The Bangladesh Bank has issued a circular obligating the importers to furnish comprehensive details about their imported products, encompassing factors such as the product's actual price, brand value, production timeline, packaging, and grade.
The circular, dispatched to all branches of Authorised Dealer banks by the Foreign Exchange and Policy Department of the central bank on Monday underlines the necessity for importers to disclose specific information in their PI (Product Information) submissions, encompassing crucial details like product price, brand valuation, production duration, packaging specifications, and product grade.
The circular also underscores that when importers procure identical products from other countries, they should not only specify the product unit (eg kilogram, litre, or piece) but also furnish the exact price.
The central bank in 2014 also issued a circular about import proceeds asking the AD branches of banks to follow the price, amount, and other product details.
An official of the central bank, seeking anonymity, told The Business Post, "Certain importers have been omitting the accurate price of their imported products. Consequently, the central bank has uncovered instances of money laundering through over-invoicing related to imports, prompting these stringent measures."
The official further said that a similar circular had been issued by the central bank in 2014, albeit with less comprehensive details. Therefore, this updated circular aims to clarify and reinforce these regulations, ensuring greater transparency and accuracy in import reporting.
