Bangladesh Bank allows shipping documents in importers' names

Authorised dealer (AD) banks may permit exporters to arrange transport documents in the name of foreign importers or other designated parties for shipments valued at up to $100,000 or the equivalent, one of its circulars said.

Exporters can now despatch those documents directly to the importers or their nominated parties.

The decision is aimed at helping exporters meet requirements of global buyers as many overseas importers prefer documents to be issued in their own name and sent directly to them to speed up release of goods.

The central bank has also put in place safeguards to ensure that export earnings are repatriated to the country on time.

Banks must ensure there are valid export orders for such shipments and verify the genuineness of the foreign buyers or consignees before allowing the facility, the circular added.

Fibre2Fashion News Desk (DS)