BB relaxes import transaction rules

Bangladesh Bank (BB) today waived the requirement of submission of bill of entry (B/E) in hard copy by the importers for bringing simplification in import transactions.

To bring simplification in import transactions, it has been decided that authorized dealers (ADs) may accept B/E accessible to them through the customs automated system to dispose IMP Form on completion of matching formalities,” as per a BB circular issued today.

In this case, the banks will have to ensure payment of duties and taxes against the imports.

The instructions will be applicable only for import through custom houses having an automated system for issuance of bill of entry, the circular added.

(Source: BSS)