Attention of Authorized Dealers (ADs) is invited to FEPD CIRCULAR LETTER NO. 26 DATED 09.12.2012 regarding online reporting of foreign exchange transactions on daily basis through Bangladesh Bank online reporting system. Since online reporting system is in well place to generate EXP/IMP Forms based on the online reports of trade transactions by ADs, it has been decided to phase out submission of hard copies of EXP/IMP Forms with monthly returns to Bangladesh Bank. To generate these documents electronically with authenticity from the reporting system for legitimate purposes in future, a clause ‘This is an electronically generated document which does not require signature of declarant/issuer.’ is to be incorporated in the system. In the context of the decision, ADs shall observe the following instructions for issuance and disposal of these documents in physical form:
- Issuance and disposal of EXP Form: In terms of paragraph 10(i), chapter 8 of the Guidelines for Foreign Exchange Transactions-2009 (GFET), Vol-1, EXP Form is issued in quadruplicate. To rationalize documentation in export transactions, it has been decided to reduce the number of Forms from four sets to two sets renamed as First Original and Second Original (copies enclosed). Accordingly, EXP Forms annexed in FEPD CIRCULAR NO. 14 DATED 16.03.2014 shall stand amended. As usual, Customs Authorities, to whom AD’s certified EXP Forms submitted shall, after completion of their necessary formalities, return the Second Original EXP Form to the exporter/their authorized agent and forward the First Original EXP Form to the respective area office of Bangladesh Bank. Regarding disposal of EXP Form, ADs shall observe the following instructions:
(a) ADs shall arrange to pass all shipping documents covering goods declared of EXP Form within the prescribed period of 14 days of shipment and report the same to online reporting module without submitting Second Original EXP Form. ADs shall continue to hold Second Original EXP Form until the full proceeds are realized. During the non-realization stage of export proceeds, ADs shall, on demand, submit the EXP Form and full set of export documents to Bangladesh Bank.
(b) After realization of export proceeds, ADs shall certify on the reverse of the Second Original EXP Form and shall report the same to online reporting module. As usual ADs shall, without attachment of EXP Form, report the realization of export proceeds in relevant schedule of monthly returns to Bangladesh Bank. Afterwards, ADs shall retain Second Original EXP Form with them for record and eventual inspection for a period of 5(five) years. However, in respect of cases which are under investigation by Bangladesh Bank inspection team/other Government agencies, the EXP Form and full set of export documents shall be disposed of only after obtaining clearance from the inspection team/Government agency concerned.
- Issuance and disposal of IMP Form: In terms of paragraph 28(a), chapter 7, of GFET-2009, IMP Form for payment against imports must be submitted in duplicate by the importer or their authorized agent. As a part of phasing out submission of EXP/IMP Forms, ADs are no longer required to obtain IMP Form in duplicate from the importer. IMP Form (amended form with separation of FOB value; freight, insurance and other charges and reporting instructions in relevant schedules, copy enclosed) submitted by the importer should, therefore, be in original. Regarding disposal of IMP Form, ADs shall observe the following instructions:
(a) Immediately after import payment, ADs shall make online report to Bangladesh Bank reporting module; and report the import payment in usual monthly returns to Bangladesh Bank without attachment of IMP Form. ADs shall continue to hold IMP Form until the Customs certified Bill of Entry is received. During this stage of non-receipt of Customs Certified Bill of Entry, ADs shall, on demand, submit the IMP Form and full set of import documents to Bangladesh Bank.
(b) On receipt of Customs certified Bill of Entry evidencing import into Bangladesh, ADs shall report the same to online reporting portal after necessary verification. Afterwards, ADs shall retain the IMP Form and relevant Bill of Entry with full set of import documents including LCA Form with them for record and eventual inspection for a period of 5(five) years. However, in respect of cases which are under investigation by Bangladesh Bank inspection team/other Government agencies, the IMP Form and full set of import documents including Bill of Entry shall be disposed of only after obtaining clearance from the inspection team/Government agency concerned.
(c) The above instructions will also be applicable for import transactions under Buyer’s/Supplier’s credit as per stipulation of FEPD Circular No. 07 dated 16.02.2014.
- Prescribed size of EXP/IMP Forms: Prescribed size for EXP/IMP Forms as laid down in paragraph 17 (c), GFET, Vol-2 shall no longer be required for printing such documents. ADs may generate the forms in standard paper size maintaining uniformity for their exporter/importer customers.
- All other relevant instructions pertaining to disposal of EXP/IMP Form shall remain unchanged.
Please bring the above instructions, effective from October 01, 2015, to the notice of your concerned constituents.