Regulatory Alerts2017-11-19
Added · Updated
FEPD Circular No. 41: Regarding Imports of Spare Parts Under Deferred Payment LCs
LCAFs issued for the import of spare parts remain valid for remittances for 30 months following the month of issuance. Authorized Dealers may open letters of credit for industrial units to import necessary spare parts of capital machinery for own industrial use on a usance basis up to 360 days. For these deferred payment imports, prices must be internationally competitive, and all-in costs including usance interest must not exceed 6% per annum.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular No. 41 Date : November 19, 2017 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Regarding Imports of Spare Parts Under Deferred Payment LCs. Please refer to Chapter 7, Paragraph 3(c) and 33(a) (i) of the Guidelines for Foreign Exchange Transaction-2009 (GFET), Volume-1. It has been decided that LCAFs issued for the import of Spare Parts shall remain valid for remittances for 30 months following the month of issuance. Besides, Authorized Dealers (ADs) may also open LCs on behalf of industrial units to import necessary spare parts of capital machineries for own industrial use up to 360 days usance basis. For such deferred payment imports, the prices must be internationally competitive and all in cost including usance interest must not exceed 6% p.a. Please bring the contents of this circular to the notice of all your constituents.
Yours Faithfully, (Md. Abdul Mannan) Deputy General Manager Phone: 9530319
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