2022-05-16 12:15:22 BdST
Failure in EXP reportingBB blocks user IDs of 25 exporters
The central bank has temporarily blocked the user identification (ID) of 25 exporters for their failure to report shipment-related information in time, sources said.
The exporters failed to post the EXPs and related documents, or duplicates, against shipments on the Bangladesh Bank's (BB) Online Export Monitoring System from January 2016 to December 2021, they added.
According to foreign exchange transaction guidelines, an exporter has to report its shipment-related information in the system within 14 days of shipments.
The BB in a letter issued on May 09 to the authorized dealer (AD) banks also warned that it would cancel their AD licences in case they fail to fully comply with the requirements of duplicate reporting.
It also warned that it would block the user IDs of other exporters in case of their non-compliance in this regard.
A user ID is an entity used to identify a user on a website, software, system or within a generic IT environment. It is the most common authentication mechanism used within computing systems.
The letter also added that the locked user IDs could be activated again if they complete the duplicate reporting of EXPs.
The exporters whose user IDs remained blocked, however, can continue their export activities by issuing new EXP through their respective AD banks, it added.
In the meantime, the central bank advised the scheduled banks to be cautious about providing cash incentives against their (the exporters having user IDs locked) exports and loans from the export development fund (EDF), and issuance of back-to-back L/C (letter of credit).
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in a circular on Saturday informed its member factories about the BB's latest move.
It also recommended the exporters to report shipment information in the online system in compliance with the central bank's duplicate reporting guidelines.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.