| 1. |
Authorised Dealers must
maintain proper records of all in foreign exchange including
transactions on non-resident Taka dealings accounts in their books.
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Maintenance of records |
| 2. |
Authorised Dealers must submit
Returns and Statements to the Bangladesh Bank as prescribed in this
Chapter. Where there is no transaction to report during a particular
period, a NIL Return/ Statement should be submitted. The Returns/
Statements must he submitted to the Bangladesh Bank within the
prescribed dates. These Returns/ Statements are of great importance
to the Bangladesh Bank and it is essential, therefore, that care
should be taken by the Authorised Dealers to ensure that all
transactions are correctly reported and the relative forms are
properly filled in. The Bangladesh Bank will take a serious view of
the failure of any branch of an Authorised Dealer to furnish returns
regularly or Promptly as well as of irregularities. If any, detected
in the operations of any branch and where it deems fit, it may
direct the Authorised Dealer concerned to refrain from transacting
foreign exchange business at the branch concerned.
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Submission of Returns to
the Bangladesh Bank |
| 3. |
The system of reporting
transactions is designed to compile figures on the basis of actual
entries in the currency accounts so that there are no Suspense
items.
Authorised Dealers should
report transactions as per following procedure:
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(a) |
Exports:
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(i) |
Export bills drawn under
confirmed and irrevocable Letters of Credit:
Transactions in respect of export bills negotiated by Authorised
Dealers should be reported as purchases only at the time entries are
made in the currency account duly supported by EXP Form (Appendix
5/64, Vol. 1) and Schedule A.
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(ii) |
Export bills drawn on
collection basis:
Sometimes Authorised Dealers also purchase export bills drawn on
collection/CAD basis. Transactions relating to such export bills
should be reported as outright purchases against "Exports"
in the Summary Statement after the transactions are put through the
currency account on receipt of advice of realisation of the export
proceeds.
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The following reporting
procedure will be observed with regard to the export bills
re-discounted with the Bangladesh Bank.
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(iii) |
Export bills pertaining to
head office or branch maintaining independent currency account:
When export bills are re-discounted with the Bangladesh Bank, the
transactions should be reported as purchases in the Summary
Statement supported by Schedule A and EXP Form and the contra
entries should be reported on Schedule D as sales to the Bangladesh
Bank.
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(iv) |
Export bills pertaining to
branch not maintaining its own currency account:
As and when the export bills are re-discounted by the Bangladesh
Bank the branch concerned will report the transaction as purchase in
the Summary Statement duly supported by Schedule A and EXP form. The
head office of the bank maintaining the currency account will report
the said purchase under the head "Branch transactions adjusted
through this Account" supported by Schedule O and the contra
entry should be reported on Schedule D as sale to the Bangladesh
Bank. Authorised Dealers should ensure that transactions by head
office and the branch are booked in the same reporting period.
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(b) |
Other Receipts:
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The procedure indicated if
subpara (a) (i) above should also be followed with regard to DDs and
MTs etc.; In other words, purchases in respect of DDs and MTs etc.
should be reported only when the transactions are put through the
currency accounts.
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(c) |
Imports:
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(i) |
In case of import bills drawn
under Letters of Credit, the foreign currency accounts of the
Authorised Dealers are debited at the time of negotiation of
documents by their foreign correspondents. Accordingly, sales on
account of import bills drawn under confirmed and irrevocable
Letters of Credit should be reported when the transactions are put
through the currency account on receipt of import documents and not
on the basis of retirement of bills by the importers.
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(ii) |
All sales on account of imports
are required to be supported by the original copy of the IMP Form
(Appendix 5/13, Vol.1). In view of the time lag between the date of
receipt of the import bills and the date of their retirement by the
importers it may not be possible to submit original copy of the IMP
Form duly signed by the importers. In such cases, Authorised Dealers
should fill in the quadruplicate copy of the IMP Form and submit it
along with the relevant schedule and the Summary Statement. The
original copy of the IMP Form should be submitted after it has been
signed by the importer.
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(iii) |
With regard to import bills
received on collection/ CAD basis, the transactions will be reported
on Schedule E-2 supported by original IMP Form.
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(d) |
Other Payments:
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Transactions relating to DDs
and MTs issued by the Authorised Dealers should also be reported
only at the time entries are made in the currency accounts.
Transactions in non-resident
Taka accounts of foreign banks and correspondents including barter
accounts should also be reported by Authorised Dealers in the manner
indicated in this paragraph.
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| 4. |
Authorised Dealers will give
code numbers for all receipts as well as payment transactions on the
relevant forms as also in the columns provided in the relevant
Schedules, including stubs given on the right hand top of the
Schedules relating to "Period", "Authorised
Dealers" and "Currency".
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Coding of Transactions |
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(a) |
Separate Code Lists have
been provided for the following items:
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| PERIOD |
Code - 0 |
| AUTHORISED DEALER |
Code - 1 |
| CURRENCY |
Code - 2 |
| COUNTRY/TERRlTORY/REGION |
Code - 3 |
| EXPORTS (visible receipts) |
HS Code Guide |
| INVISIBLE RECEIPTS |
Code - 5 |
| IMPORTS (visible payments) |
HS Code Guide |
| INVISIBLE PAYMENTS |
Code - 7 |
| CATEGORY/DEPARTMENT/SECTOR |
Code - 8 |
| UNIT |
Code - 9 |
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Authorised Dealers are advised
to use the HS Code Numbers from the HS Code Guide titled "The
Harmonized Commodity Description and Coding System" published
by the Bangladesh Bureau of Statistics while reporting of commodity
exports and imports in the relevant Schedules. Authorised Dealers
are also advised to take utmost care while reporting of the Unit
Code in the relevant Schedules. They are to choose the Specific unit
of the commodity as corresponds to the right of each of the
commodity items. If export or import contract is in a unit other
than the specific unit, the Authorised Dealers are advised to make
conversion of the contracted unit into the specific unit and
accordingly they will determine the quantity of the export or import
commodity.
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(b) |
For entering Code numbers on
various Schedules, the Code lists mentioned below against each
schedule should be referred to:
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|
| Title of Schedule |
Code lists to be used |
| A-1/0-1 |
HS
Code Guide, Code-9 and Code-3 |
| A-2/0-2 |
HS
Code Guide, Code-9 and Code-3 |
| A-3/0-3 |
Not
required |
| J-1/0-3 |
Code-3
and Code-5 (From 0001 to 5999) |
| J-2/0-3 |
Code-3
andCode-5 (From 6001 to 9999) |
| IRV1/0-4 |
Code-3
and Code-5 (From 0001 to 5999) |
| IRV2/0-4 |
Code-3
and Code 5 (From 6001 to 9999) |
| E-2/P-2 |
HS
Code Guide, Code-8, Code-9 and Code-3 |
| E-3/P-3 |
Code-3,
Code -7 (From 0001 to 5999) and Code-8 |
| E-4/P-4 |
Code-3,
Code-7 (From 6001 to 9999) and Code-8 |
| E-5/P-5 |
Not
required |
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(c) |
At the time of filling in
the forms the Authorised Dealer concerned should invariably enter
the relative Code numbers in the space provided for the same in the
.forms. The stubs earmarked for "Category" are to be used
only in cases of transactions relating to imports and invisible
payments.
It is further clarified that the stubs earmarked for
"Category" are not only meant for coding of payments for
imports or invisibles made by the public sector but also for coding
payments for imports or invisibles under Cash in the private sector
for which separate Code has been provided in Code-8. All payments
out of cash resources should be correctly correlated with those
given in Code-8 and Code number given accordingly. Authorised
Dealers will also follow the above procedure while coding the
transactions listed on the schedules as indicated in this paragraph.
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(d) |
The procedure indicated above
will apply mutatis mutandis to transactions under barter
arrangements and other special payment arrangements.
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(e) |
It should be ensured that the
description of transactions given in the relevant forms conforms to
the nomenclature given in the Code lists. Coding should be done with
extreme care. It is advisable to entrust the coding work to senior
responsible staff. To guard against any possible misclassification,
coding should be independently checked. For all amounts equivalent
to Taka 1 lac and above, the checking of Codes should be done by
supervisory staff and concerned officer.
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| 5. |
Authorised Dealers shall report
to the Bangladesh Bank particulars of all their foreign exchange
transactions, i.e., all outward and inward remittances effected,
whether through their accounts in foreign currencies or through the
Taka accounts of non-resident banks. For this purpose, Authorised
Dealers must submit to the Bangladesh Bank monthly Summarized
statements of their transactions in each currency in which a
position is maintained by them and also monthly summary statement of
transactions effected on the Taka accounts of non-resident banks.
The branches should submit the original copies of Statements/
Schedules directly to the Statistics Department, Bangladesh Bank,
Head Office, Dhaka the duplicate copies alongwith the relevant forms
should be endorsed to the concerned area office of Bangladesh Bank.
These monthly Statements/ Schedules from the branches should be so
dispatched as to reach the Statistics Department at Head Office and
the concerned area office of Bangladesh Bank by the 5th day of the
following month. The monthly Statements/ Schedules from the Head
Office/ Principal Office of the Authorised Dealer bank should
likewise reach the Statistics Department at Head Office and the
concerned area office of Bangladesh Bank by the l2th of the
following month.
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Reporting procedure for
cash transaction |
|
The Summary statements should
be furnished in:
Statement S-1 for transactions
in all foreign currencies other than for transactions with ACU
member countries (See Appendix-1).
Statement S-2 for transactions
with ACU member countries. (See Appendix-2).
Statement S-4 for transactions
in Taka accounts of non-resident bank branches and correspondents
held by Authorised Dealers (See Appendix-3).
Statement S-5 for transactions
in Barter and Special Trade Arrangement Accounts (See Appendix-4).
Statement S-6 for transactions
of sales and purchases of approved foreign currency notes. This
statement should be submitted in duplicate alongwith the usual
returns as per prescribed proforma (See Appendix-5).
Statement FCS-7 for
transactions in foreign currency accounts of Bangladesh nationals
working abroad (See Appendix-6).
Statement EFCS-8 for
transactions in exporters' foreign currency retention quota accounts
(See Appendix-7).
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| 6. |
(a) |
Each Summary statement will be
an abstract of the Authorised Dealer's ledger account and will
consist of totals under specified heads. Opening and closing
balances should be added making each summary a complete and balanced
statement.
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compilation of Summary
Statements |
|
(b) |
Authorised Dealers will
complete only one S-4 statement for each month in which consolidated
figures of all non-resident Taka bank accounts maintained with them
will be given. It will not be necessary to complete a separate S-4
statement for each non-resident Taka bank account.
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(c) |
While reporting transactions
tinder various commodity exchange agreements the banks designated
for handling Such transactions shall follow the procedure outlined
below:
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Reporting Procedure under |
|
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(i) |
The designated banks
maintaining barter accounts will submit country wise consolidated
S-5 statement covering all the barter accounts in respect of a
particular Country. In other words, separate monthly returns for
each barter account with a particular country need not be submitted.
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commodity exchange
agreements |
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(ii) |
The branches of the designated
banks which do not maintain barter accounts will not be required to
submit the S-5 staternent to the concerned area office of Bangladesh
Bank. These branches will report the transactions alongwith the
relevant forms to the designated branch which will be responsible
for consolidating all transactions in the Summary statement for
submission to the Bangladesh Bank alongwith the relevant forms and
schedules.
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| 7. |
To support the details of the
totals entered in the Summary statements, every statement must be
accompanied by schedules and the relative forms as indicated in the
Summary statements. The Schedules should be compiled as under:
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Supporting schedules and
forms of the summary statement |
|
Receipts and Payments Schedules
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(a) |
Preparation of Schedule A-1,
A-2, A-3, J-1, J-2, IRV-1, IRV-2, E-2, E-3, E-4 and E-5:
Each of the above schedules has a combined heading as under:
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| Schedule |
Combined Heading |
| A-1 |
A-1/0-1
7 (See Appendix-8) |
| A-2 |
A-2/0-2 (See
Appendix-9) |
| A-3 |
A-3/0-3 (See
Appendix-10) |
| J-1 |
J-1/0-3 (See
Appendix-11) |
| J-2 |
J-2/0-3 (See
Appendix-12) |
| IRV-1 |
IRV-1/0-4 (See
Appendix-23) |
| IRV-2 |
IRV-2/0-4 (See
Appendix-14) |
| E-2 |
E-2/P-2 (See
Appendix-15) |
| E-3 |
E-3/P-3 (See
Appendix-16) |
| E-4 |
E-4/P-4 (See
Appendix-17) |
| E-5 |
E-5/P-5 (See
Appendix-18) |
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Combined headings have been
provided to facilitate preparation of Schedules O & P in respect
of transactions of branches who do not maintain independent currency
positions but operates on the foreign currency accounts of the
head/principal office/ another branch, and themselves submit
unbalanced Summary Statements to the concerned area office of the
Bangladesh Bank. The procedure for preparation of these Schedules is
described in sub-para (n) of Para 8 below.
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| 8. |
(a) |
Schedule A-1, A-2 and A-3
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Purchase of foreign currencies
or debits to non-resident bank Taka accounts covering proceeds of
exports from Bangladesh will be listed on Schedule A as follows:
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Schedule A-1
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In cases where EXP Form is
certified against purchase of foreign currencies or debit to
non-resident Taka account, the transaction must be listed on a
relative Schedule A-1 in triplicate showing the number of the EXP
Form and the amount.
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Schedule A-2
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In cases where no EXP Form is
certified at the time of purchase of foreign currency or debit to
non-resident Taka account, the particulars will be listed on
Schedule A-2 in triplicate. Such cases will fall into two
categories:
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(a) |
Advance receipts for goods to
be exported.
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(b) |
Where the duplicate of tire EXP
Form has already been lodged with the Bangladesh Bank and the
triplicate is not available at the time when proceeds are received.
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If an advance remittance is
received for an export, the Authorised Dealer must make out an
Advance Receipt Voucher (See Appendix-19). When the EXP Form is
Ultimately made out and a deduction shown for the advance receipt,
the date of the Advance Receipt Voucher must be stated on the EXP
Form.
When proceeds of exports are
received and EXP Form is not available, an EXP Form Not Attached
Voucher (See Appendix- -20) must he completed.
Particulars of Advance Receipts
Vouchers and EXP Form Not Attached Voucher must be listed in
Schedule A-2.
Totals of Schedules A-1 and A-2
must be cast and the total of A-2 brought forward to A-1 and grand
total shown on the A-1 which must agree with the amount entered on
the Summary Statement. Even in cases where there are no certified
EXP Forms to be submitted with the Return an A-1 Schedule should be
completed showing a nil figure and giving the total figure of A-2
making up the grand total on A-1.
For every item in Schedules A-1
and A-2 a certified copy of EXP Form or a voucher, as applicable,
must be enclosed. Conversely, for every voucher or EXP Form
enclosed, there should be an item in the appropriate Schedule. No
EXP Form should be enclosed with the Return against which no receipt
is being reported on the Return. The forms and vouchers must be
sorted in the order they are listed. If more than one Schedule sheet
is used, the sheets must be serially numbered and stitched together.
Separate Schedules A-1, A-2 and
A-3 must be attached to the Summary Statement relating to each
currency. It is not permitted, for example, to enter the EXP Forms
in US Dollars and Sterling in the Same Summary Statement.
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Schedule A-3
|
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Schedule A-3/0-3 has been
solely designed to incorporate figures pertaining to purchase of
foreign currency against exports to Myanmar under Bangladesh-Myanmar
Border Trade Arrangement. The Authorised Dealer shall attach this
schedule with a separate Summary Statement S-1.
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(b) |
Schedule B (See
Appendix-21)
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Currency sold against
convertible foreign currencies is to be listed on Schedule B.
Separate Schedule Must be made out for each currency of which the
name must be written on Schedule and be attached to the relative
S-1, S-2 or S-6 Statement. Sales of currencies within the banks
should be in accordance with conditions/ restrictions as prescribed
by the Bangladesh Bank from time to time.
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(c) |
Schedule C (See
Appendix-22)
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Currencies Purchased from other
Authorised Dealers or branches in Bangladesh maintaining a separate
currency position must be listed on Schedule C. A separate Schedule
Must be made out for each currency of which the name must be written
on the Schedule and be attached to the relative S-1, S-7 or S-6
Statement.
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(d) |
Schedule D (See
Appendix-23)
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Foreign currencies purchased
from and sold to the Bangladesh Bank must be entered on Schedule D
and totals entered on the relative Summary Statements.
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(e) |
Schedules E-2, E-3, E-4 and
E-5
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Forms relating to sales of
foreign currencies to the public must be listed as under:
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(1) |
IMP Forms on Schedule E-2.
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(2) |
TM Forms on Schedules E-3 and
E-4.
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(3) |
No form is required for
Schedule E-5.
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As with Schedule A, a separate
Schedule must be made out for each currency and attached to the
respective S-1, S-2, S-4 or S-5 statement. For every item listed in
Schedules E (excepting E-5) there must be a payment form (IMP or TM,
as appropriate to the transaction) and these forms must accompany
the relative Schedules. No form should be submitted which is not
listed on the Schedules and forms should not be sent in duplicate.
E-5 is meant for reporting import payments to Myanmar under
Bangladesh-Myanmar Border Trade Arrangement.
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(f) |
Schedule F (See
Appendix-24)
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Currencies bought against sales
of other foreign currencies is to be listed on Schedule F. Separate
Schedule must be made out for each currency of which the name must
be written on the Schedule and be attached to the relative S-1, S-2
or S-6 statement. Purchases of currencies should not breach the
conditions/ restrictions prescribed by the Bangladesh Bank from time
to time.
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(g) |
Schedule G (See
Appendix-25)
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Currencies sold to other
Authorised Dealers or branches in Bangladesh maintaining a separate
currency position must be listed on Schedule G. A separate Schedule
must be made out for each currency of which the name must be written
on the Schedule and must be attached to the relative S-1, S-2 and
S-6 statements.
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(h) |
Schedule H (See
Appendix-26)
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Currencies bought against
credits to non-resident bank Taka accounts must be entered on
Schedule H. A separate Schedule must be made out for each currency
and attached in duplicate to the relative summary statement on form
S-1 or S-2 and total amount of currency shown on the Schedule must
agree with item 4 on the purchase side of the relative Summary
Statement while total of Bangladesh Taka figures must agree with the
totals of item 5 on credit side of S-4 statement.
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(i) |
(a) |
Schedule J (J-1/ 0-3,
J-2/0-3)
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All C forms (See Appendix-5/3,
Vol.1) must be listed on Schedule J, a separate list being made for
each currency. The Schedules must be attached to the relative S-1,
S-2 or S-4 statements and the totals on the Schedule must agree with
those entered in the statements.
For every item appearing in the
Schedule, a C Form must be attached. In cases of encashment of
foreign currency instruments by Foreign Missions in Bangladesh, the
name of the Mission concerned Should invariably be mentioned in the
C Form.
Authorised Dealers must
carefully, note that Schedule J is to cover items OTHER THAN
RECEIPTS FOR EXPORT. Export receipts are to be included under
Schedule A and not under Schedule J.
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(b) |
Inward Remittance Voucher
IRV (IRV-1/0-4, IRV-2/0-4)
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The voucher is designed to
collect details regarding inward remittances. Authorised Dealers
should give information in respect of "Purpose" as clearly
as possible. In cases where remittances are similar as to
"Purpose", "Country of origin" and
"Currency" in which payments have been received, the
Authorised Dealer may pass one combined entry on the voucher. In the
case of inward remittances of the Foreign Missions in Bangladesh,
the name of the Mission concerned should invariably be mentioned in
the "Inward Remittance Voucher". The total amount must
tally with the corresponding entry against item No.3 of the relative
Summary Statement.
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(j) |
Schedule K
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The Schedule K is not related
to the Summary Statements S-1, S-2 or S-4 (See Paragraph 18 below).
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(k) |
Schedule L(See
Appendix-27)
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|
|
TDebits to non-resident bank
Taka Accounts covering transfers to other non-resident bank Taka
Accounts must be listed on Schedule L and the total amounts of Taka
must agree with the total on S-4 statement. The Schedule should be
Submitted to the Bangladesh Bank in duplicate with the relative
Summary Statements.
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(l) |
Schedule M(See
Appendix-28)
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|
|
Debits to non-resident bank
Taka Accounts against sales of foreign currencies must be listed on
Schedule M and the total must agree with the amount entered on S-4
statement. Thus, for example, if US Dollars are sold to a US bank
against debit to that bank's non-resident Taka account, the US
Dollar will be reported against item No. 4 on the sales side of the
S-1 statement for US Dollar. The Schedule should be submitted to the
Bangladesh Bank in duplicate with the relative Summary Statements.
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(m) |
Schedule N(See
Appendix-29)
|
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|
|
The closing balances of the
non-resident bank Taka Accounts must be listed on Schedule N. They
should be grouped according to countries or currency groups. The
final total must agree with the amount entered for closing balance
on the S-4 statement.
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|
(n) |
Schedule O & P (See
Appendix-30 & 31)
|
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|
|
Branches that do not maintain
independent currency positions but operate on the foreign currency
accounts of their head office/ principal office/ another branch are
required to submit to the area office of the Bangladesh Bank
unbalanced Summary Statements S-1, S-2 etc. Their transactions
eventually reflect in the relative currency accounts although not in
the same reporting period. The transactions on account of Branches
booked in the currency account are reported on Schedule O & P.
The branches operating on head
office/ principal office/ another branch account will continue to
prepare the Summary Statements in the usual manner but prepare the
supporting Schedules in quadruplicate. The originals, duplicates and
triplicates of these Schedules after deleting O-1, O-2, O-3 and O-4
from the headings and similarly after deleting P-2, P-3 and P-4
respectively will be sent along-with the Summary Statements and
relevant forms to the concerned area office of the Bangladesh Bank.
The quadruplicate after deleting A-1, A-2, J-1, J-2, IRV-1, IRV-2,
E-2, E-3 and E-4 from the heading will be sent to the office of the
Authorised Dealer on whose foreign currency account they operate.
The Authorised Dealer whose
currency account has been operated upon will amend the Schedules
O-1, O-2, O-3, O-4, P-2, P-3 and P-4 received from the Branch by
deleting such entries which have not been booked during the
reporting period and adding those of the previous period which have
been booked during this period. The total of the amended Schedules
O-1, O-2, O-3, & O-4 will be listed on Schedule O and the total
of Schedules P-2, P-3 and P-4 listed on Schedule P for each branch.
The aggregates of Schedule O and P should respectively match with
items 8 of Purchase and Sale sides of the Summary Statements S-1,
S-2 and items 6 of Purchase and Sale side of the Summary Statement
S-4.
In view of the extra work
involved in the preparation of the supporting schedules in respect
of branch transactions the head office/ principal office may submit
these to the Bangladesh Bank within seven days from the date of
Submission of the Summary Statements/ Schedules. In other words,
Summary Statement alongwith all Schedules, other than O and P and
their supporting Schedules O-1, O-2, O-3, O-4, P-2, P-3 and P-4
should be submitted within the prescribed normal time limit, viz.,
by the 12th and the reconciled Schedules O and P by the 27th of the
following month.
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|
(0) |
Schedule R (See
Appendix-32)
|
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|
|
|
Credits to non-resident bank
Taka accounts covering transfers from other non-resident bank Taka
accounts must be listed on Schedule R and the total amounts of Taka
must agree with the total on S-4 Statement. The Schedule should be
submitted to the Bangladesh Bank in duplicate with the relative
Summary Statements.
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(p) |
Opening and Closing Balances
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The opening and closing
balances are to be taken from the currency accounts in the books of
the Authorised Dealer. The abbreviations Cr. or Dr. on the
summarized statements are intended to signify:
Cr.- Credit balances with
agents or correspondents abroad as shown by Debit balances in own
books.
Dr.- Debit balances with agents
or correspondents abroad as shown by Credit balances in own books.
Balances of customers' foreign
currency accounts should be excluded from the Authorised Dealer's
balances.
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(q) |
Items without Schedules
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|
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Schedules are not needed for
the following items on the various Statements viz.,
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|
| Statements |
Purchases side |
Sales side |
| (Item No.) |
(Item No.) |
| S-1 |
Nil |
4 |
| S-2 |
Nil |
4 |
| S-4 |
Nil |
5 |
| S-5 |
Nil |
5 |
| S-6 |
4 |
3 |
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|
|
|
All that is necessary is to
insert one total covering the relative period.
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| 9. |
Foreign currency notes
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|
|
Authorised Dealers are asked
not to include their holdings of foreign currency notes in the
balances reported on the S-1 and S-2 Statement and they are to omit
their transactions in currency notes completely except where such
transactions result directly in entries on their currency accounts.
Examples of these are when an Authorised Dealer under special
license imports bank or currency notes from abroad paying for them
by drawing on the currency account and alternatively when an
Authorised Dealer sends a batch of currency notes abroad to be
credited to his account. In the first instance the transaction
should be treated as sale of currency and reported on TM Form which
will be included in Schedule E-3. In second case the Authorised
Dealer will report the purchase of the currency under the head
"Purchases covering remittances from abroad other than for
exports" on the relative Summary Statement. Again, if a
traveller obtains US$ 1000 in TCs and US$ 500 in Federal Reserve
currency notes as his travel quota the transaction shall be included
in Statement S-1 as the sale of US$ 1000, the transaction of US$ 500
in currency notes being omitted.
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| 10. |
Method of dispatch of
Statements S-1, S-2, S-4, S-5 & S-6 to the Bangladesh Bank:
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The Statements being dispatched
to the Bangladesh Bank should be put in separate envelopes or
packages, i.e., each of the S-1, S-4, S-5 & S-6 Statements
separately. On the outside of the envelopes or covers, preferably on
the back in the top left corner, the name of the Authorised Dealer,
the last date of the respective period, the type of Statement
enclosed and the currency should be shown. Example:
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XYZ Bank
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|
Period ended 31.12.93
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Statement S-1
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Currency US$
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| 11. |
Deposits to and withdrawals
from the foreign currency account should not be included in the
usual Summary Statements viz., S-1, S-2 etc. of the Authorised
Dealers. Withdrawals made from these foreign currency accounts for
payment in Taka in Bangladesh should, however, be treated as inward
remittance and, therefore, the amount involved should be shown as
purchase in the usual Summary Statements viz., S-1, S-2 etc.
|
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Reporting of transactions
under FC accounts other than those of Bangladesh nationals working
abroad |
| 12. |
For reporting transactions
under foreign currency accounts of Bangladesh nationals working
abroad, head offices of Authorised Dealers will submit separate
monthly Summary Statements FCS-7 (Appendix-6) for Pound Sterling, US
Dollar, DM and Japanese Yen in duplicate in a consolidated form
covering figures from all Authorised Dealer branches, directly to
the Wage Earners' Cell, Foreign Exchange Policy Department,
Bangladesh Bank, Head Office, Dhaka by 10th of the following month.
The figures reported in Summary Statements must be supported by
Schedules FCR-1, 2, 3 etc. and FCP-1, 2, 3, etc. alongwith relevant
IMP, TM Forms. Transactions in currencies other than Pound Sterling,
US Dollar, DM and Japanese Yen should be reported in equivalent
Pound Sterling, US Dollar, DM or Japanese Yen.
Inward remittances received
from branches/ correspondents abroad in cover of Taka drafts/ TTs
should be reported in FCR-l and shown in Summary Statement FCS-7 at
serial 1. On disposal of foreign exchange, the resultant Taka
proceeds credited to non-resident Taka account of foreign branch/
correspondent should be reported in Schedule FCP- 1 (payment for
imports) if fund is utilized to cover payment for imports and in
FCP-6 (Transfer to FC account maintained with other Authorised
Dealers) in case fund is placed for sale or transferred to any other
Authorised Dealer.
Transactions which are settled
through the ACU mechanism utilizing funds from the foreign currency
accounts of Bangladesh nationals working abroad should be reported
on Summary Statement S-2. The supporting Schedules (E-2, E-3 etc.)
however should be separately and distinctly identified by means of a
suitable inscription according to the transaction's mode of
financing viz. cash, foreign currency funds of Bangladesh nationals
working abroad as the case may be. The summary total must agree with
the total of the Schedules.
|
|
Reporting of transactions
under FC accounts of Bangladesh nationals working abroad |
| 13. |
(a) |
Payments against inland LCs in
foreign exchange (See Para 32.B(1), Ch-15, Vol.1) will be reported
in Summary Statement S-1 against sl no 11 on sales side as
"payment against inland LC". The recipient Authorised
Dealer shall report the receipt as sl no 11 on the purchase side of
S-1 as "receipt in settlement of inland LC".
|
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Reporting of inland LC
settlements |
|
(b) |
Transactions in foreign
Currency retention quota accounts of exporters are to be reported in
the following manner:
|
|
Reporting of transactions |
|
|
(1) |
Monthly Summary Statement
EFCS-8 (See Appendix-7) containing all transactions made
under the exporters' foreign currency retention quota accounts shall
be prepared and submitted.
|
|
under exporters' FC
retention quota accounts |
|
|
(2) |
The amount in foreign
currencies (except ACU dollar) credited to retention quota account
(out of repatriated export proceeds) shall be shown under serial No.
9 in the sales side of S-1 as "Transfer on account of exporters
retention quota to EFCS-8". As a contra, this amount will be
shown in the Deposits side of statement EFCS-8 at serial No 1.
Schedule EFCR-1 (See Appendix-7-I) will accompany this
statement.
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(3) |
The amount in ACU dollar
credited to retention quota account out of export proceeds
repatriated under the ACU mechanism shall be shown in the sales side
of S-2 at serial 9 as "Transfer to S-1 on account of exporter's
retention quota". Simultaneously, this amount will be shown in
the purchase side of S-1 at serial No.9 as "Receipt from S-2/
S-4/ S-5 on account of exporter's retention quota." The same
amount will be reported as contra in the sales side of S-1 and
EFCS-8 as described in sub-para (2) above.
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(4) |
Retention quota against export
receipts through non-resident Taka account will be credited by the
Authorised Dealer to the retention quota account by selling
equivalent Pound Sterling/ US Dollar/ DM/ Japanese Yen, which will
be shown in the sales side of S-1 against Serial No. 9 as
"Transfer on account of Exporter's retention quota". This
amount will be reported in the deposits side of EFCS-8 at sl. No. 1
alongwith supporting schedule EFCR-l as mentioned in subpara (2)
above.
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(5) |
For barter transactions, the
same procedure as described under (3) above shall apply, except that
the transfer to S-1 will in this instance be from S-5 rather than
S-2.
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|
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(6) |
The portion of retention quota
maintained as term deposits is to be shown separately at item No. 1
on the Deposit side of EFCS-8 in the space provided for therein.
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|
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(7) |
The amounts debited from the
exporter's retention quota accounts for imports and other expenses
by the exporters should be reported in the withdrawal side against
Nos. 1 and 2 enclosing Schedules EFCP-1 and EFCP-2 respectively (See
Appendices 7-II and 7-III).
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|
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(8) |
Debits to retention quota
accounts for payment settlement through ACU should be shown in the
withdrawal side of EFCS-8 at sl no 3 as "Transfer to S-2 for
settlement under ACU" and its Contra on the purchase side of
S-2 at sl. No. 9 would be "Receipt by way of transfer from
EFCS-8 for payment through this account".
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| 14. |
In order that exports or other
invisible earnings of EPZ are accounted for the Authorised Dealers
will open Notional Account of EPZ' for their EPZ constituents to
which all foreign currency receipts in respect of the EPZ
constituents will be credited. Deposits into the Notional Account
will not be taken into the regular exchange position of the
Authorised Dealer. The portions of export proceeds of EPZ industries
encased to Taka will be taken into the regular exchange position of
the Authorised Dealers and reported in the normal Summary and
Schedules as invisible receipts by debit to the Notional Account.
EPZ will be treated as a
separate economic territory. A separate country code has been
assigned for EPZ, under which all foreign currency transactions with
EPZ, (between EPZ and Bangladesh) will be reported. For the
transactions of various nature, appropriate existing codes should be
used.
Authorised Dealers should
maintain separate register/ ledger for foreign exchange transactions
of EPZs. The forms for prescribed Returns and Summary Statements to
be used for EPZ transactions Should be printed in light yellow
coloured paper.
|
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Reporting of exports from
the EPZs |
| 15. |
Authorised Dealers may
amalgamate stocks of foreign currency notes purchased from customers
(and taken into exchange position) and those credited into FC
accounts of customers in so far as separate accounts are maintained
of these stocks. They may also transfer foreign currency notes from
one account to another with a corresponding transfer of funds from
or to the special accounts to or from the special accounts relating
to balances of customer's FC accounts.
Transfer of foreign currency
notes from the special accounts relating to balances of customer's
FC accounts to the exchange position of the Authorised Dealer should
be reported in S-6 Statement against item No. 3 (purchase from banks
in Bangladesh) and the transfer of the corresponding amount from the
Authorised Dealer's regular account to the aforesaid special account
as sale against item No. 6 of the S-1 statement. Similarly, transfer
of foreign currency notes from the exchange position of an
Authorised Dealer to the special account relating to balances of
customer's FC Accounts should be reported as sale against item No. 2
of the S-6 Statement and the corresponding transfer of the fund from
the said special account to the regular account of Authorised Dealer
should be reported as purchase against item No. 6 of the S-1
Statement.
|
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Amalgamation of cash
holdings pertaining to FC accounts of customers and regular accounts
of Authorised Dealer |
| 16. |
Transactions relating to
deposits into and withdrawals from FC accounts of Bangladesh
nationals working abroad Should be reported in Schedules FCR and FCP
as under:
|
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|
|
(a) |
Deposits:
|
|
|
|
|
(i) |
FCR-1 (Appendix-6-I)-Countrywise
inward remittances through banking channel.
|
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|
|
|
(ii) |
FCR-2 (Appendi-x-6-II)-Countrywise
inward remittances through non-resident Taka accounts.
|
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|
|
(iii) |
FCR-3 (Appendix-6-III)-Drafts,
TCs etc. locally deposited into FC accounts
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|
|
(iv) |
FCR-4 (Appendix-6-IV)-Countrywise
inward remittances through postal channel
|
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|
|
(v) |
FCR-6 (Appendix-6-V)-Transfers
from FC accounts maintained with other Authorised Dealers and/or
conversion from other foreign currency.
|
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|
|
(b) |
Withdrawals:
|
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|
|
|
(i) |
FCP-l (Appendix-6-VI)-Drafts
etc. issued for imports without LC.
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|
|
(ii) |
FCP-2 (AppendiY-6-VII)-Import
payments against LCs.
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|
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(iii) |
FCP-3 (Appendix-6-VIII)-Debits
raised for cost of passages for foreign travel.
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|
|
(iv) |
FCP-4 (Appendix-6-IX)-Debits
raised for travel expenses.
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|
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(v) |
FCP-5 (Appendix-6-X)-Miscellaneous
payments in foreign exchange.
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|
|
(vi) |
FCP-6 (Appendix-6-XI)-Purchase
by Authorised Dealer for transfer to S-1.
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(vii) |
FCP-8 (Appendix-6-XII)ūRemittances
to FC account holders.
|
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|
|
(viii) |
FCP-9 (Appendix-6-XIII)-Transfers
to FC accounts with other banks.
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| 17. |
Authorised Dealers themselves
shall make arrangements for printing of Forms and Returns from time
to time which should conform exactly to the size, color, contents
and format as prescribed by the Bangladesh Bank, in the following
manner:
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(a) |
The stubs provided on the forms
EXP and IMP will be filled in by Authorised Dealers in the following
manner:
The first three boxes of EXP
and IMP number will bear Authorised Dealer's branch code assigned by
the Bangladesh Bank and the next five boxes are meant for mentioning
the serial number of Register of Issuing Forms maintained at the
bank and the last two boxes are meant for mentioning the last two
digits of the year of registration.
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|
|
(b) |
Forms and Schedules other than
TM, IMP and EXP will not bear any serial number.
|
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|
|
(c) |
Size of different Forms,
Statements, Schedules etc. will be as under:
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|
|
|
| Name of Forms,
Statements, etc. |
Size |
Combined Heading |
| Length |
Breadth |
| Forms
EXP, IMP, TM andStatements S-1, S-2, S-4, S-5S-6, FCS-7 and
EFCS-8 |
36
cm |
23
cm |
| All
Schedules |
30
cm |
21
cm |
|
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|
|
(d) |
Papers of the following colours
should be used for printing the various Summary Statements:
|
|
|
|
|
| Name of Statement |
Colour |
| S-1 |
Light
green |
| S-2 |
Light
blue |
| S-4 |
Orange |
| S-5 |
Pink |
| S-6 |
White |
| Statement
for reporting |
|
| EPZ
transactions |
Light
yellow |
| FCS-7 |
Light
gray |
| EFCS-8 |
Grey |
|
|
|
|
|
Authorised Dealers should take
utmost care in the printing of these Forms exactly as prescribed,
and should ensure adequate supply of Forms to their customers to
avoid any complaint of non-availability/ scarcity.
|
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|
| 18. |
Authorised Dealers must submit
in Schedule K (See Appendix-33) quarterly Return of operations of
private non-resident Taka accounts of non-bank clients (i.e. other
than Taka accounts of non-resident banks which are reported on S-4
Statement). The Schedules should reach the concerned area office of
the Bangladesh Bank by 12th April, 12th July, I2th October and 12th
January. Only totals for all such accounts of credits and debits
passed during the period and of the balances arc required. Schedule
K consists of the following categories:
|
|
Operations on private
Non-resident Taka account |
|
(a) |
Private non-resident Taka
accounts of Indian nationals other than bank branches and
correspondents.
|
|
|
|
(b) |
Private non-resident Taka
accounts of non-Indian nationals excluding bank branches and
correspond e n is.
|
|
|
| 19. |
Head offices/ principal offices
of the Authorised Dealers are also required to submit the following
statements relating to imports/ exports to the General Manager,
Foreign Exchange Policy Department, Bangladesh Bank, Head Office,
Dhaka:
|
|
|
|
(a) |
Monthly statement of
outstanding payment commitments abroad in the prescribed proforma
(See Appendix-34) as of the month end, reaching the Bangladesh Bank
by the 15th of the following month. Position in regard to public
sector including TCB and the position in regard to the private
sector should be shown separately, using separate forms for each of
the following month.
|
|
Statement of outstanding
foreign payment commitments |
|
(b) |
Monthly Statement (See
Appendix-35) showing commodity wise value of import LCs outstanding
as of each month end, to reach the Bangladesh Bank by the 10th of
the following month.
|
|
Commodity wise statement
of import LCs opened and outstanding |
|
(c) |
Monthly statement (See
Appendix-36) of outstanding export bills its of each month end, to
reach the Bangladesh Bank by the 15th of the following month.
|
|
Statement of outstanding
export bills |
| 20. |
Authorised Dealers are required
to furnish half yearly returns in the prescribed proforma (See
Appendix-37) to the Bangladesh Bank as of end June and end December
showing the balances held by them in blocked accounts. These Return
should reach the Bangladesh Bank by the 7th July and 7th January
respectively. This return should show account holders resident in
each country separately. Similarly, half yearly Returns in the
prescribed protorma (See Appendix-38) showing the securities held by
Authorised Dealers in blocked accounts should also be furnished.
These Returns should include the balances and securities held in
non-resident accounts blocked by orders of the Bangladesh Bank.
Where there are no accounts or securities to report. Nil Return
Should be sent. The Returns as of 30th June and 31st December should
reach Bangladesh Bank by the 7th of July and January.
|
|
Returns of blocked
accounts and securities |
| 21. |
The procedure with regard to
coding as mentioned in this Chapter shall also apply to imports
under foreign loans and grants with the following modifications:
|
|
Reporting procedure for
imports under foreign loans and grant |
|
(a) |
IMP Forms shall be listed on a
schedule bearing combined EL-1 /EL-2 /EL-3 (See Appendiv-39). The
schedules will be prepared in duplicate in the following manner:
|
|
|
|
|
(i) |
In cases where no remittance is
involved, the heading EL-1 to be retained and headings EL-2/ EL-3
deleted.
|
|
|
|
|
(ii) |
In cases of imports under
reimbursable loans and credits under which payments are first made
out of Bangladesh's cash resources and are subsequently reimbursed
by loan/ grant giving agency, the heading EL-2 is to be retained and
the headings EL-1 /EL-3 to he deleted.
|
|
|
|
|
(iii) |
In Case of supplier's credit
under which remittance of down payment is involved the heading EL-3
to be retained and the headings EL-1 and EL-2 deleted. The relative
Schedule EL-3 bears pertinent country, commodity and category codes.
Payments of interest should, however, be reported on TM Forms and
Schedule E-4 and the purpose should invariably be coded against the
interest Code Number.
|
|
|
|
|
Authorised Dealers Should take
extreme care in reporting cases where IMP Forms are not required.
Such cases should invariably be reported in schedule EL-1. It should
also be noted that like EL-3. EL-1 and EL-2 bear pertinent country
|