departments

Import Department

   The main functions of Import Department are as follows:

Import Department is providing the services of issuing import letter of credits, releasing import bills, making payments for import bills under L/C and DP/DA, shipping guarantees and Import Trade Financing.

Services for Importer

  • Opening Import Letter of Credit to Foreign Bank
  • Import Bill Releasing and Making Payment
  • Payment for DP/DA
  • Issuance of Shipping Guarantee
  • Trade Financing

Person who can receive Import Financing

  • The Importers who opened foreign currency account at Myanma Foreign Trade Bank

Method of Import Financing

  • With collateral by appropriate balance of Foreign Currency Account (or) MMK Account maintain with Myanma Foreign Trade Bank
  • Reducing Margin
  • Without margin and making payment on maturity date (From Importer's A/C)
  • Without margin, making payment by Myanma Foreign Trade Bank and Payable by Importer later.

Require Documents for Import Financing

  • Application letter from Importer
  • Trade Financing Proposal
  • Trade Financing Agreement
  • Meeting minute of B.O.D
  • Tax received for three years
  • Audited Reports for Financial Status.

Interest rate

  • Concessionary interest rate for importers in accordance with financing period.

Payment by DP/DA

  • DP (Documents Against Payment) Bill releasing and payment making on approval basis.
  • DA (Documents Against Acceptance) Bill releasing and making payment on maturity date.

Required Documents for the Opening of Import Letter of Credit

  • Required Documents for the Opening of Import Letter of Credit (Government)
    • Application Form
    • Import License (Original and Copy)
    • Copy of Proforma Invoice (or) Firm Order (or) Contract
    • Foreign Exchange Permit from Budget Department
       
  • Required Documents for the Opening of Import Letter of Credit (Private)
    • Application Form
    • Import License (Original and Copy)
    • Copy of Proforma Invoice
    • Debit Authorization Letter
       
  • Bill Releasing
    • Import License
    • Application
    • Debit Authority for Bill Handling Commission and Bank Charges
    • Letter of Indemnity
    • Form (Tha-Ka)