As per the Guidelines for Foreign Exchange Transactions, Volume-1, Chapter-7, Section-2, Para-20, Authorized Dealer banks are required to verify the importer-exporter’s details, the country of origin of the goods, and the competitive price of the respective goods in the international market before opening any Letters of Credit (LCs).
By FEPD Circular Letter No. 10 dated September 18, 2023, to verify the prices of imported goods in alignment with international market rates, Bangladesh Bank now instructed AD banks to require the following details in the Purchase Invoices (PI) from exporters or indents:
- Comprehensive product descriptions, including quality, brand, date of manufacture, packaging information, and any applicable product grade that allows for the product’s quality to be distinguished, along with price and quantity per unit.
- In cases of importing multiple products under the same PI, each product should be described separately, including value, brand, date of manufacture, packaging information, and any distinguishing characteristics, such as tags, that relate to the product’s quality, price, and quantity per unit.
- For multiple goods imported under a single PI, present all the goods based on their natural units without the need for specific unit measurements like kilograms, liters, or pieces.
- Compliance with International Chamber of Commerce (ICC) approved incoterms and accurate documentation of transport charges when applicable.
- Precise specification of the first two digits (a total of 8 digits in full) of the HS code for the specific identification of the imported goods.