FEPD Circular No. 06: Issuance and disposal of EXP Form and IMP Form

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No.06 Date: July 9, 2015 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Issuance and disposal of EXP Form and IMP Form Attention of Authorized Dealers (ADs) is invited to FEPD Circular Letter No. 26, dated December 09, 2012 regarding online reporting of foreign exchange transactions on daily basis through Bangladesh Bank online reporting system. Since online reporting system is in well place to generate EXP/IMP Forms based on the online reports of trade transactions by ADs, it has been decided to phase out submission of hard copies of EXP/IMP Forms with monthly returns to Bangladesh Bank. To generate these documents electronically with authenticity from the reporting system for legitimate purposes in future, a clause ‘This is an electronically generated document which does not require signature of declarant/issuer.’ is to be incorporated in the system. In the context of the decision, ADs shall observe the following instructions for issuance and disposal of these documents in physical form: 02. Issuance and disposal of EXP Form: In terms of paragraph 10(i), chapter 8 of the Guidelines for Foreign Exchange Transactions-2009 (GFET), Vol-1, EXP Form is issued in quadruplicate. To rationalize documentation in export transactions, it has been decided to reduce the number of Forms from four sets to two sets renamed as First Original and Second Original (copies enclosed). Accordingly, EXP Forms annexed in FE Circular No. 14, dated March 16, 2014 shall stand amended. As usual, Customs Authorities, to whom AD’s certified EXP Forms submitted shall, after completion of their necessary formalities, return the Second Original EXP Form to the exporter/their authorized agent and forward the First Original EXP Form to the respective area office of Bangladesh Bank. Regarding disposal of EXP Form, ADs shall observe the following instructions: (a) ADs shall arrange to pass all shipping documents covering goods declared of EXP Form within the prescribed period of 14 days of shipment and report the same to online reporting module without submitting Second Original EXP Form. ADs shall continue to hold Second Original EXP Form until the full proceeds are realized. During the non-realization stage of export proceeds, ADs shall, on demand, submit the EXP Form and full set of export documents to Bangladesh Bank. (b) After realization of export proceeds, ADs shall certify on the reverse of the Second Original EXP Form and shall report the same to online reporting module. As usual ADs shall, without attachment of EXP Form, report the realization of export proceeds in relevant schedule of monthly returns to Bangladesh Bank. Afterwards, ADs shall retain Second Original EXP Form with them Cont’d to page - 02

-02- for record and eventual inspection for a period of 5(five) years. However, in respect of cases which are under investigation by Bangladesh Bank inspection team/other Government agencies, the EXP Form and full set of export documents shall be disposed of only after obtaining clearance from the inspection team/Government agency concerned. 03. Issuance and disposal of IMP Form: In terms of paragraph 28(a), chapter 7, of GFET-2009, IMP Form for payment against imports must be submitted in duplicate by the importer or their authorized agent. As a part of phasing out submission of EXP/IMP Forms, ADs are no longer required to obtain IMP Form in duplicate from the importer. IMP Form (amended form with separation of FOB value; freight, insurance and other charges and reporting instructions in relevant schedules, copy enclosed) submitted by the importer should, therefore, be in original. Regarding disposal of IMP Form, ADs shall observe the following instructions: (a) Immediately after import payment, ADs shall make online report to Bangladesh Bank reporting module; and report the import payment in usual monthly returns to Bangladesh Bank without attachment of IMP Form. ADs shall continue to hold IMP Form until the Customs certified Bill of Entry is received. During this stage of non-receipt of Customs Certified Bill of Entry, ADs shall, on demand, submit the IMP Form and full set of import documents to Bangladesh Bank. (b) On receipt of Customs certified Bill of Entry evidencing import into Bangladesh, ADs shall report the same to online reporting portal after necessary verification. Afterwards, ADs shall retain the IMP Form and relevant Bill of Entry with full set of import documents including LCA Form with them for record and eventual inspection for a period of 5(five) years. However, in respect of cases which are under investigation by Bangladesh Bank inspection team/other Government agencies, the IMP Form and full set of import documents including Bill of Entry shall be disposed of only after obtaining clearance from the inspection team/Government agency concerned. (c) The above instructions will also be applicable for import transactions under Buyer’s/Supplier’s credit as per stipulation of FE Circular no.07 dated February 16, 2014. 04. Prescribed size of EXP/IMP Forms: Prescribed size for EXP/IMP Forms as laid down in paragraph 17 (c), GFET, Vol-2 shall no longer be required for printing such documents. ADs may generate the forms in standard paper size maintaining uniformity for their exporter/importer customers. 05. All other relevant instructions pertaining to disposal of EXP/IMP Form shall remain unchanged. Please bring the above instructions, effective from October 01, 2015, to the notice of your concerned constituents. Yours faithfully, Encl. As stated (7 pages) (Md. Zakir Hossain Chowdhury) Deputy General Manager Phone: 9530250

EXP FORM (Statutory declaration to be furnished by exporters under FE Regulation Act, 1947 before shipment of goods. An incorrect declaration constitutes offence under the said Act.) First Original (To be submitted to the Customs with Second Original duly completed and certified by the Authorized Dealers) EXP NO. AD’s Code Serial Number Serial Year

Name and address of the Authorized Dealer ________________________________________________ I/We, the undersigned hereby declare that I/we am/are the sellers/consignors of the goods described below in respect of which this declaration is made out and that the particulars given in the following items are true and that the invoice value declared in SI.No.5 in case of firm contract is full value as contracted with the buyers; and in case of consignment sale, is a fair value of the goods which are being shipped on consignment sale. I/We do hereby undertake to repatriate full proceeds of the export within the period specified by the Bangladesh Bank in terms of FER Act. Sl. No. Items Particulars (to be filled in by Exporter) Code No. (to be filled in by Authorized Dealer)

1. Commodity to be exported
2. Country of destination
3. Port of destination
4. Quantity Unit (bales/tons/lbs. etc.) Volume (Weight/number etc.)
5. Value Currency Incoterm Used Invoice Value FOB Insurance Freight

CMT Value (if applicable) 6. Terms of sale (Firm Contract/LC or Consignment sale)

7. Name & address of importer/consignee

8. Name of carrying vessel

9. Bill of Lading/Railway Receipt/Airway Bill/Truck Receipt/Post Parcel Receipt No.: Date:

10. Port of shipment/Post Office of despatch

11. Land Custom Post

12. Shipment date

13. Name of the Exporter (in block letter) with address

14. CCI&E’s Registration Number of the exporter and date

15. Sector (Public or Private) under which the exporter falls Coded by ………………………………. Checked by …………………………….. Authorized Signature and Stamp of the Exporter with date (Signature of authorized official of the bank) Cont’d …………………P/2

Page - 2 Certificate of Authorized Dealer Certified that the above exporter(s) is/are known to us, that he/they is/are bonafide businessman/men in Bangladesh and that he/they has/have made arrangements with us for the realization of the export proceeds of the goods declared on this form within the stipulated period and that we are satisfied with the said arrangements. We have also satisfied ourselves about the bonafides of the importers/consignees abroad and their credentials etc. *We undertake that for export shipments on consignment sale, we shall obtain from the exporter(s) and furnish to the Bangladesh Bank a fully documented account sale certified by the consignees/Chamber of Commerce of the country of import. *We further undertake that in the event of non-realization or short realization of export proceeds against shipment within the stipulated period, we shall obtain from the exporter(s) and furnish to the Bangladesh Bank full explanation as to the circumstances resulting in non-realization/short realization. *(Strike out the portion not applicable and authenticate with initials). Date_________________ Stamp and Signature of Authorized Dealer (TO BE COMPLETED BY CUSTOMS/POST OFFICE)

1. Month in which this item is included in the Customs/Post Office Return_______________________
2. Value assessed by the Customs/Post Office_____________________________________________
3. Shipping Bill/Airway Bill/Post Parcel Receipt No__________________Dt. _____________________ Seal Signature of Custom Officer Date_______________________ CERTIFICATE BY AUTHORISED DEALER (Applicable where advance payment or irrevocable or confirmed Letter of Credit is required in cover of the shipment.)
4. An irrevocable/confirmed Letter of Credit No._____________________________ for_________ on___________ has been opened covering the shipment described on page No. 1.
5. Remittance for _________________ has been received as per method No. _______ as indicated below on _____ and has been allocated against the shipment described on page No. 1. (i) in Taka from a Non-Resident Bank A/C. (ii) in Foreign Currency on _______________ Amount_________________ (State Currency) Date_________________ Signature and Stamp of Authorized Dealer

EXP FORM (Statutory declaration to be furnished by exporters under FE Regulation Act, 1947 before shipment of goods. An incorrect declaration constitutes offence under the said Act.) Second Original (To be returned to the Authorized Dealer within 14 days from the date of shipment along with customs certification and relative document for negotiation.) EXP NO. AD’s Code Serial Number Serial Year

Name and address of the Authorized Dealer ________________________________________________ I/We, the undersigned hereby declare that I/we am/are the sellers/consignors of the goods described below in respect of which this declaration is made out and that the particulars given in the following items are true and that the invoice value declared in SI.No.5 in case of firm contract is full value as contracted with the buyers; and in case of consignment sale, is a fair value of the goods which are being shipped on consignment sale. I/We do hereby undertake to repatriate full proceeds of the export within the period specified by the Bangladesh Bank in terms of FER Act. Sl. No. Items Particulars (to be filled in by Exporter) Code No. (to be filled in by Authorized Dealer)

1. Commodity to be exported
2. Country of destination
3. Port of destination
4. Quantity Unit (bales/tons/lbs. etc.) Volume (Weight/number etc.)
5. Value Currency Incoterm Used Invoice Value FOB Insurance Freight

CMT Value (if applicable) 6. Terms of sale (Firm Contract/LC or Consignment sale)

7. Name & address of importer/consignee

8. Name of carrying vessel

9. Bill of Lading/Railway Receipt/Airway Bill/Truck Receipt/Post Parcel Receipt No.: Date:

10. Port of shipment/Post Office of despatch

11. Land Custom Post

12. Shipment date

13. Name of the Exporter (in block letter) with address

14. CCI&E’s Registration Number of the exporter and date

15. Sector (Public or Private) under which the exporter falls Coded by ………………………………. Checked by …………………………….. Authorized Signature and Stamp of the Exporter with date (Signature of authorized official of the bank) Cont’d …………………P/2

Page - 2 Certificate of Authorized Dealer Certified that the above exporter(s) is/are known to us, that he/they is/are bonafide businessman/men in Bangladesh and that he/they has/have made arrangements with us for the realization of the export proceeds of the goods declared on this form within the stipulated period and that we are satisfied with the said arrangements. We have also satisfied ourselves about the bonafides of the importers/consignees abroad and their credentials etc. *We undertake that for export shipments on consignment sale, we shall obtain from the exporter(s) and furnish to the Bangladesh Bank a fully documented account sale certified by the consignees/Chamber of Commerce of the country of import. *We further undertake that in the event of non-realization or short realization of export proceeds against shipment within the stipulated period, we shall obtain from the exporter(s) and furnish to the Bangladesh Bank full explanation as to the circumstances resulting in non-realization/short realization. *(Strike out the portion not applicable and authenticate with initials). Date_________________ Stamp and Signature of Authorized Dealer (TO BE COMPLETED BY CUSTOMS/POST OFFICE)

1. Month in which this item is included in the Customs/Post Office Return_______________________
2. Value assessed by the Customs/Post Office_____________________________________________
3. Shipping Bill/Airway Bill/Post Parcel Receipt No__________________Dt. _____________________ Seal Signature of Custom Officer Date_______________________ CERTIFICATE BY AUTHORISED DEALER (Applicable where advance payment or irrevocable or confirmed Letter of Credit is required in cover of the shipment.)
4. An irrevocable/confirmed Letter of Credit No._____________________________ for_________ on___________ has been opened covering the shipment described on page No. 1.
5. Remittance for _________________ has been received as per method No. _______ as indicated below on _____ and has been allocated against the shipment described on page No. 1. (i) in Taka from a Non-Resident Bank A/C. (ii) in Foreign Currency on _______________ Amount_________________ (State Currency) Date_________________ Signature and Stamp of Authorized Dealer

IMP No. AD’s Code Serial No. Year Form IMP For Imports only [Original copy for AD’s matching with Authenticated Copy of Bill of Entry/Customs certified invoice] FOREIGN EXCHANGE REGULATION ACT, 1947 Application for permission under Section 4/5 of the Foreign Exchange Regulation Act, 1947 to purchase foreign exchange for payment of imports Name and address of the Authorized Dealer effecting the remittance_________________________________________________________________________________ I/We, the undersigned hereby apply for permission to remit________________________________________________________________________________________ (Amount in foreign currency in figures and in words) ______________________________________________________ to _______________________________________________________________________________ (Name and address of the beneficiary) for goods imported/to be imported by us/me as per details given below against LC/Contract No………………………………………….. Date: …………………………… 1 2 3 4 5 6 LC Authorization Form Registration No. with the AD Description of goods HS Code No.* Quantity of goods Invoice value in foreign currency** Number Date Value in Taka Unit Quantity FOB Freight Insurance Others, if any (Pls. specify) Total 7 8 9 10 11 12 13 Country of origin Incoterm used Port of Shipment Name of Steamer/Airlines and date of shipment (if goods are sent by post state so) Port of importation in Bangladesh or name of country of ultimate destination if other than Bangladesh Indentor’s name and address Indentor’s Registration No. with CCI&E Bangladesh Bank *For more than one HS Code, a separate sheet should be added. ** (a) ADs shall report FOB value, freight, insurance and other charges separately in Bangladesh Bank reporting system as per Circular Letter No. FEPD(Import)/125/2013-35 dated December 10, 2013. (b) ADs shall report FOB value of goods in Schedule E-2/P-2 or relevant schedules, and freight, insurance and other charges in Schedule E-3/P-3 or other relevant schedules mentioning IMP Form number. Cont’d ……………….. P/2

Page - 2

1. I /We declare: (a) That the above payment is due and that I/we have not already obtained exchange for payment of (any of) these goods, nor have I/we made any other application for that purpose. (b) The amount of Foreign Exchange mentioned above represents the correct prevailing market price for these goods on the date of contract in country of Export. (c) That I/we am/are neither connected with the exporters abroad directly or indirectly nor do I/we have any financial or other interest in the exporters abroad.
2. I/We certify that the above import is covered by a valid L.C. Authorization Form.
3. I/We undertake to clear the goods for consumption in Bangladesh within four months of the date of this application and shall, before the expiry of that period, surrender to the Bangladesh Bank through yourselves the AUTHENTICATED COPY/IES OF THE CUSTOMS' BILLS OF ENTRY FOR CONSUMPTION INBANGLADESH or certified invoice/s covering the above goods, along with the Duplicate copy of this form (See note (a) below).
4. I/We declare that the statements made in this application are true to the best of my/our knowledge and belief.
5. I/We assume full responsibility for complying with the provisions of the Foreign Exchange Regulation Act, 1947 and rules, orders and directions made or issued thereunder. Full name and address of the applicant................................................................................... .................................................................... ……..…................................................................................................................................. Signature and Stamp of the Importer Registration No. with C.C.I. &E ...........................................Date……………………………. Importer’s VAT Registration (BIN) No………………….. Date……………………………. (This form shall be signed by the Importer or his authorized Agent) (To be completed by the authorized Dealer)
6. We hereby certify that the statements made by the applicant in this form are to the best of our knowledge correct and that we have seen documentary evidence in support thereof.
7. The remittance has been made in accordance with method of payment as per existing Foreign Exchange Regulations. Date.................................. Signature and Stamp of the Authorized Dealer Cont’d ……………….. P/3

Page - 3 Bangladesh Bank Approval No. (if required)………………………………………………………………. Date ……………………………………………. Approved for (Amount in words & figures)………………………………………………………………………… (Bangladesh Bank approval will remain valid for 30 days from the date of approval) (CODING OF THE TRANSACTION BY AUTHORIZED DEALER) Month Country Receiving Payment Country of origin of goods Commodity Quantity of goods Place of importation Type of LCAF Currency Amount Unit Quantity Coded by_______________________________ Checked by ___________________________________ Signature and Stamp of the Authorized Dealer Date …………………………….. NOTES FOR IMPORTERS: (PLEASE READ CAREFULLY) (a) IMP Form are in one set. The importer should complete and sign of the form and hand them over to the Authorized Dealer (Bank) through whom the remittance is being made. (b) The form should he completed in every required detail. There should be no alterations or deletions in the wording of the form except where provided. The form should be signed by the Importer or his Authorized Agents holding Power of Attorney from the original importer. Importers are advised that a false statement on this form constitutes an offence under Section 22 of the Foreign Exchange Regulation Act,1947. Omission of essential information constitutes a false declaration. (c) The attention of Importers is drawn to sub-section 3 of the Section 4 of the Foreign Exchange Regulation Act, 1947. Exchange sanctioned for a particular purpose must be utilized for that purpose only and all conditions attaching to the sanction must be complied with. If any of the prescribed conditions cannot be fulfilled and as a result the exchange cannot be utilized in whole or in part for the purpose for which it was sanctioned, the unutilized amount must immediately be refunded through an Authorized Dealer in foreign exchange in Bangladesh.