B Mirror Report :  Bangladesh Bank has approved the online submission and processing of export paperwork under the documentary collecting system in order to expedite, simplify, and modernize export operations. This enables exporters to use banks to handle associated transactions digitally.

The Foreign Exchange and Policy Department of Bangladesh Bank issued a circular on Tuesday outlining the new procedures. The initiative aims to modernize trade finance and accelerate export operations, while integrating export processes with the country’s ongoing digital systems.

Under the new instructions, Authorized Dealer (AD) banks can process export documents electronically for both Documents against Payment (DP) and Documents against Acceptance (DA) transactions. This will follow the Uniform Rules for Collections (URC) and the supplementary e-URC for electronic presentation, using a secure bank-to-bank electronic channel.

The circular also notes that electronic processing can occur based on mutual agreement between local and foreign banks. The sales contract must clearly specify the document format, presentation location, and confirm that documentary collection will be conducted electronically under the e-URC framework.

Legally recognized electronic transferable records may be used for full electronic submission. Where such records are not legally accepted, title and transferable documents must be sent manually, while other supporting documents can be submitted electronically. Banks may also provide certified electronic copies if required.

Bangladesh Bank has approved digital endorsement of title documents through recognized electronic platforms, digital signatures, digital sound endorsement certificates, or SWIFT messages. AD banks are required to ensure secure transmission, accurate record-keeping, and verification of digital signatures.

The system can be implemented as a pilot project, gradually and on a risk-based basis, with Bangladesh Bank being informed once pilot operations begin. Market experts believe this initiative will enhance export efficiency and help Bangladesh move toward a more digital and secure trade finance system.