Foreign Exchange Market in Bangladesh

Topics: International trade, Import, Export Pages: 17 (5740 words) Published: April 8, 2011
Import Policy of Bangladesh

1. Introduction

1.1 Background: Bangladesh develop its three years import policy for 2009 to 2012 under the section 3(1) of Imports and Exports (Control) Act, 1950 (Act. XXXIX of 1950). It will be called “Import Policy Order, 2009-2012” and will be valid up to June 30, 2012 or until new Policy declared by the government after that date.

1.2 Scope and Limitation: The Bengali version of the import policy is available to read out summaries their by. But the English version of the policy still not circulated for the general public or the web page of the Bangladesh Government. The Thai trade in their webpage publishes an English version of the import policy that really helps in prepare the report. 1.3 Literature Review: This report has been based on “Import Policy Order 2009-2012” and some informal discussions with the professional and the course mate. 1.4. Suggestion: The report concise the import policy of Bangladesh in synchronization way to focus the import objectives. . 2. Overview of Import procedure and policy:

2.1 Import Procedure:
Import procedure is a specific system which is followed to purchase goods and services from abroad in exchange of money or monetary terms to fulfill the domestic demand and supply. The import procedure is classified by;

i) Purchase of goods and services from abroad
ii) Payment in foreign exchange.

2.2 Documents used in Foreign Trade:
International trade is not an issue between the seller and buyer but also two or more country involves. The buyer and seller are not known each other’s so their needs several documents. These are;

|Documents used in Foreign Trade | |Shipping Documents |Non-Shipping Documents | |Bill of Lading |Indent Letter | |Insurance Policy |Letter of Credit | |Bill of Exchange |Carter Party | |Invoice |Proforma Invoice | |Consular Invoice |Shipping Reports | |Certificate of Origin |Ship’s delivery order | | |Dock Receipt | | |Shipping Advice |

2.3 Objectives of Import Policy:
The main objectives of import policy are:
➢ To make the import policy more user freely under WTO; ➢ To take the advantage of technology and explore the modern technology; ➢ To facilitated the export processing industries; ➢ To ensure supply of necessary commodity at the crisis moment by importing.

2.4 Sum up of Import Policy:
The ‘Import Policy Order, 2009-2-12 contain nine chapter. Main points of each chapter are as follows:

1. Chapter One: Introduction :
• Whatever be there in the proposed Import Policy, if any specific decision is announced in the government budget or in any government order regarding import which is contradictory to this import policy, the budget/ government order will get priority. • ‘Entre-pot Trade’ means export of any imported goods into a third country with minimum 5% value addition (in addition to import value). In this case no change in shape, quality, quantity or otherwise of the item is required. Under entre-pot,...
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