BB scraps LC documents submission rule for land port imports

Bangladesh Bank (BB) has scrapped the requirement for Authorized Dealers (ADs) to submit LC documents for imports through land ports. The decision takes immediate effect.

Previously, ADs were mandated under paragraph 21(b), chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 to provide copies of LCs, amendments, and related documents to land port authorities. The central bank has now scrapped this rule, citing the operational online reporting system integrated with customs.

The revocation streamlines trade processes, eliminating redundant paperwork. All other foreign exchange regulations remain unchanged. ADs must promptly notify their clients of this update.
The Foreign Exchange Policy Department issued the directive on Thursday via FE Circular Letter No.14