Regulatory Alerts2020-03-23
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FEPD Circular No. 15: Advance Payment against imports of life saving drugs, etc.
Authorized Dealers in Foreign Exchange in Bangladesh may effect advance payments up to USD 500,000 or equivalent without a repayment guarantee for the import of coronavirus-related life-saving drugs, medical kits/equipment, and other essential medical items. This authorization applies to urgent medical imports required for the containment of COVID-19 and supersedes the previous limit of USD 10,000 for such transactions. The circular remains valid until September 30, 2020.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 15 Date: 23 March 2020 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Advance payment against imports of life saving drugs, etc. Please refer to paragraph 27(1)(b), chapter 7 of the Guidelines for Foreign Exchange Transactions2018 (GFET), Vol-1 read with FE Circular No. 45, dated 25 November 2019 in terms of which Authorized Dealers (ADs) are allowed to effect advance payment up to USD 10,000.00 or equivalent other foreign currency against admissible imports. 02. To facilitate urgent medical imports required for containment of COVID-19, it has now been decided that ADs may effect, without repayment guarantee, advance payment up to USD 500,000.00 or equivalent other foreign currency for import of coronavirus related life saving drugs, medical kits/equipment and other essential medical items. 03. This circular will be valid till September 30, 2020. Relevant other instructions in this context shall remain unchanged. Please bring the instructions of this circular to the notice of all your concerned clientele immediately. Yours faithfully, (Mohammad Khurshid Wahab) General Manager Phone: 9530123
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