Regulatory Alerts2015-09-01
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FEPD Circular Letter No. 16: Ensuring Importability Before Issuance of LCs
The Foreign Exchange Policy Department of Bangladesh Bank directs all Approved Dealer Banks to strictly comply with the prevailing Import Policy Order, Rules, and SROs before issuing Letters of Credit (LCs). This measure aims to resolve complexities in clearing imported goods by ensuring that the importability of specific goods is verified prior to LC issuance, in accordance with a memorandum from the Office of the Chief Controller of Imports and Exports.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka.
Ref. No. FEPD(Circular) 16 17 Bhadra, 1422 Circular Letter No.- FEPD(Import Policy) 123/2015-16 Date: ------------------- 01 September, 2015
To, All Approved Dealer Banks engaged in Foreign Exchange Transactions Head Office / Principal Office.
Dear Sirs,
Ensuring Importability of Imported Goods Before Issuance of Letters of Credit.
Reference is invited to the Memorandum No. 26.03.0000.001.05.011.15-390 dated 17/08/2015 issued by the Office of the Chief Controller of Imports and Exports, Government of the People's Republic of Bangladesh (copy enclosed).
In order to resolve complexities in clearing imported goods, the Office of the Chief Controller of Imports and Exports, Government of the People's Republic of Bangladesh has sent a memorandum requesting that the prevailing Import Policy Order/Rules/SROs be strictly complied with before the issuance of Letters of Credit (LCs), thereby ensuring the importability of the concerned goods. A copy of the same is enclosed herewith for your information and necessary action.
You are requested to inform all concerned parties regarding this matter.
Enclosed: As above
Yours faithfully,
(Md. Zakir Hossain Chowdhury) Deputy General Manager Phone: 9530250
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