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BB eases use of ERQ for import payments

Updated on : 17-04-2018

BB eases use of ERQ for import payments

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 of
foreign 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 )

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