Post facto approval for settlement of import payment under back to back letter of credit through local sources

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd Circular letter no. FEPD(Import Policy)/123/2012-27 Date: 10 December, 2012 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Post facto approval for settlement of import payment under back to back letter of credit through local sources Attention of the Authorized Dealers (ADs) is invited to paragraph 38, chapter 7 of Guidelines for Foreign Exchange Transactions-2009 (GFET), Vol-1 regarding the instruction to obtain post facto approval from Bangladesh Bank (Foreign Exchange Operation Department) where import payment against back to back letter of credit is settled out of local sources fully / partially. 02. It has come to the notice of Bangladesh Bank that ADs are making inordinate delay in forwarding the applications for obtaining the approval on settlement of such payment. ADs are, therefore, advised to submit the applications to concerned offices of Bangladesh Bank for post facto approval within 15 days of the following month of effecting the payment. Please bring the content of this circular to the notice of all concerned. Yours faithfully, (Md. Golam Haider) Deputy General Manager Phone: 9530092