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Thursday, May 19, 2022

No bank guarantee will be needed by Travel Agents to become IATA entities

To become International Air Transport Association (IATA) approved entities, Travel agents of Bangladesh will not require bank guarantee under a new rule which will be launched on November 16.

With the worldwide implementation of NewGen ISS (New Generation IATA Settlement Systems), IATA brought the changes.

A briefing jointly organized by Association of Travel Agents of Bangladesh (ATAB) and IATA regional office at Police Convention Centre informed Travel agents about the new development in the city on October 20.

A minimum of BDT 30 lakh as deposit had to be paid by the travel agencies which are IATA agents. IATA has Airlines across the world as its members and airline tickets are sold by travel agencies through this organization.

It was told at the briefing that three classes were adopted by the new system together with the existing system. Those who pay a deposit to become IATA agents and sell tickets were classified as “GoStandard;” those who become prepaid agents without paying deposit as “GoLite;” and those agents who have their offices abroad may sell tickets as “GoGlobal”.

IATA Umrah agency members who had deposited BDT 30 lakh but not ticketing now can transfer themselves in “GoLite” category and take back their deposits.

To modernize the current Billing Settlement Plan (BSP) NewGen ISS programme was designed. NewGen ISS is progressively being rolled out in waves across BSPs, following the first NewGen ISS launch in BSP Norway in March 2018. By 2020, all BSPs are expected to be migrated to NewGen ISS.

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