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BB asks customs, banks to stop malpractice in import

Unveils guidelines

STAR BUSINESS REPORT
In a bid to stop malpractice in import procedure through land ports, Bangladesh Bank (BB) yesterday directed the banks and customs houses to set up direct communications between themselves through telephone, fax and internet.
In case of food import, postlanding inspection has also been made compulsory to make sure the food meets the internationally used Harmonised System Code. BB in a circular also said food products will not be unloaded without special audits.
The BB circular said the branches of the banks will have to send a copy of letters of credit (LCs), which will be opened for importing goods, to the customs houses of the
land ports. In case of any change in the LC, the banks will also have to inform the customs houses and send a copy to them.
BB also directed the NBR (National Board of Revenue) and banks to set up a data bank where all types of information relating to import will be preserved. The data bank will help them check any malpractice.
The circular also made it mandatory to submit import registration certificate and business identification numbers while opening a LC.
Earlier on December 8, a high-powered meeting chaired by Finance Minister M Saifur Rahman adopted some specific measures for immediate implementation to stop exploitation of customs and banking loopholes in the import procedure for money laundering.
After the meeting the finance minister explained that presently, importers open letters of credit to import expensive fine rice, but bring in cheap and coarse rice. A substantial amount of foreign exchange is being siphoned off thus and there is no scope now to detect these forgeries, he added.
In case of importing goods through the land ports, any LC worth over US$5,000 now has to be sent to the advising bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication). The meeting urged the authorities concerned to take immediate steps to develop infrastructure for such speedy telecommunication services.
According to another decision of the meeting, import duties from now
on have to be paid through pay orders, demand drafts or treasury chalans.
The decisions followed threadbare discussions on a report tabled by a high-powered committee formed earlier with BB Deputy Governor Mohammad A Rumee Ali in the chair. The other committee members are the managing directors of Sonali Bank, Janata Bank, Agrani Bank, National Bank, United Commercial Bank and Southeast Bank, BB executive director and deputy general manager, and NBR second secretary (tax).
Meanwhile, the NBR has already issued a circular containing similar directions to the customs houses.