Bangladesh Bank directed the country’s banks to verify Import Registration Certificate (IRC) if it is backdated or fake during opening of letter of credit (LC).

 “The authorised dealer banks have to ensure use of original and updated IRC during opening LC of the businesses,” read a central bank circular

IRC is considered as import licence as mandatory document for business entities who want to import raw materials or any other special items to Bangladesh.

The central bank observed that the businesses are deprived of incentive in international trading due to absence of original and updated IRC document. “The freight also delays at port as the businessmen fail to show proper document,” added the circular signed by Bangladesh Bank general manager Kazi Rafiqul Hassan.

Office of the Chief Controller of Imports and Exports (CCIE) under Ministry of Commerce issues the IRC for international trading following the Import Policy Order 2015-2018.