Banks asked not to help errant petroleum product importing cos

The Bangladesh Bank has instructed banks not to assist the companies which are importing petroleum products without proper approval.

On Sunday, the central bank's Foreign Exchange Policy Department (FEPD) issued a circular in this regard.

According to the circular, in case of import of petroleum products, the organisation concerned has to get proper licence from the Bangladesh Energy Regulatory Commission (BERC).

However, the Bangladesh Bank received information that some banks are assisting unlicensed importers. After receiving the information from BERC, Bangladesh Bank has instructed the banks involved in foreign exchange transactions to comply with the guidelines in this regard.

An official of the central bank told The Business Standard that one or two banks involved in foreign trade may be involved in assisting unlicensed importers and this instruction is aimed at them. According to the official, the number of unlicensed importers is few.

Imported petroleum products as per SS code mentioned in the circular include Petroleum Oil, Bituminous Oil, Kerosene, Gas Oil, Light Diesel Oil, High Speed Diesel Oil, Furnace Oil, Liquid Paraffin, Hydrocarbon, etc.