Don’t open LC without valid registration certificate: BB

The Bangladesh Bank on Tuesday asked banks not to open any letters of credit without valid and updated registration certificates of import.

In a circular, the regulator says it has noticed that some banks are opening LCs without valid and updated registration certificates. As a result, importers are facing complications in getting tax exemption facilities for unloading goods.

Importers are being deprived from tax exemption facilities due to the failure in submitting valid and updated registration certificates, says the notice, adding that the industrial enterprises are suffering financially due to this issue, which is also hindering overall investments in the country.