Payback time on capital machinery imports extended 360 days
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Tuesday
August 16, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
TUESDAY, AUGUST 16, 2022
Payback time on capital machinery imports extended 360 days

Banking

TBS Report
07 July, 2022, 09:40 pm
Last modified: 07 July, 2022, 09:43 pm

Related News

  • BB to meet bankers Sunday to discuss dollar crisis
  • BFIU sought illegal money information from Swiss banks repeatedly: BB
  • BB recommends using credit cards over cash abroad
  • BB arranges awareness promgramme for RMG sector
  • Dollar rate will be left to market after two months: Governor

Payback time on capital machinery imports extended 360 days

Accordingly, banks may allow their eligible importers to extend the maturity period for the import of capital machinery up to the authorised period in line with this decision

TBS Report
07 July, 2022, 09:40 pm
Last modified: 07 July, 2022, 09:43 pm
Trade and investment have long enabled supply to expand rapidly in response to growing global demand. But, for nearly two decades – and especially in the last few years – proliferating trade barriers have been adding friction to this process. Photo: Reuters
Trade and investment have long enabled supply to expand rapidly in response to growing global demand. But, for nearly two decades – and especially in the last few years – proliferating trade barriers have been adding friction to this process. Photo: Reuters

The Bangladesh Bank has extended the payment due dates for the import of capital machinery by 360 days.

In a circular on Thursday, the central bank said the extension will be applicable for 360 days from the existing authorised usance period for first-time approvals.  The usance or usage period refers to the time allowed for the payment of foreign bills of exchange, according to law or commercial practice.

Accordingly, banks may allow their eligible importers to extend the maturity period for the import of capital machinery up to the authorised period in line with this decision.

A senior official of the Bangladesh Bank said, "We have come to know that as the number of refinancing cases in capital machinery imports has increased, it is becoming difficult for the Bangladesh Investment Development Authority (Bida) to maintain them."

"Besides, the dollar supply and exchange rate is not going very well now, so importers are not able to pay their dues. Therefore, the deadline for import LC payments has been extended 360 days," he added.

He said, as standard usage practice, import LCs opened till 31 December 2022 will have till 31 December 2023 to repay. However, as a result of this latest directive, banks themselves will be able to extend the pay back terms for another one year.

"As such, this payment due time can be extended to 31 December 2024, at most," according to the central bank official.

Top News

Bangladesh Bank (BB) / machinery import

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: TBS
    DNCC Mayor Atiqul halts BRT construction 
  • Photo: TBS
    LDA organises procession march towards PMO protesting fuel oil price hike
  • NBR seeks 24/7 access to large VAT payers' accounting software
    NBR seeks 24/7 access to large VAT payers' accounting software

MOST VIEWED

  • NRBC Bank disburses micro-loans to mark National Mourning Day
    NRBC Bank disburses micro-loans to mark National Mourning Day
  • Janata Bank observes National Mourning Day 
    Janata Bank observes National Mourning Day 
  • Photo: Courtesy
    Sonali Bank Limited pays homage to Father of the Nation
  • IBF observes National Mourning Day
    IBF observes National Mourning Day
  • Pubali Bank observes National Mourning Day
    Pubali Bank observes National Mourning Day
  • National Bank faces Tk7,115cr provision shortfall in June
    National Bank faces Tk7,115cr provision shortfall in June

Related News

  • BB to meet bankers Sunday to discuss dollar crisis
  • BFIU sought illegal money information from Swiss banks repeatedly: BB
  • BB recommends using credit cards over cash abroad
  • BB arranges awareness promgramme for RMG sector
  • Dollar rate will be left to market after two months: Governor

Features

Photo: Collected

Welcome to the age of glass facades

1h | Habitat
Photo: Mumit M/TBS

Why artificial oyster reefs are the answer to our coastal embankments problems

1h | Panorama
Illustration: TBS

Anwar Group: From comb maker to owner of 20 companies

3h | Panorama
TBS Sketch

Bangabandhu and the spirit of Liberation War were killed in 1975

19h | Supplement

More Videos from TBS

Indian FM Jaishankar's video shown at Imran Khan's rally

Indian FM Jaishankar's video shown at Imran Khan's rally

3h | Videos
Experts advise on uniform exchange rate to deal with dollar crisis

Experts advise on uniform exchange rate to deal with dollar crisis

3h | Videos
Public pay homage to Bangabandhu

Public pay homage to Bangabandhu

14h | Videos
What will happen if Ukraine's Zaporizhia nuclear plant explodes?

What will happen if Ukraine's Zaporizhia nuclear plant explodes?

15h | Videos

Most Read

1
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

2
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

3
Photo: TBS
Bangladesh

5 crushed to death as BRT girder falls on car in Uttara

4
Dollar price drops by Tk8 in kerb market
Economy

Dollar price drops by Tk8 in kerb market

5
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

6
Photo: Collected
Transport

Will Tokyo’s traffic model solve Dhaka’s gridlocks?

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]