•
L/C restricted or not.
•
Exporter submitted documents before expiry date of the credit.
•
Shortage of documents etc.
Particular verification: •
Each and every document should be verified with the L/C.
3.2 Import Section: Imports of goods into Bangladesh is regulated by the ministry of commerce and industry in terms of the Import and Export (Control) Act, 1950, with import policy orders issued by annually, and Public Notices issued from time to time by the office of the Chief Controller of Import and Export (CCI & E). Through the process of import some vital but which are inadequate in our country products are imported to meet the local needs of the people. 3.2.1 Import Mechanism To import, a person should be competent to be an 'importer. According to Import and Export (Control) Act, 1950, the officer of Chief Controller of Import and Export provides the registration (IRC) to the importer. After obtaining this, the person has to secure a letter of credit authorization (LCA) from Bangladesh Bank. And then a person becomes a qualified importer. His requests o instructs the opening bank to open an L/C. Import may be allowed under the following sources of finance: (a) Cashi. Cash foreign exchange (balance of the foreign exchange reserve of Bangladesh Bank; ii. Foreign currency accounts maintained by Bangladeshi National working/living abroad. (b)
External economic aid.
(c)
Commodity exchange.