Remittance against documents received directly by importers
Please refer to paragraph 26, chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1 in terms of which Authorized Dealers (ADs) are allowed to execute import payments against documents received directly by importers provided that the goods have been cleared from the customs, supported by authenticated copy of the customs bill of entry. The prevailing regulatory instructions allow ADs to facilitate the release of goods against documents received directly by importers.
2. It is observed that ADs are not following the regulations as mentioned above, causing delay in release of goods against documents received directly by importers. In view of the disruptions due to COVID-19 pandemic, ADs are advised to follow the above instructions regarding the documents received directly by importers to avoid delay in release of goods and make payment accordingly.
Please bring the contents of this circular letter to the notice of all your AD branches and central processing centers for the needful at their end.
Head offices/principal offices of all
Authorized Dealers in Bangladesh
Retention of foreign currency in single pool for back to back import payments
Please refer to paragraph 42(i), chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1 in terms of which Authorized Dealers (ADs) can maintain repatriated export proceeds, net of encashment up to the portion of value addition, in foreign currency in a single pool. Funds from this pool are useable for different back to back import payments of the same exporting unit on maturity basis to keep minimum involvement of AD’s own fund under the exchange position as well as to keep exporter free from debt burden.
2. It has come to the notice of Bangladesh Bank that the instructions as noted above are not properly observed by ADs which result in cost burden to exporters. This is to clarify that the prevailing regulatory framework permits back to back liabilities to be settled out of funds held in single pool irrespective of export proceeds whether associated or not with import liabilities waiting for payment.
You are advised to instruct all your AD branches to comply with the regulations meticulously.
All Authorized Dealers in
Foreign Exchange in Bangladesh
Inward remittances on account of refund against import payment
Please refer to paragraph 31(c) (3rd subparagraph), chapter 7 of the Guidelines for Foreign Exchange Transactions-2018, Vol-1 (GFET) read with FE Circular No. 26, dated 7 July 2019 in terms of which unmatched overdue bill of entry(s)/customs certified invoice(s) (partial or full) due to non-receipt/short receipt of goods as per LC/Contract/IMP may be settled by inward remittances from the same foreign supplier through banking channel.
02. To facilitate such refund transactions, it has now been decided that refund from legitimate sources irrespective of supplier may be acceptable provided that:
(a) There is bonafide business relationship between the remitter(s) and the supplier(s) with whom the earlier contract/LC was established;
(b) Remitter(s) will have to be from FATF compliant countries;
(c) ADs shall satisfy themselves regarding the authenticity (with reference to LC/Contract/Invoice) of the transactions and adhere to KYC and AML/CFT guidelines.
Other instructions in this regard shall remain unchanged. Please bring the contents of this circular, effective immediately, to the notice of your concerned clientele.
নতুন ১৩ ডিজিট সম্পন্ন নিবন্ধন সংখ্যা বিহীন কোন আমদানিকারকের পক্ষে ঋণপত্র ইস্যু না করা প্রসঙ্গে।
শিরোনামোক্ত বিষয়ে জাতীয় রাজস্ব বোর্ড এর ২৯/৯/২০১৯ তারিখের নথি নং-০৮.১.০০০০.০৬৮.১১.০০৫.১২(১০১)/২০১৭/৫৯৬ (কপি সংযক্ত) এর নির্দেশনা আপনাদের ু প্রয়োজনীয় ব্যবস্থা গ্রহণের জন্য হুবহু পুনর্মুদ্রণ করা হলো।
২। অনুগ্রহপূর্বক সংশ্লিষ্ট সকল পক্ষকে সার্কুলার পত্রের বিষয়বস্তু সম্পর্কে অবহিত করবেন।