IMP Reporting Procedure

IMP Reporting Procedure

IMP Reporting Procedure

IMP Reporting :

  1. a)   IMP Forms:

All payments for imports into Bangladesh are required to be reported to Bangladesh Bank on IMP form. The Importer submits the IMP form in quadruplicate duly filled in and signed by him or by his authorized agent.

  1. b)   Remittance by A/D Branch
  2. i)    If the shipping documents covered by the import are received by the AD branch directly from the foreign correspondent under irrevocable L/C, the AD branch can approve the remittances if otherwise found in order and fully documented covered by a valid LCA form. Otherwise prior approval of Bangladesh Bank is to be obtained on IMP form on arrival of the goods into Bangladesh before effecting remittance to the foreign supplier.
  3. ii)   In case of import by post, the AD branches may make remittance against the import without prior approval of Bangladesh Bank only if the post parcels are addressed directly to the AD branch.

iii)   The relative original copy of IMP form is required to be certified by the AD branch accordingly in the space provided for the purpose along-with a copy of Invoice duly certifying the amount remitted and submitted to Foreign Exchange Policy Department of Bangladesh Bank with usual Monthly Return (Summary statement S-1, S-2, etc. as the case may be) supported by E-2 schedule. The other copies are to be retained by the AD branches for disposal in future according to Exchange Control Regulations.

  1. iv)  Bill of Entry for Consumption

The importer is required to produce Exchange Control copy of Custom Bill of Entry for consumption or customs certified invoice if import is made by post within 4 months from the date of remittance against the import is taken of having imported the goods physically. This B/E after proper checking with reference to relative IMP form as per instructions contained in Para 28(b) of Chapter CH-15 of Guide lines for Foreign Exchange transaction 1996 is to be matched with the duplicate copy of the relative IMP form previously retained by the branch and kept separately party-wise and month wise for inspection by the Inspectors of Exchange Control Dep’t. Of Bangladesh Bank, after which the same will be destroyed. If the importer does not submit the B/E within 4 months, the matter should be taken up with the concerned importer and also promptly reported to the area Foreign Exchange policy Dept. of Bangladesh Bank for further necessary action against the defaulting importer. Other copies of the IMP forms are to be filed in the relative file of the importer along-with other import documents.

 

Retirement of Import Document:

When the party releases the document from the bank by cash payment or under MPI, MTR, Musharaka, Bai muazzal facility it is known as retirement of the documents. Bank handovers the documents at the time of retirement so it should be careful to realize all the Bank dues against the documents. If documents are being released against banks investment it should be careful to maintain all the formalities including documentation formalities.

Works related to Retirement:

  1. Documents to be handed over to the client against payment or to the Bank’s enlisted C&F Agent, in case of Bank’s investment.
  2. Fund to be purchased in time.
  3. Bank charges to be realized as per norms.
  4. Party’s application for investment to be obtained along with charge documents.
  5. Actual profit to be realized
  6. Rebate to be allowed if applicable.

 

Accounting of (Cash Bills) Retirement:

Retirement may be done on cash payment by the party or creating Banks Investment in party’s A/C

  1. i) Cash Retirement from party’s A/C

Dr. Party’s A/C   Tk.

Dr. Profit Receivable ( Balance amount) (Rebate portion)  Tk.

Cr. Murabaha Import Bills  (MIB) Tk.

Cr. Income A/C, if any Tk.

 

  1. ii) MPI (Murabaha Post Import) / MTR ( Murabaha Trust Receipt)

Retirement under single deal.

 

Dr.-   MPI (Murabaha Post Import) / MTR ( Murabaha Trust Receipt) ( Total amount) Tk.

Cr.-    Murabaha Import Bills  (MIB) (Total amount) Tk.

Dr.-   Profit Receivable {MPI (Murabaha Post Import)/MTR (Murabaha Trust Receipt)}                                                     Tk.

Dr.-   Profit Receivable { Murabaha Import Bills  (MIB)} Tk.

IMP Reporting Procedure

 

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