The Bangladesh Bank on Wednesday asked the scheduled banks not to open any letter of credit for the business organisations which did not take business identification number (BIN) as importers.
The BB issued a circular letter to head offices and principal offices of all banks which are operating foreign exchange-related business saying that some business organisations were now opening LCs, generally known as import orders, without taking BIN as importers.
For this reason, complexity is being created to complete the customs-related process when the imported products reach at the ports of the country, the letter said.
Under the circumstances, the ports authorities fail to release the imported products in due time, it said.
The BB said that the National Board of Revenue had given directions on October 20, 2013 not to open LCs against the businesspeople whose BINs were not treated as importers.
The BB circular letter said that the business organisations which had taken BINs as manufactures and suppliers would not be able to open LCs if the NBR did not certify them as importers with the BINs.
The respective banks will have to take all responsibilities if they open LCs against
the business organisations which have no BINs as importers, the BB said.
The NBR also gave directions that the importers would have to include the descriptions of the imported products with the cargo manifestos so that container management would be completed appropriately.
The BB circular said that the banks would have to follow the NBR directions about including imported products’ description to remove the complexities when the imported products would be released.
A BB official told New Age that the NBR provided the BINs to the business organistions after they received the import registration certificates from the chief controller of export and import.
-With New Age input
