To: Members of the Council
Sub: Advisory about New import rules take effect in Egypt
The Council has received a communication from the Embassy of India, Cairo (Egypt) on the Advisory on the New import rules which take effect in Egypt.
The Central Bank of Egypt has issued a new guideline on 12th February, 2022 mandating importers to use Letters of Credit instead of a cash-against-documents. The move is to guarantee import operations through covering risks associated with issuing Letters of Credit (L/Cs) from banks.
W.e.f. 22nd February 2022, importers will have to present Letters of Credit to import goods from abroad. Documentary collection from exporters will no longer be accepted by banks to facilitate the import of goods into Egypt from the beginning of March.
Please note that imports of medicines, tea, meat and poultry, fish, wheat, oil, powdered milk, baby formula, beans, lentils, butter and corn are exempt. Imports with a value of less than $5,000, express post shipments, as well as imports by foreign companies and their subsidiaries, are also exempt, as per media sources.
Link of the news is as under-
Members may kindly make a note of the above.
S. BALARAJUEXECUTIVE DIRECTOR