Authorized Dealers (ADs) can now allow exporters to dispatch export documents directly to importers or agents following some conditions.
This aims to accommodate customary practices in the country’s export trade.
It stated that the ADs now can allow exporters to dispatch export documents (excluding original transport document of title to cargo) directly to importers or their agents abroad through secured media.
In this case, the ADs have to observe that the underlying sales contracts or letter of credit (LC) provided for such direct dispatch of export documents would be realized of export proceeds within the statutory period. ADs will endorse the original transport document retained with them on receipt of payment against relevant export within 14 days from the date of shipment.
They will also obtain the export proceeds form exporters to comply with regulatory instructions including reporting routine to the central bank. ADs will ensure that exporters' accounts at ADs are fully compliant with KYC/AML/ CFT guidelines. BB circular asked the ADs to clarify that export documents are dispatched by exporters against full export payments realized in advance.