Updated on : 17-04-2018
Bangladesh Bank has said the exporters would be allowed to pay the import payments of their subsidiaries or sister concerns from their export retention quota accounts.
The BB issued a circular to authorised dealer branches of all banks saying that from now on an exporter would be allowed to retain export proceeds in foreign currency for a period of 30 days to settle import payments of exporters’ subsidiaries within this time subject to observance of the instructions contained in paragraph 28(A)(ii) chapter 13 of Guidelines for Foreign Exchange Transactions.
The provision of the GFET instructed that ADs shall be satisfied that the fund will be used only for imports and repayment offoreign loan of the exporters or their subsidiaries or sister concerns by other ADs and the fund is unencumbered.
It also said that transfer will be executed through Foreign Demand Draft to be settled through BB clearing accounts of ADs and this instruction shall not be applicable for fund transfer and receipt in the same AD.
The exporter, earlier, allowed retaining export proceeds in foreign currency for a period of 30 days to settle import payments due within this time.
(Courtesy: New Age )
|Registration of companies to be done fully thru online from Dec: Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh
|20 to get 'President's Award for Industrial Development'
|List and destination of 10 major exportable products from Bangladesh in FY 2023-24.
|Commerce Minister has invited foreign businessmen including the European Union to invest in Bangladesh
|Bangladesh wants to achieve the export target of three hundred billion dollars-Commerce Minister