Regulatory Alerts2019-07-07
Added · Updated
FEPD Circular No. 26: Adjustments of Bank charges associated with refund transactions
Authorized Dealers in Foreign Exchange in Bangladesh are permitted to deduct actual normal bank charges from refund amounts sent to foreign suppliers to resolve unmatched overdue bills of entry. These deductions, previously treated as usual charges, are now allowed to settle non-receipt or short receipt cases under the Guidelines for Foreign Exchange Transactions (GFET)-2018. Authorized Dealers must report the refunded amount to the Online Inward Remittance Monitoring System and apply to Bangladesh Bank to record the refund and deducted charges against the relevant Import Monitoring System entries. This directive is effective immediately.
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