agrani bank

Import trade in Bangladesh is controlled under the Import and Export control Act 1950.

Authorized Dealer Banks will import the goods into Bangladesh following the import policy, public notice, F.E. circular and other instructions from competent authorities from time to time.

5.10.2 Procedure of Import: Import of merchandise essentially involves two things: i.

Bringing of goods physically into the country. ii.

Remittance of foreign exchange towards the cost of the merchandise.

The Ministry of Commerce through the Chief Controller of Import regulates physical import and Exports being office at the important trade centre while Bangladesh Bank regulates the payment for the imports through its various departments. The following are the steps involved in import of merchandise into Bangladesh.

5.10.3 Registration of Import: In terms of the Importers, Exporters and Indenters (Registration) Order 1981, no person can import goods into Bangladesh unless he is registered with the Chief Controller of Import and Export or exempted from the provisions of the said order. So the following documents are required to be submitted to the licensing authority for registration as importers: i.

Questionnaire form duly filled in and signed ii.

Income tax registration certificate iii.

Trade License from the Municipal or Local Authority iv.

Bank certificate v.

Nationality certificate vi.

Partnership Deed where applicable vii.

Certificate of Registration with the Registrar of Joint Stock Companies and Memorandum and Articles of Association in case of Private and Public Ltd. Co. viii. Certificate from the Chamber of Commerce/Registered Trade Association ix.

Ownership documents or rent receipts of the place of business x.

Any other documents required under the relevant import policy.

After submission of the above documents and payment of requisite fees, if the documents are found in order and the C.C.I & E is satisfied, the Import Registration Certificate (IRC) is issued to the applicant-importer.

5.10.4 Import Policy: The Chief Controller of Imports and Exports announces the Import Policy concerning various aspects of imports. The main points covered by the import policy are the following: i. Items eligible for imports during the shipping period. ii. Procedure for formation of groups. iii. The dates for opening of L/C and shipment. iv. The rules for re-validation of the License/LCA and the L/C. 5.10.5 Licensing for Imports: Most imports into Bangladesh require a license from the Licensing Authority. In recent years, the task of licensing has been delegated to the commercial banks. It is done by LCA (Letter of Credit Authorization Form). Blank LCA forms can be obtained by the importer from their banker. The following documents are required to be submitted by the import to his banker: i. LCA Form property filled-in and signed.