FEPD Circular No. 01: Reporting procedures against payment in foreign currency by EPZ enterprises

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 01 Date: February 05, 2015 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Reporting procedures against payment in foreign currency by EPZ enterprises. Attention of the Authorized Dealers (ADs) is invited to paragraph 27, chapter 8 of the Guidelines for Foreign Exchange Transactions-2009 (Vol-1) in terms of which sale of Bangladeshi goods or raw materials to the enterprises in EPZ against payment in foreign currency is treated as exports from Bangladesh and normal foreign exchange regulations concerning declaration of exports on EXP Forms and repatriation of proceeds is applicable to these exports to the EPZ enterprises. This export to EPZ areas is considered as import by EPZ enterprises. In order to bring ease in reporting for permissible imports by enterprises of EPZ areas from Non-EPZs, it has been decided that ADs of EPZ enterprises may report import transactions to Bangladesh Bank in monthly schedule E-2 under Statement-10 (Statement-11 for OBU) mentioning the number of concerned EXP forms to which the payment in foreign currency relates. This procedure of mentioning EXP numbers will also be applicable for transactions between EPZ enterprises and intra EPZ enterprises. 02. The revised procedure will be applicable for reporting in online web portal. Usual reporting procedures will, however, remain unchanged for imports by EPZ enterprises from abroad. Please bring the above instruction to the notice of all your constituents. Yours faithfully, (Md. Zakir Hossain Chowdhury) Deputy General Manager Phone: 9530250