Bangladesh Bank has consolidated its latest foreign-exchange regulations governing import transactions into a single circular, bringing together all import-related rules and instructions issued over the past year.
The new consolidated circular will remain effective for one year from Thursday, the central bank said.
With the circular taking effect, all previous instructions relating to import transactions will be superseded, while the existing reporting formats will remain unchanged.
The consolidated framework covers rules on import trade, online reporting, letters of credit (LCs), permitted payment methods, advance remittances, submission of bills of entry, suppliers’ and buyers’ credit, settlement of import liabilities and back-to-back LCs.
It also incorporates provisions on alternative trade-financing arrangements, digital processing of import documents, retention of export proceeds for import payments, inland LCs denominated in foreign currency and transactions involving specialised and free-trade zones.
The circular also brings under a single framework the rules governing imports of gold, silver, jewellery and foreign currency notes.
