Bank must check importer's BERC licence while opening LC for petroleum import
Dhaka: Bangladesh Bank has made it mandatory for banks to check for BERC licence while opening LC for import of petroleum by power and energy companies.
According to a circular, issued by the Foreign Exchange Policy Department (FEPC) of the central bank dated 25 January, the dealer banks have to check the licence of the importing companies while opening LC (letter of credit) with banks, reports UNB.
It said that it is being observed that despite the letter of the Bangladesh Energy Regulatory Commission (BERC) to the banks, they are not following instructions to check the licence of the importers of paraffin products including petroleum while opening the LC.
It said Bangladesh Bank also previously advised banks to check whether importers have BERC licence or not. But the banks are not following the advice.