Regulatory Alerts2014-05-05
Added · Updated
FEPD Circular Letter No. 07: Providing Sufficient Information of Imported Goods in L/Cs for Customs Release Monitoring
The Foreign Exchange Policy Department of Bangladesh Bank requires all approved dealer banks to include clear descriptions of imported goods, including name, description, quantity, HS-code, and price, within Letters of Credit to facilitate customs monitoring and prevent false declarations. Banks must reject proforma invoices instead of the Letter of Credit for cargo release, except in justified cases where both documents are required. Importers are instructed to take necessary measures to ensure timely cargo release and prompt payment authorization.
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