On Sep. 15, BNG CB revised usance period re industrial raw materials.
BNG CB issued circular addressed to foreign exchange dealers regarding the import of raw materials for pre-fabricated steel structure industries on deferred payment basis.
Circular
As per para 33(a)(ii), chapter 7 of Guidelines for Foreign Exchange Transactions 2018.
This section describes which import of industrial raw materials, on deferred payment basis for their own use by industrial importers, is permissible for up to 180 days.
To facilitate pre-fabricated steel structure industries, a usance period of up to 360 days will be allowed for the import of raw materials by these industries for own use.
Nov. 2022 Policy Extended
On Nov. 16, 2022, BNG CB extended the usance period against imports of industrial raw materials until Jun. 30, 2023; it will not be applicable for imports under EDF loans.
All other relevant instructions shall remain unchanged
Jun. 2023 Further Extension
On Jun. 26, 2023, BNG CB extended policy supports per the above circular until Dec. 31, 2023, not applicable for imports under EDF loans, all other instructions unchanged.
Dec. 2023 Usance Extension
On Dec. 14, 2023, BNG CB extended the policy support to Jun. 30, 2024, except for imports under EDF loans; other relevant instructions shall remain unchanged.
Jun. 2024 Extension of Usance Period
On Jun. 30, 2024, BNG CB extended the policy support to Dec. 31, 2024, except for imports under EDF loans; other relevant instructions shall remain unchanged.
