The country’s importers of capital machinery will now get 30 months to settle payment against their imported items after filling up the letters of credit authorisation form instead of the previous duration of 18 months.
Bangladesh Bank on Tuesday issued a circular to authorised dealer branches saying that
it was observed that LCs and contracts for import of capital machinery
required phase-wise payments as part of the total import value, besides
usual and quarterly payments.
For this reason, a number of importers frequently fail to settle the import payment within 18 months and they require getting permission from the central bank to give the payment after the time frame, it said.
The BB said that the importers would get more than 30 months to settle the import payment of capital machinery if they settle the payment from their respective foreign currency accounts.
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