Reporting of import transactions under buyers' credits/suppliers' credits and matching of Bill of Entry

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular No. 07 Date: February 16, 2014 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Reporting of import transactions under buyers’ credits/suppliers’ credits and matching of Bill of Entry Attention of the Authorized Dealers (ADs) is invited to paragraph 21, chapter 2 of Guidelines for Foreign Exchange Transactions (GFET), Vol-2 regarding the reporting procedure for imports under foreign loans and grants. 02. In order to facilitate reporting against import transactions under buyers’ credits/approved external credits for which payment is made by foreign lenders at sight as per payment terms, it has been decided that ADs shall report the transactions under schedule EL-1 (as per amended format, copy enclosed) through issuance of IMP Form to Bangladesh Bank. Particulars of the EL-1 should also be reported in a separate schedule J/O-3 together with Form C to Bangladesh Bank. ADs should mark IMP Form, Schedule J/O-3 and Form C with bold letters “BC” or “EC” (as the case may be). While making the payment to foreign lenders on maturity, ADs shall report the transactions as settlement of buyers’ credit along with interest using TM Form under schedule E-3/P-3. 03. It has also been decided that ADs shall issue IMP Form for import under suppliers’ credits on acceptance of import documents and report the transactions under schedule EL-3 (as per amended format, copy enclosed) to Bangladesh Bank. Particulars of the EL-3 should also be reported in a separate schedule J/O-3 together with Form C to Bangladesh Bank. ADs should mark IMP Form, Schedule J/O-3 and Form C with bold letters “SC”. While making the payment to foreign suppliers on maturity, ADs shall report the transactions as settlement of suppliers’ credit along with interest using TM Form under schedule E-3/P-3. 04. Paragraph 31, chapter 7 of GFET-2009, Vol-1 requires matching of authenticated copy of the bill of entry/customs certified invoice with duplicate IMP form and invoice of relevant import within four months from the date of import payment. This is to clarify that in case of import under buyers’ credits/suppliers’ credits, ADs shall match authenticated copy of the bill of entry/customs certified invoice with duplicate IMP Form issued in accordance with paragraph 2 and 3 above and relevant invoice. 05. Other instructions of paragraph 21, chapter 2 of GFET, Vol-2 and paragraph 31, chapter 7 of GFET, Vol-1 will remain unchanged. Please bring the contents of this circular to the notice of all concerned. Yours faithfully, Enclosure: As stated (Md. Jahirul Hoque) Deputy General Manager Phone: 9512604

See Chapter 2 Para 21

SCHEDULE-EL-1/EL-2/EL-3 (Imports under Loans/Grants/Suppliers’ Credits/Buyers’ Credits/Approved External Credits) Period Name of Authorised Dealer Currency Particulars of Loan SI. No. IMP Form No. Quantity Unit Unit Volume Code Amount in Currency Code Number Country Commodity Category TOTAL: Signature: Date : .......................... Office Seal Stamp with name, designation & Phone no. App. 47