Banks can now remit shipment tracking charges without BB approval

Banks can now remit shipment tracking charges without the approval of the central bank – in a move to further ease the country’s foreign trade.

From now on, for import payment, banks will have to take confirmation about whether the goods are on board or not. So, the lenders will need to pay charges to foreign agencies to track shipments.

“We are going to allow shipment tracking on exports soon. So, we have issued a general instruction for authorised dealer banks to remit shipment tracking charges without the approval of the central bank,” a central bank official told The Business Standard.

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