FEPD Circular No. 07: Credit reports of the foreign suppliers

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 07 Date: January 14, 2025 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Credit reports of the foreign suppliers Please refer to paragraph 23(b), chapter 7 of the Guidelines for Foreign Exchange Transactions-2018, Vol-1 (GFET) in terms of which Authorized Dealers(ADs) need to obtain credit reports on foreign suppliers for the amount of LC/contract exceeding 10,000 US dollar against proforma invoices issued directly from abroad and 20,000 US dollar against indents issued by local agents. 02. To facilitate import trade, it has been decided to enhance the limit of non-requirement to obtain credit reports to 30,000 US dollar and 40,000 US dollar from 10,000 US dollar and 20,000 US dollar respectively. In respect of indents from local agents, ADs need to satisfy themselves that the respective agents are regular in repatriation of commission income. 03. ADs shall obtain the credit report for a supplier during the period of its validity. In no way, ADs are allowed to remit more than one time as collection cost for the credit report. During the validity, ADs shall use the report for all their importers importing from the same supplier. Depending on its usability, ADs shall set reasonable service charges attributable to respective importers. In addition, ADs shall accept credit report arranged by importers from other ADs. In this case, ADs need to receive the reports directly from other ADs concerned. Please bring the contents of this circular to the notice of your relevant clientele. Yours faithfully, (Md. Harun-Ar-Rashid) Director (FEPD) Phone: 9530123