BD banks place $0.485m claims due from Indian counterparts
Tuesday, 16 March 2010
FE Report
Banks in Bangladesh placed over two dozen claims involving US$0.485 million, the payment of which is remaining unsettled with Indian banks, in the meeting of the Indo-Bangladesh Joint Business Council (IBJBC) Monday.
At least 10 local commercial banks placed the claims at the meeting of the banking sub-group held at a city hotel with Managing Director and Chief Executive Officer (current charge) of Sonali Bank Limited Kazi Faqurul Islam in the chair.
In the meeting the seven-member Indian delegation, led by General Manager of the State Bank of India Deepak Chatterjee, also submitted their claims worth $1.791 million, remaining unsettled with Bangladeshi banks.
The list of outstanding claims, placed by both the countries, was prepared on the basis of data as of January 31 last.
"We're working continuously to settle disputes over payment concerning trade pabetween the two countries," a senior official of Sonali Bank Limited leading the Bangladesh side, told the FE after the meeting.
The number of disputes over payment declined gradually, thanks to initiatives of the banking sub-group, he added.
The meeting requested the bankers to follow the Uniform Customs and Practice for Documentary Credits (UCPDC 600) properly to avoid any payment dispute, sources said.
However, the local bankers urged their Indian counterparts to help their traders import more goods from Bangladesh to reduce the trade gap between the two countries, they added.
In 2002, the banking sub-group was formed with an aim to facilitate bilateral trade through settlement of disputes over payment concerning trade between the two countries.
Banks in Bangladesh placed over two dozen claims involving US$0.485 million, the payment of which is remaining unsettled with Indian banks, in the meeting of the Indo-Bangladesh Joint Business Council (IBJBC) Monday.
At least 10 local commercial banks placed the claims at the meeting of the banking sub-group held at a city hotel with Managing Director and Chief Executive Officer (current charge) of Sonali Bank Limited Kazi Faqurul Islam in the chair.
In the meeting the seven-member Indian delegation, led by General Manager of the State Bank of India Deepak Chatterjee, also submitted their claims worth $1.791 million, remaining unsettled with Bangladeshi banks.
The list of outstanding claims, placed by both the countries, was prepared on the basis of data as of January 31 last.
"We're working continuously to settle disputes over payment concerning trade pabetween the two countries," a senior official of Sonali Bank Limited leading the Bangladesh side, told the FE after the meeting.
The number of disputes over payment declined gradually, thanks to initiatives of the banking sub-group, he added.
The meeting requested the bankers to follow the Uniform Customs and Practice for Documentary Credits (UCPDC 600) properly to avoid any payment dispute, sources said.
However, the local bankers urged their Indian counterparts to help their traders import more goods from Bangladesh to reduce the trade gap between the two countries, they added.
In 2002, the banking sub-group was formed with an aim to facilitate bilateral trade through settlement of disputes over payment concerning trade between the two countries.