Importers can now waive discrepant bills to ADs on reasonable grounds

The central bank has allowed banks to consider discrepant import bills, waived by importers under reasonable grounds, as eligible for payments, officials said.

To bring flexibility in import trade, it has been decided that authorised dealer (AD) banks may consider discrepant import bills, waived by importers under reasonable grounds acceptable to ADs, as eligible for payments provided that such waivers will not result in material changes, according to a notification, issued by the Bangladesh Bank (BB) on Sunday.

Earlier, banks could allow remittances against discrepant documents or documents received directly by the importers after the goods have been cleared from the customs authority, supported by bill of entry.

"Banks should be alert so that the waivers will not result in material changes in the respective imports," a BB senior official told the FE while replying to a query.

He also said the notification would lead import regulations to be global standard.

"It will also help reduce import cost in respect of confirmation charges and interest on import loans," the central banker explained.

The central bank also asked banks to conduct due diligence for the release of delivery orders against import documents received directly by importers.

In such releases, banks should take appropriate measures so that no question of discrepancies arises on original documents, the BB officials added.

Earlier banks could not make payments even after waiving of discrepancies by importers, market insiders said, adding that foreign suppliers need to wait till the clearance of goods.

"This was a risky proposition for foreign suppliers to export goods to Bangladesh."

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