Regulatory Alerts2017-04-11
Added · Updated
FEPD Circular No. 17: Repatriation of export proceeds
The permissible period for repatriating export proceeds against exports to EPZs or EZs via land route is calculated from the date of onboard land transport specified in the transport receipt, rather than the shipment date. Authorized Dealers must report this specific transport date as the 'date of shipment' when submitting EXP reports through the Bangladesh Bank online module. This clarification modifies the application of the four-month repatriation deadline previously prescribed under Paragraph 13 of Chapter 8 of the Guidelines for Foreign Exchange Transactions-2009.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FECircular No. 17 Date: April 11, 2017 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Repatriation of export proceeds Paragraph 13, chapter 8 of Guidelines for Foreign Exchange Transactions-2009 (GFET), Vol-1 prescribes four months from the date of shipment within which full foreign exchange proceeds of exports must be repatriated. Paragraph 27, chapter 8 ibid stipulates that sales to EPZs in foreign currency are subject to observance of EXP Form procedure and repatriation of export proceeds within the stipulated time. This is to clarify that the permissible period for repatriation of export proceeds against export to EPZs/EZs through land route shall be countable from the date of onboard land transport specified in transport receipt. Accordingly, ADs shall, while EXP reporting, report this date of transport as 'date of shipment' to Bangladesh Bank online EXP reporting module. Please bring the above instructions to the notice of all concerned constituents. Yours faithfully, (Md. Abdul Mannan) Deputy General Manager Phone: 9530319
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