Regulatory Alerts2011-08-01
Added · Updated
FEOD Circular Letter No. 01: Payment of 0.50% Freight Brokerage Charge to Shippers' Council of Bangladesh (SCB) by Shipping Companies/Shipping Agents
Approved Dealer Banks must ensure that a 0.50% freight brokerage charge paid by their shipping company or shipping agent clients is remitted to the Shippers' Council of Bangladesh (SCB) and reported as 'excluded income' to the principal abroad. Banks are required to submit documentary evidence of this payment to the Bangladesh Bank during quarterly income-expenditure audits, settle any outstanding amounts in the subsequent quarter, and transfer blocked funds held for this purpose to the SCB's valid account with supporting documentation. These instructions are effective immediately and must be communicated to all relevant dealer branches.
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