Regulatory Alerts2016-03-07
Added · Updated
FEPD Circular Letter No. 04: Regarding Supply of Carton and Accessory Goods from Factories Operating under Bond License to Hundred Percent Export-oriented Factories Operating without Bond License
Authorized dealer banks are permitted to issue Usance Letters of Credit (LC) for the supply of cartons and accessories from bonded warehouse license-holding packaging factories to 100% export-oriented factories that do not hold bond licenses, as well as Site LCs for advance payment receipt against various export contracts. This directive updates previous guidelines by incorporating recent decisions of the National Board of Revenue regarding the necessity of bonded warehouse licenses for such import transactions. Banks must ensure compliance with Chapter 3, Paragraph 3(C) of the Foreign Exchange Regulations, 2009 when settling payments for these LCs.
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