BB allows payment against discrepant import bills with importer waiver

The Bangladesh Bank has permitted banks to process payments against discrepant import bills, provided that the importer waives the discrepancies on reasonable grounds.

The central bank said such import bills will be considered eligible for payment if the waivers do not cause any material changes to the nature of the imports, according to a circular issued today (20 April). 

Banks have also been advised to remain cautious while dealing with such cases to ensure transparency and compliance.

The circular further instructed banks to carry out proper due diligence before releasing delivery orders against import documents that are sent directly to importers. It emphasised that appropriate measures should be taken to prevent any issues related to discrepancies in original documents.

Under the previous rules, banks could only remit payments against discrepant documents or documents received directly by importers after the goods had been cleared by the customs authority and supported by a bill of entry.

According to industry insiders, the earlier regulation posed risks for foreign exporters, as they had to wait until customs clearance before receiving payment, even when discrepancies were waived by the importers. 

"This discouraged many suppliers from exporting to Bangladesh," said a senior trade official of a commercial bank.

They believe the new directive will improve trade facilitation, enhance confidence among foreign suppliers, and reduce the cost of imports by cutting down on confirmation charges and interest on import loans.

Business leaders welcomed the move, calling it a step towards aligning Bangladesh's import regime with international standards.