Regulatory Alerts2022-10-20
Added
Transactional procedures for import trade on phase-out of LCAF
The registration of Letter of Credit Authorization Forms (LCAF) by Authorized Dealers (ADs) is repealed, requiring ADs to obtain underlying indents, proforma invoices, or contracts before establishing letters of credit or initiating permissible imports. ADs must provide primary import information to Bangladesh Bank's online import monitoring system, report imports without LCs for industrial and commercial sectors, and ensure payments do not exceed the amount of underlying arrangements. The instructions become effective from November 20, 2022.
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