Regulatory Alerts2013-07-03
Added · Updated
FEPD Circular No. 11: Credit report of the foreign supplier
Authorized Dealers must obtain confidential credit reports for foreign suppliers when Letters of Credit or contracts exceed USD 10,000 for direct proforma invoices or USD 20,000 for indents issued by local agents. These reports may be sourced from internationally reputed credit rating agencies acceptable to the Authorized Dealers. Head Offices or Principal Offices of Authorized Dealers are required to maintain a central database of these collected credit reports for use by their branches. Thresholds previously set at BDT 5 lac and BDT 10 lac are replaced by the new USD amounts, while other instructions in paragraph 23(b), chapter 7 of the Guidelines for Foreign Exchange Transactions remain unchanged.
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