Regulatory Alerts2021-03-21
Added
FEPD Circular Letter No. 05: Regarding taking license of Bangladesh Energy Regulatory Commission (BERC) for the import of petroleum products (HS Code No. 27.09, 27.10, 27.11, 27.12 and 27.13) according to Import Policy Order, 2015-18
The Foreign Exchange Policy Department of Bangladesh Bank directs all Approved Dealer Banks to strictly enforce the requirement that importers of petroleum products (HS Codes 27.09, 27.10, 27.11, 27.12, and 27.13) must obtain a license from the Bangladesh Energy Regulatory Commission (BERC) prior to importation. This directive addresses reports that banks have not been adequately verifying compliance with this mandate under the Import Policy Order, 2015-18, the BERC Act, 2003, and previous circulars. Banks are instructed to ensure that all relevant instructions are properly followed in the context of these imports.
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