Regulatory Alerts2016-01-25
Added · Updated
FEPD Circular Letter No. 03: Regarding the compulsory checking of BERC Licence during LC opening for importation of Petroleum products like Paraffin (HS Heading No-27.10) and others (HS Heading No-27.09, 27.10, 27.11, 27.12, 27.13) following the IPO, 2012-2015
Approved dealer banks are instructed to compulsorily verify that importers hold a valid license from the Bangladesh Energy Regulatory Commission (BERC) before opening letters of credit for petroleum products under HS headings 27.09, 27.10, 27.11, 27.12, and 27.13. This directive enforces the requirements of the Import Policy Order 2012-2015 and the Bangladesh Energy Regulatory Commission Act, 2003, ensuring that only licensed entities engage in the storage, marketing, distribution, and supply of these goods. Banks must adhere to these verification procedures to ensure compliance with existing regulatory frameworks.
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