Banks don't need to submit hard copies of export docs: BB

Bangladesh Bank (BB) today said banks will no longer need to submit hard copies of export related documents as it has launched the online foreign exchange transaction monitoring and management system or FX Dashboard.

The central bank launched the dashboard to streamline trade transactions, promote paperless processes and enhance the ease of doing business.

In a circular, the BB said the FX Dashboard allows banks to report foreign exchange transactions on a regular basis while enabling Bangladesh Bank to monitor these transactions.

So, banks are no longer required to submit the hard copies of the documents such as monthly statement of outstanding export bills, export proceed realisation certificate against direct exports and statement of remittance of export claims.

It asked banks to upload information on overdue export proceeds to the Online Export Monitoring System (OEMS) by the 10th day of each month, including the reason for the overdue status, actions taken to realise export proceeds and litigation status if there is any applicable.