BB permits e-submission of export documents under collection regulations
Authorised dealer (AD) banks are now permitted to process export documents through secure bank-to-bank electronic channels
Bangladesh Bank has allowed the electronic presentation and processing of export documents under documentary collection arrangements, a move aimed at bringing export procedures in line with the country's ongoing digitisation efforts.
The central bank issued a circular today (6 January) outlining new rules for handling export documents electronically.
A senior Bangladesh Bank official told The Business Standard that the circular was intended to improve transparency in export transactions. Under the new system, exporters will be able to submit documents through secure online platforms, which is expected to significantly reduce processing time.
Keep updated, follow The Business Standard's Google news channel
At present, export documents are processed manually, a practice that often leads to delays and higher operational costs. The shift to electronic documentation is expected to streamline procedures, save time and reduce costs for exporters, while improving overall efficiency in trade operations.
The official said the Foreign Exchange Policy Department (FEPD) had already issued instructions through a circular, but banks would require time to put the necessary infrastructure in place.
As per the circular, authorised dealer (AD) banks are now permitted to process export documents through secure bank-to-bank electronic channels for both Documents against Payment (DP) and Documents against Acceptance (DA).
The process will follow the Uniform Rules for Collections (URC 522) and its Supplement for Electronic Presentation (eURC), subject to compliance with the prescribed guidelines.
Electronic processing will be allowed based on mutual agreement between local and overseas banks. This includes agreement on document formats and the place of presentation. Sales contracts must also clearly state that documentary collections will be handled electronically under eURC.
According to the circular, all documents may be presented electronically where Electronic Transferable Records (ETRs) are legally recognised.
In cases where ETRs are not permitted, title or other transferable documents must still be sent physically, while non-transferable documents may be transmitted electronically. Banks may also provide authenticated electronic copies in such situations.
The Bangladesh Bank has also allowed digital endorsement of title documents through recognised electronic platforms. These may include digital signatures, Digitally Signed Endorsement Certificates (DSEC), or SWIFT-based messages.
Authorised dealers have been instructed to ensure secure transmission of documents, proper record-keeping, and verification of digital signatures.
