Regulatory Alerts2024-04-22
Added
FEPD Circular Letter No. 03: Providing Deemed Export Facilities to Registered Persons for Supply of Goods to Local Contractors Against International Tenders
The Foreign Exchange Policy Department of Bangladesh Bank directs scheduled banks to accept domestic currency letters of credit for supplies made by registered sub-contractors, manufacturers, or suppliers to local contractors who have won international tenders. This directive implements explanations from the National Board of Revenue dated November 13, 2022, and February 18, 2024, which clarify that such transactions qualify for deemed export facilities. Banks are required to process these domestic currency LCs in accordance with the attached explanatory notes and relevant NBR guidelines.
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