Bangladesh Bank has introduced greater flexibility for banks in dispatching export documents to buyers.
A circular issued by the Foreign Exchange Policy Department said that to accommodate customary practice in export trade, it has been decided that authorised dealers (ADs) of designated banks may allow exporters to dispatch export documents (excluding original transport document of title to cargo) directly to importers or their agents abroad through secured media, subject to observance of certain instructions.
The instructions include underlying sales contracts/letters of credit provide for such direct dispatch of export documents while ADs shall be satisfied with the arrangement of realization of export proceeds within the statutory period.
The ADs shall endorse original transport documents retained with them on receipt of payment against relevant export.
This is to clarify that export documents may also be dispatched by exporters against full export payment realized in advance, it said.
However, ADs shall obtain relevant export documents to adjust advance payment with related exports.
In terms of FE Circular No. 17, dated April 23, 2019, exporters are required to report transport/shipping information immediately in Bangladesh Bank online reporting portal, and submit relevant documents within 14 days from the date of shipment, inter alia, the BB mentioned.
