Import Policy of Bangladesh

Topics: International trade, Import, Export Pages: 25 (9972 words) Published: June 8, 2011
Government is sincerely committed to fostering a gradual development of free market economy in the light of GATT agreement. In the interest of export promotion & investment in the country it is necessary to have a long term, stable, facultative & liberal Import Policy. With this and in view the present democratic government has taken steps to extend the duration of the Import Policy from two years to five years. Efforts have been made to make the Import Policy easier and more liberal by relaxing or rescinding the regulatory provisions of the previous Import Policy. Provisions have already been made to allow import of capital machinery and industrial raw materials on consignment basis without the cover of the Letter of Credit. Government has taken steps for quality control in the import of cement, fertilizer etc. In order to protect the interest of the consumers. Steps are afoot to ensure that in future all imported consumer items conform to a specified standard of quality. In the present Import Policy Order second hand/reconditioned machinery are importable subject to fulfillment of certain conditions. Gradually efforts will be made to classify those machinery under H.S. Code. 2.  The main objectives of the Import Policy are :-

(a) to make the Import Policy Compatible with the changes in the world market that have occurred as a result of the introduction of market economy and signing of the GATT Agreement; (b) to simplify the procedures for import of capital machinery and industrial raw materials with a view to promoting export, and (c) to ensure growth of the indigenous industry and availability of high quality goods to the consumers at a reasonable price. 3. Achievement of the aforesaid objectives will depend on the help and cooperation of other relevant Ministries, Divisions of the Government and the Trade Organizations in the private Sector. ORDER

Dated the 10 th June, 1998
No. S.R.0.103/LAW/98 - In exercise of the powers conferred by sub-section (1) of section 3 of the Imports & Export (Control) Act. 1950 (XXXIX of 1950), the Government is pleased to make and issue the following order:  Chapter One

1. Short Title and Duration - (1) This Order may be called the Import Policy Order, 1997-2002. (2) Unless otherwise specified this Order shall apply to all imports into Bangladesh. (3) It shall remain in force from the 14th June, 1998 to 30th June, 2002. However, if required, Government may review this Order once in every year and may take decision as deemed fit. 2. Definitions - (1) In this Order, unless there is anything repugnant to the subject or context :-  (a) "ITC Schedule" means the Import Trade Control Schedule, 1988 published in the Gazette vide No. S.R.O. 181-L/88, dated 29-6-1988; (b) "ITC Number" means H. S. Code with six or more digit corresponding to the classification of goods as given in the Import Trade Control Schedule; (c) "Act" means the Imports and Exports (Control) Act, 1950 (XXXIX of 1950). (d) "Import control Authority" means the Chief Controller, and includes any other officer authorized to issue licences, permits or registration certificate under sub-section (2) of section 3 of the Act and under the relevant provisions of various Orders issued thereunder; (e) "Basis of Imports" means percentage rate or formula adopted for determining the share of a registered importer; (f) "Indentor" means a person or group of persons, firm, institution, body or organization registered as an indenture under the Importers, Exporters and Indentors (Registration) Order. 1981; (g) "L/C" means a letter of credit opened .for the purpose of import under this order; (h) "L/C Authorization (LCA) Form" means the form prescribed for the authorization of the opening of L/C without obtaining import Licence; (i) "Banned List" means the list of items, whose import is banned and given in annexure - 1 (A); (j) "Annex" means an annex appended to this Order;

(k) "Actual user" means a...
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