FEPD Circular No. 03: Discounting of Direct/Deemed Export Bills in Foreign Currencies

“Translated into English” Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Web site: www.bb.org.bd FE Circular No. 03 Date: February 04, 2013 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Discounting of direct and deemed export bills in foreign exchange Beneficiaries of usance export bills against direct and deemed exports of products produced in Bangladesh may arrange to discount bills for immediate financing through their own authorized dealer banks subject to compliance of following instructions: a) ADs shall have to be ensured that the usance bills presented for discounting are out of bonafide direct/deemed export transactions. b) ADs may arrange fund against the discounting of usnace bills in foreign exchange from through their own OBUs/correspondent banks, financial institutions abroad or international financing institutions. c) Expenses of the customers for discounting bills shall not exceed 6% (all in cost) including all types of commissions/charges/fees/interests. d) AD banks shall submit statements to Foreign Exchange Policy Department, Bangladesh Bank head office of discounting of direct/deemed export bills in foreign exchange within 15th day of the following month as per Appendix-I. Please bring the matter to the notice of all concerned. Yours faithfully, Encl. As stated Sd/- (Md. Golam Haider) Deputy General Manager Phone: 9530092

Annexture-2 Monthly statement of discounting of direct/deemed export bills in foreign exchange (To be submitted by the 15th day of the next month.) Part A : Name & address of the payee direct/deemed exporter Bill value and due date Discounted value net of charges and fees Date of discounting AD bank branch transacting the discounting Fx fund source for the discounting Other remarks, if any 1 2 3 4 5 6 7 Part B: i) Total outstanding value of bills discounted in foreign exchange by all AD branches of the bank: ii) Of the amount in (i), the amount overdue for adjustment if any: iii) Reasons for overdue situation mentioned at (ii), steps taken towards adjustment: Official Seal: Signature of Authorised Official Name: Designation: Date: