Reference is drawn to Para 22, Chapter 22 and Appendix 5/68 of the Guidelines for Foreign Exchange Transactions (GFET) 1996 (Vol-1) and Para 02 of the FEPD CIRCULAR NO. 06 DATED 20.07.1998 regarding issuance and verification of Export Proceed Realisation Certificate (PRC).
- It has now been decided that authentication of PRCs by Bangladesh Bank shall no longer be required for submission of the same against direct exports and deemed exports to different government agencies. In this context, Para 22, Chapter 22 of the GFET shall stand amended accordingly. It has further been decided to use separate proforma for issuance of PRCs by ADs against deemed exports. In this case, deemed exporters’ ADs are required to submit additional information such as beneficiary’s name, bill reference, paying bank branch’s name, realized amount, date of realisation etc. with the monthly Returns in support of the transactions to be reported as per Para 13(a), Chapter 2 of the GFET (Vol-2).
- ADs shall abide by the following instructions in case of issuance of PRCs:
- a) ADs shall use prescribed proforma in Annexure-1 instead of Appdx. 5/68 of GFET to issue PRCs for proceeds realised against direct exports while prescribed proforma in Annexure-2 shall be used to issue PRCs for proceeds realised against deemed exports.
- b) ADs shall issue original PRC for the requiring government authority as usual while another copy stamped/typed in bold ‘Verification Copy’ at the top of the prescribed proforma is to be issued for onward submission to the Area Offices of Bangladesh Bank.
- c) ADs shall submit monthly statement embodying a list of PRCs with corresponding reporting reference enclosing ‘Verification Copy’ of PRCs and copy of relevant schedules and additional information as mentioned at para 2 above for post facto checking/verification to the Area Offices of Bangladesh Bank by 15th of the following month. A ‘Verification Copy’ has to be preserved by the ADs for eventual inspection by Bangladesh Bank inspection team and for verification by other government agencies.
- d) Head Office/Principal Branch of the AD shall send updated list of its officials along with their specimen signatures, PA nos. and phone numbers who are authorised to sign PRCs to the Offices of the ‘Bond Commissionarate’ and ‘Directorate of Duty Exemption and Duty Drawback (DEDO)’ from time to time for verifying the genuineness of issued PRCs.
- ADs are advised to exercise utmost caution in issuing PRC to avoid any possible misuse. Any irregularity shall be treated as violation of Bangladesh Bank’s instructions. ADs are also advised to extend their full co-operation to different government agencies regarding verification of any PRC, if approached.
- ADs shall start issuance of PRCs under the new arrangements (as stated above) for proceeds realised from 01.07.2009 and onwards.
Enclosure: 2(two) pages.