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)