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, 2023
In 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.