Attention of the Authorized Dealers (ADs) is invited to paragraph 23(b), chapter 7 of the Guidelines for Foreign Exchange Transactions (GFET), Vol-1 (2009 Edition) regarding collection of confidential report of the exporters (foreign suppliers).
- It has been decided that ADs should obtain confidential report of the exporters in all cases where the LC/Contract exceeds USD10,000 (earlier it was BDT 5 lac) in cases where proforma invoices are issued directly by foreign suppliers and USD 20,000 (earlier it was BDT 10 lac) in cases where indents are issued by local agents of the foreign suppliers.
- It has also been decided that such credit reports may be obtained from any internationally reputed credit rating agencies acceptable to ADs. Head Offices/Principal Offices of all ADs shall maintain a central database of collected credit reports and allow their ADs to use the relevant credit reports of foreign suppliers stored in the said database.
- All other instructions contained in paragraph 23(b), chapter 7, GFET, Vol-1(2009 Edition) would remain unchanged.
Please bring the contents of this circular to the notice of all concerned.