Bangladesh Bank (BB) has asked the management of all commercial banks operating in the country to check validity and authenticity of IRC (Import Registration Certificate) submitted by businesses before accepting L/Cs .

The central bank authority Tuesday issued a circular in this regard.

“Banks must ensure validity and authenticity of IRC to prevent fraudulence,” reads the circular.

From now on, banks will need to send IRCs to the office of the Comptroller of Import and Export Directorate (CIED) for clearance before accepting L/Cs, according to the circular.

The central bank sources said all head offices, principal offices and authorised dealers of banks were served this circular separately.

Earlier, the office of the CIED had issued a public notice seeking cooperation of commercial banks and their authorised dealers to check IRCs to prevent fraudulence activities.

News: The Daily Sun/Bangladesh/18th-Oct-12