Bangladesh Bank now mandates Value, Unit Price, and Quantity in Pro Forma Invoice
September 24, 2023.
According to the Guidelines for Foreign Exchange Transactions, Volume-1, Chapter-7, Section-2, Para-20, Authorized Dealer banks must verify the importer-exporter’s information, the country of origin of the goods, and the competitive price of the respective goods in the international market before opening any Letters of Credit (LCs).
Bangladesh Bank has asked AD banks to seek the following details in Purchase Invoices (PI) from exporters or indents, as per FEPD Circular Letter No. 10 dated September 18, 2023, to verify the prices of imported commodities in conformity with international market rates.
Comprehensive product descriptions include quality, brand, date of manufacturing, packaging information, and any applicable product grade that distinguishes the product’s quality, as well as price and number per unit.
When importing numerous products under the same PI, each product should be specified separately, including the value, brand, date of manufacture, packing information, and any identifying characteristics, such as tags, relating to the product’s quality, price, and quantity per unit.
For several products imported under a single PI, show them in their natural units rather than using specified unit measurements such as kilograms, liters, or pieces.
Compliance with International Chamber of Commerce (ICC) approved incoterms and proper recording of transit charges, if applicable.
Precise specification of the first two digits of the HS code (a total of eight digits in total) enables the precise identification of imported goods.