HOW DOES REPORTING ON ONLINE IMPORT MONITORING SYSTEM
- Importers are registered under Importers Exporters and Indentors (Registration) Order, 1981
- Imports are controlled by CCI&E under Imports and Exports (Control) Act, 1950
- LCAF is mandatory for all imports irrespective of the sources of payment.
- LC must be opened within 180 days of LCAF date for cash payment. Therefore LC date cannot exceed 180 days of LCAF date
- Shipment validity:
- 17 months from the LCAF date for importing Capital machinery
- 09 months form LCAF date for others
- Payment validity:
- 12 months from LCAF date for commercial goods
- 18 months from LCAF date for industrial goods
- LCA Commodity (HS Code)
- No bank can issue LCAF for without mentioning correct H.S Code
- HS code comprises of 08 digit
- First 06 digit of HS code is fixed world-wide
- Last 02 digit is decided country-wise
Letter of Credit (L/C):
- Choose the correct LC year, correct LC nature and maintain the serial
- LC value cannot exceed LCAF value
- Importer’s 11 digit BIN is a mandatory field. BIN is (Vat Registration Number) must be mentioned in LC, Bill of Lading and in other shipping documents.
- 28 Types of LCs on OIMS depending on types of transaction.
- Country of import relates to the bank sending the documents or bank to which the payment will be made. Country of origin relates to the country of original manufacturer. Country of origin must me mentioned in the face of goods, packaging, can and container.
- Two INCOTERM is widely used for import into Bangladesh, FOB and CFR.
- ADs are Generally authorize to import with any INCOTERM except for DDP, CIF and CIP
- ADs can’t issue LC using INCOTERM CIF and CIP without having permission from Ministry of Commerce except for there is definite clause in the Loan agreement or project agreement.
- IMP is a payment instrument. IMPs are issued in one original copy which shall be recorded at the respective LC file.
- Source of payment:
- Defined as the source of fund for payment. Cash FC bought by importer, ERQ, EDF, Loan, Buyer’s credit, supplier’s credit.
- IMP must be issued and reported online in the month branch accepts the documents against UPAS LC. (Discounting through resident OBU or Foreign Bank.)
- Source of payment as supplier’s credit is mentioned for longer term LCs opened with BOI permission.
- Source of payment as EDF is given that Bangladesh Bank approval of the EDF facility is provided.
- Check whether BB permission is taken for advance payment against import exceeding USD 5000 and USD 10000 if the source of payment is ERQ
IMP value Constraint:
- Sum of IMP value cannot exceed LC value
- Invoice value must be equal or higher than IMP amount+ Freight + Insurance +Other charges, that is,
Invoice value≥ IMP amount+ Freight + Insurance + Other Charges
- Bank Charge (i.e. discrepancy charge) deducted by branch need not be reported on the IMP Form
- Payment date is the value date of the payment
- One month’s IMP cannot be reported another month. No serial break is allowed
- Shipment date cannot be earlier than that of LCAF date or LC date
- Commodity unit conformity must be maintained among LC, LCAF, IMP and Bill of Entry
- If a portion or full amount of the IMP is refunded that must be informed to Bangladesh Bank so that BB can include the amount in IMP refund amount
Bill of Entry:
- Bill of entry issued by customs must be reported online and matched with IMP for full value Partially matched BOE also considered as overdue BOE (partial) and must be reported in monthly statement of Overdue BOE
- BOE issued based on commercial invoice
- Actual Pricing unit must be used in reporting of BOE
- BOE must be collected from customer and reported within 04 months of IMP date
- Multiple LC can me tagged with a single BOE
- Multiple BOE can be matched with single IMP and multiple IMP can be matched with single BOE
- Local LC is now of 13 digit.
- Acceptance need to be reported immediately as applicant accepts the documents to facilitate the beneficiary bank branch to purchase the bill
- Correct beneficiary bank branch need to be selected, so that the acceptance information is available to the beneficiary branch
- Maturity date must be reported correctly
- Bill only purchased upon receipt of authentic SWIFT message given that acceptance is reported by the LC issuing bank branch.
Problems in reporting Online:
- IRC duality: if the same IRC is reported for another importer, add a zero (0) after the IRC number of your importer.
- Wrong matching of IMP with BOE: Inform ID to solve the problem
- Wrong reporting in IMP and BOE: Any wrong reporting in IMP and BOE can be rectified through HO-ID. Therefore inform ID immediately to rectify the wrong reporting.
- Wrong IMP serial/No., LC serial:/No: Need to be deleted. Send the scan copy of the original IMP and LC for onward assistance of Bangladesh Bank in deleting the IMP/LC.
- Import without IRC: report the BOI/Ministry of Textile permission in instead of IRC in the mandatory IRC field.
- BOE reported by any other bank: inform the respective branch of the bank for removing the BOE number form their Report or inform ID with the scan copy of the BOE.
- Maturity extension (Foreign, Local): Inform ID with the respective SWIFT message of the beneficiary to change the due date of payment.
- Non-availability of acceptance of LC issuing bank branch: While proceed to report IBP sometimes the LC information or acceptance information does not appear. It can be for:
- Non-reporting of the LC by issuing bank branch
- Non-reporting of acceptance info
- Selecting wrong beneficiary branch
Branch can request the respective LC issuing branch to report the LC/acceptance or select the right beneficiary branch, otherwise contact with ID
- Non-availability of LCs on ASYCUDA:
- In all that cases of when client informs you that a particular LC is not available on ASYCUDA please make a apply change to the reporting immediately. Don’t apply multiple changes.
- You can inform ID to check whether the LC is available or not
- You can check the availability of the LCs beforehand or at the time you deliver the documents to the customer by asking ID.
- If any update is make to reporting of the LC i.e. amount, H.S code in BB dashboard which is not updated on ASYCUDA please also make a immediate apply change to the reporting.
Import Bill Scrutiny Checklist Import Bill Scrutiny Checklist Import Bill Scrutiny Checklist Following points should be carefully checked in respect of the relevant documents: (a) Forwarding schedule of the …
How to obtain Import Registration Certificate (IRC) in Bangladesh Required Supporting Documents: 1. Attested photocopy of valid Trade License 2. Tax Identification Number (TIN) 3. Attested photocopy of membership certificate …
HOW DOES REPORTING ON ONLINE IMPORT MONITORING SYSTEM Importers are registered under Importers Exporters and Indentors (Registration) Order, 1981 Imports are controlled by CCI&E under Imports and Exports (Control) Act, …
Import Policy Order The Import Policy Order covers a period of 5 years — the last one being for the period from July 2010 to June 2015. As per this …
H S CODE Classification of commodity has been introduced in early nineteenth century in Europe. Internationally accepted coding system was first introduced in 1931 as Brussels Nomenclature and in 1937 …
Post Import Finance: Some time branch faces difficulties in retiring import document against L/Cs opened under arranged post import finance facilities, due to lack of proper documentation formalities. In order …
Import Business of Islamic Bank Import Business : All Islamic bank of Bangladesh runs their import business is mainly divided into the following three categories: i) Import of Commercial goods. …
Foreign Remittance Definition: Remittance represents transfer of fund from one place to another through official channel. Foreign Remittance: Foreign Remittance refers remittance of Foreign currency that are received in and …
Stale Bill of Lading What is stale bill of lading A bill of lading is said to a stale it bears a date subsequent to the expiry date of credit …
Charter Party Bill of Lading (CPBOL) This is a contract for the hire of a whole or part of ship setting in detail the rights and obligations of the owners …