BB extends deadline for import payments

The central bank yesterday issued various notices and prolonged the deadline of the calm procedures for foreign trade enterprises in many sectors right until March 31 subsequent 12 months.

Financial institutions have been questioned to accept progress payments of up to $500,000 from enterprises trying to find to import Covid-19-linked lifesaving medicine and critical medical objects till March 31, according to a notice of the Bangladesh Lender. The deadline expired on September 30.

Importers are ordinarily allowed to make progress payments of a greatest of $10,000 for the import of standard things, which includes raw elements meant for industrial reasons and consumer products.

World drug providers are now refusing to export these types of merchandise if the payments are not produced in progress, stated a central financial institution official.

“That is why the banking regulator eased the principles.”

In a different purchase, the central lender has authorized the importers of industrial raw materials to love the a person-yr timeframe for creating import payments right up until March future calendar year.

Ahead of the pandemic, companies experienced to make the import payment for industrial uncooked materials within 6 months. This leisure aims to cushion the enterprises from the ongoing fiscal disaster stemming from the coronavirus pandemic.

Many exporters have by now imported a good sum of raw components to make merchandise meant for export, mentioned a central financial institution official.

But they are dealing with hurdles when trying to export their items in the wake of a fall in global demand from customers.

The exact same instruction will also be applicable for the importers in the agriculture sector, according to yet another see issued by the central financial institution.

Importers of agriculture gear and chemical fertilizers will be permitted to get the aid.

The guidance will assistance importers operate their businesses efficiently amid the financial slowdown, a central lender official stated.