Regulatory Alerts2015-04-15
Added · Updated
FEPD Circular Letter No. 06: Regarding Mention of Right Description and H.S. Code of Product in LC and LCA Form
The Foreign Exchange Policy Department of Bangladesh Bank directs all Approved Dealer Banks to ensure that the correct H.S. Code and specific product name/description are accurately included in Letters of Credit (LC) and Letter of Credit Authorization (LCA) forms. This requirement is mandated by Section 5 of the Foreign Exchange Policy Order 2012-2015, which prohibits banks from issuing LC authorizations or credit documents if the H.S. Code is not properly stated. The directive reinforces previous guidance issued in May 2014 following observations of non-compliance at the Benapole Customs House.
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