Trade Dept to ease advanced telegraphic transfer system for exports from 1 July

The Trade Department under the Ministry of Commerce notified on 28 June that exporters no longer need to pay export revenue in advance from 1 July 2023, according to a news bulletin 11/2023.
According to the meeting outcome 32/2022 of the Foreign Exchange Supervisory Committee, the Advanced Telegraphic Transfer (TT) system was exercised in exports of pulses and beans, sesame and peanut to neighbouring countries via border from July 2022.
In order to facilitate the export procedures, the department is to ease this system from 1 July 2023.
Those companies with more than three years of establishment need to pay 20 per cent deposit of the total export value to the department in seeking licence from 1 July 2023. After receiving export declaration, export earnings must be deposited to the company’s account within seven working days. After that, they can claim their 20-per-cent deposit return.
Those companies with less than three years of establishment must pay a 35 per cent deposit to the department from 1 July. They will also get their deposit returned after the inflow of export earnings into the company’s account.
The exporters must show Payment Order (PO Cheque) at the respective border points as they have paid the set deposit amount. If the companies fail to deposit export earnings within the set period, the deposit will be seized. The exporters will get their licence revoked. The deposit can be paid in three foreign currencies (Chinese Yuan, Thai Baht and Kyat) at an over-the-counter market rate at the border.
For further details, please make enquiry through the contact numbers 067-3408414, 3408439, 3408251 and email [email protected], [email protected] within office hours, the Trade Department notified.—NN/EM