Prime Bank Limited
a bank with a difference
4.1 Import Department
Bangladesh is one of the developing countries in the world. So like other developingcountries Bangladesh Imports largely than it Exports. Imports of goods into the Bangladeshis regulated by the Ministry of Commerce in the terms of the Import- Export Act, 1950,various Import policy orders and also public notices issued from time to time by the officeof the Chief Controller of Import and Export (CCI&E).
Imports are the foreign goods and services purchases by the customer, firms andgovernment in Bangladesh. The importers are asked by their exporters to open Letter of Credits (L\C), so that their payment against goods is insured.
4.1.1 Sources of financing Import
The sources of financing imports are following-
Cash Foreign Exchange resources of the country.
External Economic Aid (Commodity, Aid, Loan or credit and Grant).
Special Trading Agreement.
4.2 Import Policy
Under the import policy and export control act, 1950, the government of Bangladeshformulates the import policy through Ministry of Commerce. The existing import policy(2002) has come into July 1, 2002 (it can be reviewed every year if needed).
Foreign Exchange Mechanism: a comprehensive Study of Prime bank Ltd. (considering Jubilee Road Branch,Chittagong as standard)