FEPD Circular Letter No. 06: Regarding Mention of Right Description and H.S. Code of Product in LC and LCA Form

Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka-1000.
Ref. No. FEPD(Import Policy)123/2015-06
Date: 02 Baishakh, 1422
Circular Letter No. FEPD(Import Policy)123/2015-06 Date: 15 April, 2015

To,
All Approved Dealer Banks engaged in Foreign Exchange Transactions, Head Office / Principal Office.

Dear Sir,

Subject: Regarding correct description and mention of H.S. Code of product in LC and LCA forms.

Reference is drawn to the letter dated 16/03/2015 issued by Customs House Benapole, Jessore (copy enclosed) and Circular Letter No. 7 issued by this department on 05/05/2014.

It is learned from the aforementioned letter issued by Customs House Benapole, Jessore, that in most cases, the correct H.S. Code and specific name and correct description of the product are not mentioned in the LC and LCA forms submitted for clearance of imported goods at Benapole Customs House. According to Section 5 of the Foreign Exchange Policy Order 2012-2015, no LC Authorization Form or Credit Document can be issued by the bank if the H.S. Code of the product is not correctly mentioned. Similar advice was given in Circular Letter No. 07 issued by this department on 05/05/2014. It appears from the letter of Customs House Benapole, Jessore, that these instructions are not being properly complied with.

In this regard, you are advised to correctly include the H.S. Code and specific name/description of the product, etc., in the LCA Form/LC issuance in accordance with the instructions of Section 5 of the Foreign Exchange Policy Order 2012-2015. Kindly inform all concerned about this matter.

Yours faithfully,

Enclosure: As per description.

(Md. Zakir Hossain Chowdhury)
Deputy General Manager
Phone: 9530250