise outside EPZ ( In Bangladesh ) | 8887 | |
| Inter EPZ Enterprise ( Between the EPZs ) | 8888 | |
| Intra EPZ Enterprise ( Within the EPZ ) | 8889 | |
| Others (State) | 9000 | |
| 2. Receipts From Bangladesh / EPZ | ||
| Sub-Total: | ||
| B. Invisible Receipts from (Abroad ) | ||
| 1. Invisible Receipts (Schedule J-1), J-1 Covers purpose code from 0001 to 5999 of Code-5. | 9991 | |
| 2. Invisible Receipts (Schedule J-2), J-2 covers purpose codes from 6001 to 9999 of Code⎯5. | 9992 | |
| Sub Total | ||
| C. Invisible Receipts From | ||
| 1. Bangladeshi Enterprise outside EPZ (In Bangladesh ) | 9995 | |
| 2. Inter EPZ Enterprise ( Between the EPZs ) | 9996 | |
| 3. Intra EPZ Enterprise (Within the EPZ ) | 9997 | |
| 4. Others ( State ) 1) 2) | 9998 | |
| Sub Total: | ||
| D. Exchange, Transfers and Adjustments: ( Both Bangladesh & EPZ ) | ||
| 1. | 6010 | |
| 2. | 6011 | |
| 3. | 6012 | |
| 4. | 6013 | |
| 5. | 6014 | |
| Sub Total: | ||
| Opening Balance (cr) | 6210 | |
| GRAND TOTAL: |
Page - 01 of 02 Statement of transactions for the period ended___________________ Name of OBU___________________________________________ Currency ( Approved)______________________________________
Signature and Stamp of the Authorised Dealer
Page - 02 of 02
| Payments | ||
|---|---|---|
| A. Imports Payments (schedule E-2) | ||
| 1. Payments to Abroad | ||
| Foreign | 0000 | |
| Bangladeshi Enterprise outside EPZ (In Bangladesh) | 0002 | |
| Inter EPZ Enterprise ( Between the EPZ ) | 0003 | |
| Intra EPZ Enterprise (Within the EPZ ) | 0004 | |
| Others State | 0005 | |
| 2. Payments to Bangladesh / EPZ | ||
| Sub Total: | ||
| B. Invisible Payments to (Abroad) | ||
| 1.. Invisible (Schedule E-3/P-3), E-3/P-3 covers purpose codes from 0001 to 5999 of Code 7 ……… | 1001 | |
| 2. Miscellaneous (Schedule E-4/P-4), E-4/P-4 covers purpose codes from 6001 of to 9999 of Code 7.... | 1002 | |
| Sub Total: | ||
| C. Invisible Payments to | ||
| 1. Bangladeshi Enterprise outside EPZ ( In Bangladesh) | 1015 | |
| 2. Inter EPZ Enterprise ( Between the EPZs ) | 1016 | |
| 3. Intra EPZ Enterprise (Within the EPZ ) | 1017 | |
| 4. Others (State) 1) BEPZA payments in FC (The contra will be reported to S-1) 2) | 1018 | |
| Sub Total: | ||
| D. Exchange, Transfers and Adjustments: (Both Foreign & Bangladesh ) | ||
| 1. | 2010 | |
| 2. | 2011 | |
| 3. | 2012 | |
| 4. | 2013 | |
| 5. | 2014 | |
| Sub Total: | ||
| Closing Balance (cr) | 2210 | |
| GRAND TOTAL : |
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