Hundred imported vehicles at port without LC, seeking special consideration for unloading

Staff Reporter :
A shipment of vehicles has arrived at Mongla Port without obeying the required condition of securing the 100 per cent Later of credit (LC) margin whereas there is a restriction on importing luxury goods to meet the ongoing financial crisis.
In a meeting with Bangladesh Bank (BB) on Monday, Md Habib Ullah Dawn, President of Reconditioned Vehicles Importers and Dealers Association (BARVIDA), informed that about one hundred vehicles arrived at Mongla Port without LC.
He asked to fix a tolerable penalty for unloading the vehicles. BB Governor Abdur Rouf Talukder and Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) President Md. Jashim Uddin were present in the meeting. While talking with newsmen BB spokesperson Mezbaul Haque said no final decision yet to come regarding this issue.
It is to be mentioned, a circular issued by central bank on July 2022 saying that 100% cash margin for mandatory for opening letters of credit (LCs) on cars, electronics, gold, precious metals, RMG, and pearls, among other items, to discourage imports in a bid to keep the country’s currency and debt management more integrated and stable.
According to the Import policy of Bangladesh, There is an obligation to open LC to import goods. If the goods reached the port before opening LC then a permission from Ministry of Commerce as well as penalties required to unload.