The central bank yesterday relaxed rules for inland bill purchase (IBP) following a meeting with senior officials of commercial banks. IBP is a credit facility.

With the latest decision, banks can now accept inland bill purchase without pre-inspection of goods sent by exporters. But the banks must be sure about the goods in other ways, according to an amended notice issued yesterday.

SK Sur Chowdhury, deputy governor of the central bank, said commercial banks can now approve the acceptance bills if they (banks) ensure that the documents of LCs for the products being imported are not fake.

“Banks will take complete liability if they give acceptance to any bill on the basis of fake documents,” said Chowdhury.

Bangladesh Bank issued a circular on July 11, asking all banks to inspect the imported goods before giving approval to the acceptance bills.

BB's decision came after an inspection revealed that Hall-Mark Group took away Tk 3,547 crore from Sonali Bank's Ruposhi Bangla Hotel branch between 2010 and May 2012 by using fake documents against LCs.

A number of trade bodies recently complained that commercial banks were not providing acceptance for inland documentary bill purchases due to the BB's stern position.

SM Moniruzzaman, executive director of the BB; SM Aminur Rahman, managing director and chief executive officer of Janata Bank, and Helal Ahmed Chowdhury, managing director and chief executive officer of Pubali Bank, were also present.

News: The Daily Star/Bangladesh/10-Sep-12