Export to Bangladesh, the following 7 points you have to pay attention!

?The central bank's foreign exchange administration regulations: In addition to special circumstances, the import business must be paid in an irrevocable letter of credit. In the actual business operation, the letter of credit opened by the Bank of Bangladesh due to the large number of terms, especially the letter of credit 47A additional terms of the contents of the complex, making it a daily business "one of the most complex letters of credit." The purpose of this paper is to introduce the background of Bangladesh's foreign trade policy and help to understand the terms of Bangladesh's license.

??????Do not use CIF

Unless the Bangladesh Ministry of Commerce license, import trade are not allowed to use CIF way to protect the insurance industry in Bangladesh. Therefore, most of the trade terms in the Bengal letter of credit are CFR, and the requirement to submit shipping notice has also become an indispensable clause. For example: INSURANCE COVERED BY THE APPLICANT, DECLARATION OF SHIPMENT TO BE MADE AND MAIL TO XXX INSURANCE COMPANY LIMITED, PRINCIPAL BRANCH, SHANGHAI ROAD, 5TH FLOOR, DILKUSHA C / A, DHAKA-1000, BANGLADESH QUOTING INSURANCE COVER NOTE NO.ABCD / EF / GH-0066/01/2017 DATED 03.01.2017. A COPY OF SUCH DECLARATION MUST BE ACCOMPANIED THE ORIGINAL documentS.

??????importer information

Exports of Bangladesh products, packaging must specify the importer's company name, address, tax number, product name of origin, in order to check the relevant information inspection. Therefore, the letter of credit usually has the corresponding provisions, such as: COUNTRY OF ORIGIN MUST BE CLEARLY MENTIonED / PRINTED / LABELLED IN ENGLISH ON SURFACE OF EACH PACKING WITH INDELIBLE INK MENTIonING APPLICANT'S NAME AND ADDRESS AND THEIR IDENTIFICATION NUMBER 123456789999.BENEFICIARY'S DECLERATION IN THIS REGARD MUST BE INCORPORATED IN COMMERCIAL INVOICE AND PACKING LIST.
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??????PSI - pre-shipment inspection
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??????Bangladesh began implementing import commodities "PRSI-SHIPMENT-INSPECTION" on February 15, 2000, and carried out value assessment and bulk status inspection of goods destined for Bangladesh before shipment. PSI is a mandatory import management practices, usually by the Bangladesh government signed an international commodity inspection authorities for pre-shipment inspection. Commodity inspection agencies to complete the inspection, the goods in the invoice, the order on the endorsement, importers can apply for customs clearance and other import procedures. Has been endorsed invoices, boxes should be submitted to the bank with the invoice, the box must be completely consistent, otherwise, the export side will have to pay the risk of being refused, the importer of the import declaration will be in trouble.
The designated commodity inspection authorities generally check the goods according to the invoice, the box check the price of goods, HS code, cargo packaging, weight, quantity and other information to prevent the importer for tax evasion and low value, so the letter of credit usually require all documents must show the product The total gross weight, gross gross weight, total number of pieces, HS code and other information. Such as letter of credit requirements: LCAF NO.12345.IRC NO.AB-123456 AND HSCODE NO.1234.10.00 MUST BE MENTIonED IN INVOICE, PACKING LIST AND BILL OF LANDING.GROSS AND NET WEIGHT OF THE GOODS MUST BE MENTIonED IN INVOICE AND PACKING LIST.
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??????BIN NUMBER

Bangladesh Customs has opened a new electronic customs platform since July 1, 2013, requiring BIN NUMBER to be displayed on the import bill of lading. The letter of credit is usually prescribed as: BIN NUMBER 12345678911 OF THE APPLICANT MUST BE MENTIonED IN BILL OF LANDING, INVOICE, PACKING LIST AND IN ALL SHIPPING documentS.
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?????invoice

Part of the Bengal letter of credit requires an invoice to indicate "import UNDER CFER". For example: INVOICE MUST BE MARKED "import UNDER CFER". CFER full name is CASH FOREIGN EXCHANDE RESOURCES, refers to the import should be converted to the current exchange rate, rather than the trade term CFR wrong writing.

??????Certificate of origin

In addition to the invoices mentioned above, the bill of lading, the original bill of lading, and ultimately, the certificate of origin, the certificate of origin is also a mandatory requirement for the Bregu letter of credit, usually required to submit the origin of CCPIT certificate. The terms of the credit are: CERTIFICATE OF ORIGIN ISSUED BY CHAMBER OF COMMERCE OF EXPORTING COUNTRY IN FIVE COPIES IS CERTIFYING THAT THE GOODS ARE OF CHINA ORIGIN.

??????religion

Bangladesh is a typical religious country, Islam accounted for 88.3% of the population, Islam is their state religion. Due to religious reasons, the Bengal letter of credit will generally carry out special requirements for the flag of the carrier, does not allow the carrier to fly the flag of Israel and other countries. The relevant certificate issued by the shipping company is also a typical feature of the issuance of Bangladesh, such as: SHIPMENT OR TRANSHIPMENT BY FLAG VESSEL OF ISRAEL OR ANY OTHER COUNTRY UNDER UNITED NATIONS EMBARGO AND CALLING OF THE CARRYING VESSEL AT ANY PORT OF THOSE COUNTRIES ARE NOT ALLOWED, CERTIFICATE OF COMPLIANCE IN THIS REGARD FROM THE CARRIER OR THEIR AGENT MUST ACCOMPANY THE ORIGINAL documentS.
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?????to sum up

In practice, some bad banks in Bangladesh have a common violation of the behavior of the importer, if at this time coincides with the decline in commodity prices, may lead to some importers to get the goods after a variety of reasons to refuse to pay the money, and this An act to get the acquiescence of acquiescence. On the other hand, according to the relevant provisions of the Bangladesh Customs, fruit and vegetable class of the harbor period of 45 days, other imports of goods for 3 months, beyond this period does not apply for customs clearance and other related procedures, the goods will be auctioned, and our exporters will Recycling of goods back to the domestic cumbersome and expensive.

???????tips

Some of the common abbreviations in Bangladesh are:
LCA NO. = LETTER OF CREDIT AUTHORITY NO.
Letter of credit authorization number

IRC NO. = import REGISTRATION CERTIFICATE NO.
import license number

TIN NO. = TAX IDENTIFICATION NO.
importer in the country's tax registration number

VAT NO. = VALUE ADDED TAX NO.
VAT number

H.S.CODE NO. = HARMonIZATION SYSTEM CODE NO.
Coordination system code

BIN NO. = BUSINESS IDENTIFICATION NO.
VAT registration number