Regulatory Alerts2015-01-19
Added · Updated
FEPD Circular Letter No. 03 : Foreign currency accounts for shipping lines/airlines/ freight forwarders handling FOB export and import cargo
Foreign currency deposited in accounts of shipping lines, airlines, and licensed freight forwarders against freight charges on FOB exports may be used for outward remittances of surplus earnings, requiring collection to be presented in a separate column of relevant statements. Balances in these foreign currency accounts must be utilized for outward remittances before accessing local currency funds, and Authorized Dealer Banks must verify adequate foreign currency encashment for local expenses and submit encashment certificates. Outward remittances supported by encashment certificates against FOB exports are prohibited effective April 2015. Specific appendices of the Guidelines for Foreign Exchange Transactions 2009 are amended to reflect these requirements.
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