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Cash incentive for RMG export raised to 5.25pc

busi025The government on Sunday increased the cash incentive for export of readymade garments to 5.25 per cent from the existing 5 per cent.

To this end, Bangladesh Bank issued a circular authorizing dealer branches of all scheduled banks saying that the new directive would be effective for the shipment of export items of the RMG sector between January 1, 2014 and June 30, 2015.

The RMG exporters will get 3 per cent cash incentive from the existing 2 per cent if they exported new products abroad.

The three per cent cash incentive will also be paid to the businesspeople who will be able to export their products to new destinations excluding United States, Canada and the countries of European Union.

The central bank took the initiative in accordance with the directives given by the government, the circular said.

An exporter will get maximum 11 per cent cash incentive against exported products if he or she avails the cash incentive in existing three sectors which are traditional cash incentive, additional incentive and incentive for market expansion.

The exporters will have to apply to the central bank to get the incentives within six months after repatriation of the export’s value.

The exporters will have to submit the bills of lading, airways bill, commercial invoice, packing list and bill of export to the concerned AD branches to receive the cash incentive.

The banks will have to preserve the documents for three years so that the BB inspection teams and the commercial audit department of the government can scrutinize about the matter.

The BB will deduct the cash incentive from the current accounts of the banks concerned with the central bank if they (banks) provide the incentive violating the rules and the regulations.

The central bank will also take punitive measures against the alleged officials who would provide the cash incentive illegally, the BB circular said.

Source: New Age

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