
Circular No. 03 dated 9 August 2023 issued by the Foreign Exchange Operation Department of the Bangladesh Bank on the “Generation of the Forms “Information on freight charges on a prepaid basis against exports” and “Information on freight charges against FOB (or similar term) imports” by using the Bangladesh Bank’s Online Export Monitoring System and its Online Import Monitoring System”
September 6, 2023In a concerted effort to enhance the efficiency and precision of reporting freight charges for both exports and imports, the Bangladesh Bank has issued a circular mandating a shift towards a digital approach for this process.
The directive applies to all ADs, airlines, shipping companies, licensed freight forwarders, and general sales agents operating within Bangladesh. They are now obliged to accept freight charges in the local currency and issue certificates supporting such digitally.
Traditionally, these certificates were manually issued by ADs. To streamline and modernize this procedure, the Bangladesh Bank is now enforcing a digital approach. ADs must now generate two specific forms: “Information of freight charges on a prepaid basis against exports” and “Information of freight charges against FOB (or similar term) for imports.”
To accomplish this, they are mandated to utilize the Bangladesh Bank Online Export Monitoring System (“OEMS) for export-related charges and the Bangladesh Bank Online Import Monitoring System (OIMS) for import-related charges. Detailed instructions for generating these forms can be found in the user manuals located within the “Documents” section of OEMS and OIMS.
Exporters and importers must also provide the corresponding Form FF to freight forwarders, airlines, and shipping companies as proof of having paid the freight charges in the local currency. These forms have been introduced to facilitate the accurate reporting and tracking of freight charges throughout the export and import processes.
Furthermore, freight forwarders, airlines, and shipping companies are mandated to collect Form FF from the relevant exporter or importer as confirmation of the receipt of local currency freight charges. These completed forms must be submitted to the designated ADs when remitting surplus earnings or freight charges to their respective head offices, principals, or counterpart freight forwarders abroad.
Per the circular, all other instructions outlined in Paragraph-1 (viii) (a) and (b) of Chapter 10 of GFET remain unaltered.
KEYWORDS
RELATED EXPERIENCES
Related Articles
- Circular No. 03 dated 07 August 2023 issued by the Department of Financial Institutions and Markets of the Bangladesh Bank on “Taking Thumbprints on Loan-Related Charge Documents”
- September 6, 2023 - Circular No. 05 dated 10 August 2023 issued by the Foreign Exchange Investment Department of the Bangladesh Bank on “Opening and Operation of Non-Resident Investors’ Taka Accounts for Non-Resident Bangladeshis through Authorized Dealers’ Online Interactive Web Platforms”
- September 6, 2023 - Circular No. 10 dated 20 August 2023 issued by the Department of Financial Institutions and Markets of the Bangladesh Bank on “Loan Rescheduling for the Shipbuilding Industry”
- September 6, 2023 - Circular No. 13 dated 24 August 2023 issued by the Foreign Exchange Policy Department of the Bangladesh Bank on “Export Subsidies/Cash Incentives for the Financial Year 2023-24”
- September 6, 2023 - Circular No. 02 dated 30 August 2023 issued by the Sustainable Finance Department of the Bangladesh Bank on “Refinancing Scheme for Environmentally-Friendly Products, Projects, and Initiatives”
- September 6, 2023