The Bangladesh Bank on Sunday allowed banks to make payments against discrepant import bills if the importer accepts the discrepancies on reasonable grounds.
The central bank issued a circular on Sunday saying such waivers must not lead to any material change in the imported goods.
Banks have also been instructed to conduct proper checks when releasing delivery orders against import documents received directly by importers. In these cases, banks must ensure that the original documents do not raise questions of discrepancies.
Previously, payments against such documents were allowed only after goods were cleared from customs and supported by a bill of entry.
Business insiders said banks often could not make payments even if the importer waived the discrepancies, forcing foreign suppliers to wait until customs clearance.
They said the new instruction brings Bangladesh鈥檚 import payment rules closer to international standards and would help reduce costs related to confirmation charges and interest on import loans.
