Dhaka, Bangladesh (BBN) - The Bangladesh Bank (BB), the country’s central bank, has allowed banks to consider discrepant import bills, waived by importers under reasonable grounds, as eligible for payments, officials said.
To bring flexibility in import trade, it has been decided that authorized dealer (AD) banks may consider discrepant import bills, waived by importers under reasonable grounds acceptable to ADs, as eligible for payments provided that such waivers will not result in material changes, according to a notification, issued by the central bank on Sunday.
Earlier, banks could allow remittances against discrepant documents or documents received directly by the importers after the goods have been cleared from the customs authority, supported by bill of entry.
However, banks should be alert so that the waivers will not result in material changes in the respective imports, the BB official explained.
They also said the notification would lead import regulations to be global standard. "It will also help reduce import cost in respect of confirmation charges and interest on import loans.”
The central bank also asked banks to conduct due diligence for the release of delivery orders against import documents received directly by importers.
In such releases, banks should take appropriate measures so that no question of discrepancies arises on original documents, according to the officials.
Earlier banks could not make payments even after waiving of discrepancies by importers, market insiders said, adding that foreign suppliers need to wait till the clearance of goods. "This was a risky proposition for foreign suppliers to export goods to Bangladesh."
BBN/SSR/AD