The importer's three promises, the rule for group companies, the Bill of Entry deadline, and what the bank must write on the papers.
When you borrow a friend's car, you promise three things: you really need it, you'll pay for the fuel, and you won't do anything shady with it. The IMP form is the importer's version of that promise, made to the bank before any money leaves the country.
After payment, the importer still owes one more thing: proof that the goods really arrived and were cleared by Customs. This lesson walks through the form from promise to proof.
1. Three promises. Payment for an import needs the importer's declaration on the IMP form (Appendix-1). The importer declares that:
Group companies. Sometimes the seller abroad is connected: a parent company, an approved foreign subsidiary, or a genuine branch office. Then promise (c) can't be true. Instead, the importer declares that the deal is at arm's length (a fair market price, as if between strangers) and that transfer pricing, AML/CFT and other laws are followed. The bank takes this declaration before the import starts, and checks documents that prove the relationship is real.
2. Proof the goods arrived. The IMP form is attached to the original customs-certified Bill of Entry. If the goods aren't cleared yet, the importer promises to clear them within four months of applying for payment, and to bring the original Bill of Entry to the bank before that time runs out.
3. Registration number. The importer's registration number (IRC) must be on the form. If the importer is exempt, the form must say so.
4. and 5. The bank writes it down. Every amount paid, under an LC or otherwise, is noted on the IMP form. Before handing over the import documents, the bank writes on the invoices the amount it has paid, in figures and in words, under its seal and signature. For deferred or usance payments, it writes the amount for which the bill was accepted.
A pharmaceutical company buys raw materials from its own parent company in Switzerland. Promise (c) would be untrue, so Lima asks for the arm's-length declaration instead, plus documents showing the parent-subsidiary link. Three months later, she checks her follow-up list: the goods were paid for before clearance, so the original Bill of Entry must reach her before the four months are up. She sends a friendly reminder a month early.
(1) Payment against import is subject to declaration by the importer on IMP Form (Appendix-1). The importer should read carefully the instructions contained in the IMP Form and shall declare that:
(a) the applied payment is due and they have not already obtained exchange for payment of (any of) these goods, nor they have made any other application for that purpose,
(b) the amount of foreign exchange represents the correct prevailing market price for the goods on the date of contract in country of export,
(c) they are neither connected with the exporters abroad directly or indirectly nor they have any financial or other interest in the exporters abroad.
In cases of intercompany transactions conducted with parent companies, approved foreign subsidiaries, or legitimate branch offices abroad, the importer shall, in lieu of the declaration mentioned at (c) above, provide a declaration to the effect that:
(i) the transaction is conducted on an arm’s length basis reflecting competitive market price; and
(ii) all applicable transfer pricing regulations and other relevant laws, including AML/CFT standards, are duly complied with.
ADs shall obtain the above declaration from the respective importers prior to initiating import transactions. ADs shall also satisfy themselves, on the basis of appropriate documentary evidence, regarding the legitimacy of the relationship between the importer and the exporter abroad.
(2) The IMP Form needs to be attached with the original customs certified Bill of Entry evidencing the import of the goods which has already been cleared for consumption in Bangladesh. In other case, importer shall undertake to clear the goods for consumption in Bangladesh within four months of the date of the application for payment and shall, before the expiry of that period, produce to ADs the original customs certified bill of entry covering the above goods.
(3) ADs should ensure that the registration number of the importer is invariably furnished on the IMP form. Where the importer is exempted from such registration, a suitable mention of this fact should be made on the IMP Form.
(4) Details of amounts remitted, whether under LC or otherwise, should be endorsed on the relative IMP form.
(5) Before delivering the import documents to the importers, ADs should invariably endorse on the invoices accompanying the bills the amount, both in figures and words that they have remitted from Bangladesh. The endorsement should be under the seal and signature of ADs. In case of payment on deferred/usance basis, the amount for which the bill has been accepted should be endorsed in the invoices.
Source: Bangladesh Bank, FEPD-1 Circular No. 30, 13 August 2026, Part A, paragraph 8 (page 8). The original circular is the authority.
So far: before paying, the bank gets the importer's three promises on the IMP form (or the arm's-length declaration for group companies). After paying, it waits for the proof: the original Bill of Entry, within four months if the goods weren't cleared yet. And the bank writes every payment on the IMP form and on the invoices, under seal and signature.
Next: who the bank may import for in the first place.
Four quick questions. Nobody sees your answers but you.
A-8(1) lists three declarations: payment due, correct market price, and no connection with the exporter. Profit is not one of them.
A-8(1): for intercompany deals with a parent, approved subsidiary or legitimate branch, the importer declares arm's-length pricing and compliance with transfer pricing and other laws, including AML/CFT.
A-8(2): the importer undertakes to clear the goods within four months of the date of the application for payment and to produce the original customs-certified Bill of Entry before that period ends.
A-8(5): ADs endorse on the invoices the amount remitted, in figures and words, under seal and signature (or the accepted amount for usance bills).
Anonymous. It only adds one to a count, so we know who the lessons are helping. We never learn who you are.
Brain feeling full? Take a tea break.