Import Policy Order 2021-2024 of Bangladesh

The new Import Policy Order (IPO) of Bangladesh was published on April 24, 2022 by Ministry of Commerce as a gazette publication which contains seven chapters, to be implemented for the period of 2021-2024. By the publication of new IPO 2021-2024, the earlier Import Policy Order (2015-2018) will not be followed. The Import Policy Order (IPO) 2021-2024 is the main legislations for import of all kinds of goods/products into Bangladesh.

In the new IPO 2021-24, twenty six (26) commodities kept under the restricted list. The current IPO allows to open LC even without IRC to import capital machinery. In joint importation, the new IPO states that the industrial consumers can make formation of one/more groups with other industrial consumers only and the commercial importers can make formation of one/more groups with other commercial importers. The Import Policy Order 2021-2024, states that, without any permission, Individuals or institutions, who is not registered importers, may import permissible goods value up to USD 10,000.00 only for their personal use under cash foreign exchange.

As per Chapter 02, Clause No. 05 (01): Use of HS Code is Compulsory - in importing of goods as per Customs Act, 1969 (Act No. IV of 1969) written in the First Schedule of Harmonized System, the 8 (eight) number-based HS Code of goods classification must be used. Without right HS Code of goods, Bank cannot open LC or cannot start import processing.

As per Chapter 02, Clause No. 05 (05> Ka>A): No one can import goods by using of Incoterms CIF or CIP without prior approval of the Ministry of Commerce; unless there has specific condition to import as per Incoterms CIF or CIP basis in the foreign loan agreement, or project agreement.

As per Chapter 02, Clause No. 05 (05> Ka>U): The Ministry of Food, and Ministry of Disaster Management and Relief can import food goods on Cost, Insurance, and Freight (CIF) and Carriage and Insurance Paid to (CIP) basis.

As per Chapter 02, Clause No. 05 (Ka): in kinds of importing of goods, Product packaging, container; Country of Origin should be clearly mentioned on the body of goods/products.

Download Import Policy Order for the Period of 2021-2024: www.bankingpathshala.com/Import-policy-order-2021-2024.pdf

Import Policy Order 2021-2024: An analysis: Read the Article of Import Policy Order 2021-2024: An analysis

Evaluation of Import Policy Order 2021-2024: Read the Article of Evaluation of Import Policy Order 2021-2024

Published Date: 19/05/2023