Regulatory Alerts2023-09-18
Added
FEPD Circular Letter No. 10: Inclusion of Particulars, Standard, Unit Price and Quantity of Goods in Proforma Invoice/Indent
Approved Dealers Banks must explicitly include specific product details in Proforma Invoices or Indents to facilitate accurate price verification against international market rates. Required information includes full product description, standard, brand, production date, packaging, grade, unit price, quantity, HS Code (8 digits), and approved freight charges. These requirements apply to all imports and must be clearly stated whether for single or multiple products within the same document.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Ref. No. FEPD Circular Letter No. 10 Date: ------------------- To All Approved Dealers Banks engaged in Foreign Exchange Transactions Head Office / Principal Office.
Dear Sir,
Subject: Inclusion of Particulars, Standard, Unit Price and Quantity of Goods in Proforma Invoice/Indent.
In accordance with Paragraph 20, Section 2, Chapter 7, Volume-1 of the Guidelines for Foreign Exchange Transactions, general authority has been granted to AD Banks to open Letters of Credit after properly verifying the importer-exporter, country of origin, and competitive price of the concerned product in the international market for the import of goods from abroad. Furthermore, instructions have been issued regarding the inclusion of relevant information and description regarding the name, description, quantity, price, etc., of imported goods in accordance with FE Circular Letter No. 07 dated 05 May 2014.
- Now, to facilitate proper verification of the price of imported goods in line with international market rates, the following matters concerning imported goods must be explicitly mentioned in the Proforma Invoice (PI) sent by the exporter or in the Indent supplied by their local agent:
(a) Full description, standard, brand, production date, packaging-related information, and grade (if any) of the product, by which the quality of the product can be distinguished, along with unit price and quantity;
(b) In the case of importing multiple products through the same PI, the description, standard, brand, production date, packaging-related information, and grade (if any) of each product separately, by which the quality of the product can be distinguished, along with unit price and quantity;
(c) In the case of importing different products through the same PI, presenting them in their applicable units according to their nature, rather than measuring all products generally in a single unit such as kg, liter, or piece, etc.;
(d) Proper mention of freight charges approved by the International Air Transport Association (IATA) and, where applicable, transportation charges;
(e) Mention of the 2 digits after the 6 digits of the HS Code (total 8 digits) to uniquely identify the imported goods.
- Kindly inform all concerned parties about this matter.
Yours faithfully,
(Md. Sarowar Hossain) Director (FEPD) Phone: 9530123 Ashwin 03, 1430 September 18, 2023