FEPD Circular No. 03: Endorsement of shipping documents

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular No. 03 Date: 09 January 2019 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Endorsement of shipping documents Paragraph 9, chapter 8 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1 requires Authorized Dealers (ADs) to whose order the relative Railway Receipts, Bills of Lading etc. are drawn to endorse the same to the order of their foreign correspondents. ADs are also instructed not to make any blank endorsement or endorse it to the order of the consignee unless they have obtained specific or general approval from Bangladesh Bank. 2. It is observed that in some cases export proceed is received after shipment but before sending export documents abroad for collection. Since export proceed is received before sending documents for collection, it does not warrant documents to be sent abroad for collection. 3. To facilitate such practice in particular trade, it has been decided that ADs may endorse transport documents of title to cargo in favor of importer or other designated parties and deliver the same as per stipulations of export letter of credit/valid sales contract only if full export proceed is received through normal banking channel before sending export documents to counterpart bank abroad for collection. Please bring the contents of this circular to the notice of all your concerned clientele. Yours faithfully, (Mohammad Khurshid Wahab) General Manager Phone: 9530123