From now, banks will have access to the customs system to match the bill of entry which will speed up the import process
The Bangladesh Bank has simplified the import process by allowing banks access to the online bill of entry through the customs automated system.
To simplify import transactions, it has been decided that banks may accept a bill of entry accessible to them through the customs automated system to dispose IMP form on completion, said a Bangladesh Bank circular issued yesterday.
An IMP form is used by an importer to apply to banks for payments against imports into Bangladesh.
Now the IMP forms will have to be submitted in "one original by the importer or his duly authorised representative."
The Bangladesh Bank monitors import payments through reconciliation with the arrival of relative goods.
In support of the arrival, the importers need to submit a bill of entry to authorised dealers (ADs) within the statutory period to enable them to observe regulatory procedures for reconciliation.