FEPD Circular Letter No. 25: Requirement for submitting 'Economic life Certificate' by exporters while Importing Old Machinery

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka-1000. Ref. No. FEPD(Circular) 25 Ashwin 10, 1423 Date: ---------------------- September 25, 2016

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

Dear Sirs,

Subject: Regarding submission of 'Economic Life Certificate' of machinery by exporting establishments when opening LC for importing old machinery.

Reference is invited to the Ministry of Commerce's letter ref. No. 26.00.0O.111.31.004.13-590 dated 08/08/2016 (enclosed).

2. In this regard, it is informed that, following the decision taken in a meeting held at the said Ministry on 16/07/2016 with the objective of implementing the Ministry of Commerce's Innovation-2016 for improving service quality and facilitating services, exporting establishments must necessarily collect the 'Economic Life Certificate' of the machinery when opening LC for importing old machinery. This is due to the fact that older machinery poses a threat to public life and is not environmentally friendly.

Kindly inform all concerned parties about the subject matter of this circular.

Yours faithfully,

Enclosed: As mentioned.

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