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Foreign Exchange Transactions: Import Check List

Import Documents- Foreign Exchange Transactions

1) Approval from Head Office (if required).
2) IRC checking / originai copy of IRC / genuineness and its validity /
checking payment of IRC fees.
3) Putting IRC fees.
4) Entitlement of IRC on IMP.
5) Validity of Indent / Proforma Invoice.
6) Renewal of the expired indent by the indentor
7) Indent /Proforma Invoice signed by the Importer and indentor/supplier
8) Copy of Trade License.
9) Certificate from chamber of Commerce and Industries /Trade
Association.
10) TIN/VAT registration.
11) Any other document if required by Controller of Import & Export
12) L/C application and Letter of Credit Authorization Form(LCAF) properly, correctly and completely filled,
stamped & signature of the importer verified properly.
13) Stamp and signature of A/D on the back of exchange monitoring
purpose copy of LCAF 14) Reporting of remittance should be ensured on LCAF with related IMP
form number
15) FC payment not exceeding LCAF value.
16) Endorsing sale of Foreign Currency on the back of LCAF with proper seal / signature of Bank.
17) Permission of Bangladesh Bank against remittance of excess value of
the LCAF (if any).
18) Disposal of fully utilized or unutilized LCAF
19) Bangladesh Bank registration number correctly reproduced in IMP
20) Approved Margin properly retained.
21) Checking banned country and item list.
22) Affixation and cancellation of stamps.
23) VAT/IT on L/C commission recovered properly.
24) Ensure that the relevant particulars of L/C application conform with
those stipulated in Indent /Proforma invoice.
25) Verification of Importer signature in Pl/Indent.
26) L/C Not opened against conditioned Indent.
27) Verification of indentor’s principal inclusion
28) Correctness of H.S. Code.
29) Collecting credit report of the supplier in time.
30) Validity of LCA entitlement of goods, amount etc. conforms to the L/C
application
31) Conversion and rate of exchange correctly applied.
32) Proper realization of charges like L/C commission, SWIFT, postage,
33) Insurance Cover Note- in the name of Issuing Bank-A/C Importer
34) Non-receipt of Money Receipt.
courier, telex etc.
covering required risks and voyage route.
35) Affixation of proper stamp in the cover note / Money Receipt.
36) LC advising copy / SWIFT L/C correctly &completely typed with
required terms and conditions.
37) Incorporation of instructions for Negotiating Bank as per bank’s
existing arrangement. 38) Reimbursement instructions for Reimbursing Bank.
39) If foreign bank’s confirmation is required, necessary permission should
be obtained from Head Office, International Division and accordingly
advising bank is advised as per bank’s existing arrangement.
40) If add confirmation is required on account of the applicant- charges
should be recovered from the applicant.
41) In case of Usance Letter of Credit, mention rate of interest clearly in the Letter of Credit.
42) Details of L/C properly put in the L/C opening register.
43) L/C properly dispatched / couriered or transmitted in time to the
respective advising Bank address.
44) Pre Shipment Inspection copy properly retained and forwarded to the address.
45) Proper submission of LCAF/LC copy to CCI&E./ Bangladesh Bank.

Amendment

(a) Obtain written application from the applicant of the credit duly signed
and verified by the bank.
(b) In case of increase of value, application for amendment is to be
supported by revised Indent/Proforma invoice evidencing consent of the
beneficiary
(c) In case of extension of shipment period, it should be ensured that
relative LCA is valid/revalidated / increased up to the period of
proposed extension.
(d) Amendment on increase of Credit amount and extension of shipmernt
period-both the cases amendment of Insurance Cover Note also to be
submitted.
(e)Proper recording and filling of amendment is to be maintained.
(f) Amendment charges (if on account of applicant) will be recovered and
necessary voucher is to be passed).

Lodgment

1) Intimation should be given to the party in time.
2) Acceptance letter from the party
3) Conversion of foreign currency into Bangladesh currency.
4) Entry into PAD registers, along with PAD number.
5) Entry into L/C opening registers by rounding the L/C No. with date. 6) Relative LCAF is to be endorsed showing the utilization of credit
amount. The utilized amount also to be noted in L/C file.
7) Stamping dispatch received seal and signature, date on the document
and Dispatch Register.
8) Proper Debit authority / Reimbursing Authority to the foreign Bank.
9) Affixation of stamp in bill of Exchange.
10) Attestation of IMP form.
11) Irregularities in IMP matching.
12) IMP forms duly signed / stamped by the importer are to be filed in the
respective L/C file.
13) Passing of all vouchers, Reversal of Liability vouches, Lodgment to
14) Reporting of L/C payment to Bangladesh Bank in the respective
15) No Payment made against discrepant bill without obtaining bill of entry.

Import Document Retirement

1) Calculation and realization of PAD interest as per prescribed raté of the
Bank
2) Realization of PAD interest against bill on collection basis.
3) Determination of other charges.
4) Preparation of cost memo (in printed form) on account of the customer
giving detail head of charges payable.
5) Proper entry in the Register
6) After retirement, document along with custom purpose copy of LCAF
to be delivered to the importer giving following endorsement-
(a) Received payment (b) Certified converted foreign currency (c)
The B/L, Transport document is to be endorsed for taking delivery of goods as Please deliver to….. or to the order of M/S…..
7) After retirement all types of loan (LIM, LTR) should be monitored
properly for its timely adjustment.

Reporting

1) Ensure reporting to respective banking authority or central bank with all necessary schedule in stipulated time frame.
2) Timely / Correctly submission of all LCAF / L/C copy IMP to
central bank and respective import export control office.
3) Submission of outstanding Bill of entry (outstanding exceeding 4
months) to central bank and respective import export control office 4) All other related statements.


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