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[Section Index]

The Foreign Exchange Regulation Act, 1947

( ACT NO. VII OF 1947 )

1[ Receipts of proceeds for exported goods and services]
12. 2[(1) The Government may, by notification in the official Gazette, prohibit the export of any goods or classes of goods or services or classes of services specified in such notification, from Bangladesh directly or indirectly to any place so specified unless a declaration supported by such evidence as may be prescribed or so specified is furnished by the exporter to the prescribed authority that the amount representing the full export value of the goods or services has been or shall within the prescribed period be, received in the prescribed manner.]
 
 
 
 
(2) Where any export of goods has been made to which a notification under sub-section (1) applies, no person entitled to sell, or procure the sale of, the said goods shall, except with the permission of the Bangladesh Bank, do or refrain from doing any act with intent to secure that-
 
 
 
 
(a) the sale of the goods is delayed to an extent which is unreasonable having regard to the ordinary course of trade, or
 
 
(b) payment for the goods is made otherwise than in the prescribed manner or does not represent the full amount payable by the foreign buyer in respect of the goods, subject to such deductions, if any, as may be allowed by the Bangladesh Bank, or is delayed to such extent as aforesaid:
 
 
 
 
Provided that no proceedings in respect of any contravention of this sub-section shall be instituted unless the prescribed period has expired and payment for the goods representing the full amount as aforesaid has not been made in the prescribed manner.
 
 
 
 
(3) Where in relation to any such goods the said period has expired and the goods have not been sold and payment therefore has not been made as aforesaid, the Bangladesh Bank may give to any person entitled to sell the goods or to procure the sale thereof, such directions as appear to it to be expedient for the purpose of securing the sale of the goods and payment therefore as aforesaid, and without prejudice to the generality of the foregoing provision, may direct that the goods shall be assigned to the Government or to a person specified in the directions.
 
 
 
 
(4) Where any goods are assigned in accordance with sub-section (3), the Government shall pay to the person assigning them such sum in consideration of the net sum recovered by or on behalf of the Government in respect of the goods as may be determined by the Government.
 
 
 
 
(5) Where in relation to any such goods the value as stated in the invoice is less than the amount which in the opinion of the Bangladesh Bank represents the full export value of those goods, the Bangladesh Bank may issue an order requiring the person holding the shipping documents to retain possession thereof until such time as the exporter of the goods has made arrangements for the Bangladesh Bank or a person authorised by the Bangladesh Bank to receive on behalf of the exporters payment in the prescribed manner of an amount which represents in the opinion of the Bangladesh Bank the full export value of the goods.
 
 
 
 
(6) For the purpose of ensuring compliance with the provisions of this section and any orders or directions made thereunder, the Bangladesh Bank may require any person making any export of goods to which a notification under sub-section (1) applies to exhibit contracts with his foreign buyer or other evidence to show that the full amount payable by the said buyer in respect of the goods has been, or will within the prescribed period be, paid in the prescribed manner.

  • 1
    The marginal note ‘‘Receipts of proceeds for exported goods and services’’ were substituted for the existing marginal note by section 6(a) of the Foreign Exchange Regulation (Amendment) Act, 2015 (Act No. XVII of 2015).
  • 2
    Sub-section (1) was substituted by section 6(b) of the Foreign Exchange Regulation (Amendment) Act, 2015 (Act No. XVII of 2015).
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