Regulatory Alerts2010-09-27
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FEPD Circular No. 18: Discounting/purchasing of bills against import on usance/deferred basis
Authorized Dealers of Foreign Exchange in Bangladesh are permitted to discount or purchase accepted usance or deferred bills against import from abroad based on banker-customer relationships, provided due diligence is applied. This clarification modifies the application of paragraph 5(b) in chapter 16 of the Guidelines for Foreign Exchange Transactions (GFET), Vol-1 (Edition 2009).
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Web site: www.bangladeshbank.org.bd FE Circular No. 18 Date: September 27 , 2010 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Discounting/purchasing of bills against import on usance/deferred basis With reference to paragraph 5(b), chapter 16 of Guidelines for Foreign Exchange Transactions (GFET), Vol-1 (Edition 2009) this is to clarify that Authorized Dealers are free to discount/purchase accepted usance/deferred bills against import from abroad on banker customer relationship applying due diligence.
Please acknowledge receipt. Yours faithfully, (Khandaker Abdus Salim) Deputy General Manager Phone: 7120375
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