FEPD Circular Letter No. 19: Regarding Import Policy Notice on BERC Licence checking during LC opening for importation of Petroleum bi-products

Foreign Exchange Policy Department Bank of Bangladesh Head Office Dhaka-1000. Ref. No. FEPD(Circular) 123/2014-19 Date: 28 Ashwin, 1421 Circular Letter No. FEPD(Import Policy)123/2014-19 Date: ------------------- 13 October, 2014

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

Dear Sirs,\

With reference to the letter dated 09/09/2014 from the Bangladesh Energy Regulatory Commission (BERC) bearing Ref. No. BERC/ELPP/Lub(Gear)/228/2865 (Copy attached), we draw your attention to the matter of making it mandatory to check the BERC license at the time of opening Letters of Credit (LC) for the importation of petroleum products under the Import Policy Order, 2012-2015.

According to Sections 26(25), 27(g), and 27(h) of Chapter 6 of the Import Policy Order 2012-2015, importers in the private sector are required to obtain a license from the Bangladesh Energy Regulatory Commission in accordance with the Bangladesh Energy Regulatory Commission Act, 2003, for the importation of petroleum products. Furthermore, under Sections 27 and 28 of the Bangladesh Energy Regulatory Commission Act, 2003, no person/institution can engage in the business of storing, marketing, distributing, or supplying petroleum products without a BERC license.

In this regard, we advise that the applicable instructions of the Import Policy Order 2012-2015 and the Bangladesh Energy Regulatory Commission Act, 2003 be duly complied with by any person/institution opening an LC for the importation of petroleum products.

Kindly inform all concerned parties about this matter.

Yours faithfully,

Enclosure: As above

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