, July 13 -- Bangladesh Bank on Sunday issued a fresh directive mandating adherence to international rules and regulations for recording import-export transactions conducted under letter of credit (LC) and other sales contracts.

Specifically, the central bank has made it compulsory for banks to follow the 'Uniform Rules for Collections (URC)' when facilitating transactions via the documentary collection method.

The central bank issued a directive on Sunday (July 13) and sent it to the top executive of banks for immediate execution.

The circular specifies that commercial transactions can be conducted through three legitimate methods: advance payment, documentary collection, and open account.

However, it emphasizes the strict adherence ...