As per the central bank guideline, exporters have to submit a copy of the ‘bill of entry’ to receive the incentives
Businessmen who are having trouble getting cash incentives against their exports called upon the Bangladesh Bank on Thursday to remove the procedural difficulty.
As per the central bank guideline, exporters have to submit a copy of the 'bill of entry' – a document presented as proof that the products have been exported – to receive the incentives.
Currently, big global brands prefer the forwarder's cargo receipt (FCR), which is equivalent to the bill of entry.
However, banks do not accept the FCR as it is not mentioned in the Bangladesh Bank rules.
Leaders of the Bangladesh Garments Manufacturer and Exporter Association, Bangladesh Textile Mills Association and Knitwear Manufacturer and Exporters Association raised the issue at a meeting at the central bank headquarters on Thursday.
Finance ministry officials, authorised dealers, bank representatives were present at the meeting alongside the Bangladesh Bank officials.
After the meeting, Muhammad Hatem, first vice-president of the Knitwear Manufacturer and Exporters Association, said to The Business Standard, "Now a few big buyers import product by providing FCR. But banks are not agreed to release cash incentives against FCR."
"Officials at the finance ministry and the Bangladesh Bank have agreed with us. They will take necessary steps for amending the guideline," he said.
A central bank official said they will now write for the finance ministry's clearance and then the transportation document related issue may be resolved.
Exporters also suggested incorporating truck and rail receipts as transportation documents in the central bank guideline.