Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Bangladesh Bank has issued a master circular consolidating all existing instructions on import transactions into a single reference document, aiming to simplify procedures, improve clarity for traders, and facilitate smoother cross-border trade.
The circular, issued on Thursday, will remain valid for one year and covers key areas including letters of credit (LC) and remittance rules, imports under sales contracts, supplier's and buyer's credit, software imports, inland LCs in foreign currency, and imports for export processing zones (EPZs), economic zones and hi-tech parks, as well as precious metals and jewellery.
The move follows a similar master circular on exports issued last month. Industry insiders say this consolidation will help importers and banks by reducing procedural ambiguities and aligning regulations with evolving global trade practices.
Business leaders have also urged the central bank to adopt this master circular model for other areas-such as outward remittance, foreign borrowings, foreign direct investment guidelines, and overseas investment-to further enhance policy transparency and ease of doing business.
jubairfe1980@gmail.com