Import rules modernised with digital documents

The Bangladesh Bank (BB) yesterday introduced provisions for digital trade documents and alternative finance mechanisms, such as factoring to reduce the economy’s reliance on traditional paper-based Letters of Credit (LCs).

In a consolidated circular, the regulator said the new framework incorporates the use of Electronic Transferable Records (ETRs), a digital equivalent of paper-based transferable documents or instruments, such as bills of lading, and digital signatures.

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The move is aimed at achieving legal functional equivalence between paper-based and electronic documents, it said.

The framework covers a comprehensive range of import-related matters, including import trade procedures, online reporting, approved payment methods, and advance remittances.

It also provides detailed guidelines on bill of entry submissions, supplier’s and buyer’s credit, payment behaviour for timely settlements, and back-to-back LCs.

Additionally, the circular includes updated provisions on the retention of export proceeds for import payments, inland LCs in foreign currencies, and imports conducted through specialised and free trade zones.

Regulations regarding the import of gold, silver, jewellery, and foreign currency notes have also been integrated into the document.

The central bank stated that these instructions will remain valid for one year from August 13, 2026.

“Any new instructions issued during this period will be read in conjunction with the circular,” said a senior official of the BB.