Professional Documents
Culture Documents
Import
Import Trade Control
Import of goods into Bangladesh is regulated by the
Ministry of Commerce in terms of the Import and Export
(Control) Act, 1950 through:
1.
Registration of Importers
In terms of the Importers, Exporters & Indentors
(Registration) Order 1981:
No person can import goods into Bangladesh unless Registered with
CCI & E or exempted
AD must ensure above conditions before LCAF issues /LC
opening/making remittance for import
LCAF
a) The ADs are authorized to issue LCAFs in conformity
with the IPO
Defense required
LCAF (Cont.)
b) The ADs will not issue blank LCAFs to their clients
Transfer of LCAF if required through Bank to Bank not with the client
Terms of Imports
Appropriate Incoterms in LC as per prevailed IPO
Usually import on CFR/CPT basis
Also on FOB, CIF, CIP, DAF, DES, DEQ & DDU is allowed
FOB basis subject to provisions of Para 13 of this chapter.
Endorsement on LCAF
On the back of the exchange monitoring copy of LCAF
a. When LCs are opened state Taka equivalent at the ruling BC
selling Rate (spot)/actual forward rate
b. When amount is remitted Amount of remittance, IMP number,
LC number with date of opening & date of remittance
Cancellation of LCAF
On expiry of an LC unutilized partly or wholly, or on
cancellation or reversal of sale of foreign exchange, may be
cancelled with appropriate remarks.
Credit report
From Correspondent /Intl Credit Agencies (seyds /D& B)
Amount: Invoice $10,000 above , Indent $20,000 above
Validity: 12 months
Loss of goods
If completely lost, duplicate copy of the IMP form should be
forwarded to the BB giving full particulars of the loss and the
manner in which the Insurance claim has been collected.
In case of partial loss authenticated copy of customs bill of
entry also to be submitted
Export
Export permitted subject to:
a. Declaration to repatriate proceeds (EXP Form)
b. Within specified period
c. As per procedure specified by Bangladesh Bank
Export exempted from repatriation of Proceeds
a.
b.
c.
d.
e.
f.
Certifying EXP
Before certifying EXP must examine ERC from CCI&E.
ERC number should be quoted on the relative EXP
AD will ensure that each set of the forms is duly filled in
Enter record in Export Register (Appendix 5/20)
Exp No. AD Code(4 digit) + Serial (5digit) + Year (2 digit)
Certification putting signature and seal of the authorized
official of the AD
Export Formalities
After certify by the AD, EXP should be submitted to
custom authority along with shipping docs
Exporter will submit documents to AD along with
remaining copy of EXP forms
All shipping documents must be passed through the
medium of an AD within 14 days from the date of shipment
ADs should compare the signatures of BL with the
specimen signatures of the authorized officers of the
Steamer Companies to ensure genuineness of the
documents
Scrutiny the invoice & other docs to protect the under
valuing of Export
If there is small difference between EXP value & docs
value, AD may accept & negotiate
After negotiation AD will complete the certification in the
space on the Duplicate EXP Forms
B Types
B type industry may also be take Loan but no asset can be given as
collaterals in favor of non residents
Guarantee in favor of B type company against this Loan may be given
taking prior permission of BB
TK loan may be granted in favor of B type company up to 100 % of
Machinery value bought in by foreign partner , but will not exceed
equity of local partner without approval of BB
C Types
Credit facilities to C type company like the company outside EPZ
Supplier's credit
Industries for opening of import LCs on usance terms
against supplier's credits as per general or specific BOI
approval
All proposals for supplier's credits, financial loans from
institutions or individuals and debt issues in capital markets
abroad shall require prior authorization of BOI
AD will forward a copy of BOI approval letter & the loan
agreement to 'External Debt and Grant Section', Foreign
Exchange Policy Department, BB , HO
Short term suppliers credit of up to 360 days from suppliers
/ buyers abroad are, however, subject to the guidelines of
BB for current commercial transactions as per Chapter-7
Q&A
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