FEPD Circular Letter No. 11: Submission of Applications to Record Refunded Import Payments in OIMS

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular Letter No. 11 Date: July 16, 2024 Managing Director/CEOs All Scheduled Banks in Bangladesh Dear Sirs, Regarding submission of applications to record the refunded import payments in Online Import Monitoring System Please refer to paragraph 31(c) (3rd subparagraph), chapter 7 of Guidelines for Foreign Exchange Transactions-2018 (GFET), Volume 1 along with FE Circular No. 26, dated 07 July 2019 and FE Circular No. 11, dated 16 March 2020 in terms of which unmatched (partial/full) overdue bill of entry(s)/customs certified invoice(s) due to non-receipt/short receipt of goods as per LC/Contract may be settled by inward remittances through banking channel. The payment should be from the foreign supplier/legitimate sources having bonafide business relationship with that supplier and the refunded amount to be recorded against the relevant IMP reported earlier to the Online Import Monitoring System (OIMS) upon application by the AD banks to Bangladesh Bank (FEOD, Head Office, Dhaka to mail ID: feod.import@bb.org.bd). 02. In order to make the above process more transparent and accountable it has now been decided that all such applications should be placed through Online Ticketing Module of OIMS under the Ticket Category titled ‘Refund of Import Payments’ instead of emails. It is mandatory to mention the relevant LC ID, IMP number and Inward ID number while issuing such tickets. 03. All other instructions mentioned in the above paragraph and circulars will remain unchanged. 04. Please bring the above instructions, effective immediately, to the notice of your constituents concerned. Yours faithfully, (Md. Sarwar Hossain) Director (FEPD) Phone: 9530123