Pro forma invoice is to be collected from the supplier with supplier’s & consignee’s addresses, goodss description, quantity, value, unit price/rate, H.S. code, total amount, etc. to be included.
Supplier’s banking details-bank name, address, account number, telephone number, etc is to be provided.
Consignee’s application to bank on leter-head pad (with the pro forma invoice and banking details).
After the application, the bank will require Import Registration Certificate (IRC) to open the L/C. VAT Registration Certificate, TIN certificate, Trade License may be required by some banks in some cases.
After the process is completed, the bank will require the amount equal to the L/C amount. After the deposit of the amount is made, L/C opening bank will ready the L/C and insurance papers.
The L/C opening bank will inform the supplier’s bank. The L/C opening bank will send the papers to the supplier’s bank. Supplier’s bank will inform supplier about the receiving of the papers and ask them to ship the goods. The supplier will talk to a PSI company and will send the goods. Shipment arriving at port, the consignee needs to go to the bank and seek whether the documents (sent by the supplier and PSI company) have reached the bank. When the documents are collected from bank and submitted to Customs, the goods can be released.
Customs Clearance Procedures for Import
For imported goods into Bangladesh, shipping agents submit their manifest data (containing description of imported goods by ship) electronically to the Customs authority. In the case of import by truck (through land customs stations), trucking company/driver submits IGM to the customs authority. Once the Import General Manifest (IGM) is submitted online (In the case of import by truck, manually), the nominated C&F Agent (or the importer himself) completes the goods declaration (popularly known as Bill of Entry or B/E) from their own premises and submits the goods declaration to Customs systems through ASYCUDA World. The declaration or B/E has to be made in a specific format, known as Single Administrative Document (SAD).
The Prescribed Bill of Entry and Bill of Export Form Order, 2001 issued by the NBR outlines the documentary submission requirements. For release of goods from Customs, following documents need to be submitted along with the declaration for all types of imports: