Encash export proceeds within next working day: BB
The Bangladesh Bank has asked all authorised dealer banks to encash the value-added portion of export proceeds within the next working day.
In a circular issued on Sunday, the central bank also instructed the banks to encash the value-added portion of repatriated export proceeds in local currency "Bangladesh Taka (BDT)" before parking the eligible portion in a single pool for back to back payments.
The encashment of the value added portion and the parking of remainder in single pool shall be executed by the following business day on receipt of export proceeds in nostro accounts of designated ADs, the circular added.
Keep updated, follow The Business Standard's Google news channel
In another notification, the central bank also directed the banks regarding the process for export proceeds received through banks other than exporters' banks.
The proceeds-repatriating banks have to transfer the funds in foreign currency to exporters' banks designated for export transactions, according to the notification.
Authorised Dealers repatriating export proceeds are advised to transfer the fund in foreign currency to designated banks for export transactions
In case of payment against export bill discounting or early payment arrangement in foreign currency by other banks or offshore banking operations, the fund shall be transferred to designated banks.
Export proceeds repatriated through banks of buying agents shall also be transferred in foreign currency to exporters' banks, it noted.
