Bangladesh Bank Eases Remittance Rules for Discrepant Import Documents

The Bangladesh Bank has introduced further flexibility in handling import-related remittances. As per the revised policy, authorized dealers (“ADs”) may now make remittances against discrepant import documents—documents that do not fully comply with the original terms—if the discrepancies are waived by the importers on reasonable grounds that are acceptable to the ADs. However, these waivers must not lead to any material changes as defined in paragraph 31(c), chapter 7 of the Guidelines for Foreign Exchange Transactions (“GFET”)-2018. Additionally, ADs are instructed to conduct proper due diligence before issuing shipping guarantees, airway releases, or delivery orders based on copy documents received directly by importers, in order to avoid discrepancies in the original documents. This circular also officially modifies paragraph 26, chapter 7 of the GFET-2018 to reflect these updates.