Regulatory Alerts2011-10-31
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BRPD Circular Letter No. 12: Duty draw back against direct exported goods through commercial banks
The document mandates that duty drawback for 16 specific directly exported goods, previously processed through commercial banks, must now be paid by the Duty Remission and Drawback Department starting September 13, 2011. This change implements National Board of Revenue General Order No. 8/2011, which invalidates General Order No. 15/1995. Consequently, the imprest funds previously supplied by Bangladesh Bank to commercial banks for this purpose are discontinued.
BRPD Circular Letter No. 12: Duty draw back against direct exported goods through commercial banks
Banking Regulation and Policy Department Circular Letter No. 12 Circular Letter No. 12 Banking Regulation and Policy Department Head Office Dhaka. October 31, 2011
BRPD Circular Letter No. 12 Date: ------------------ Kartik 16, 1418
Managing Director / Chief Executive All Scheduled Banks operating in Bangladesh
Dear Sir,
Regarding Duty Drawback against Directly Exported Goods through Commercial Banks.
Reference is drawn to your attention to BRPD Circular Letters No. 19, 04, and 22 dated September 28, 1995, February 07, 1999, and November 30, 2000, on the subject cited above.
According to the aforementioned Circular Letters, duty and tax drawback for 16 items of directly exported goods was paid through authorized commercial banks, and the necessary imprest funds to meet the claims of exporters were supplied from Bangladesh Bank.
Now, in accordance with the instructions of the National Board of Revenue's General Order No. 8/Mus/2011 dated September 08, 2011, their General Order No. 15/Mus/95, dated September 19, 1995, regarding the payment of drawback for certain goods through commercial banks, has been revoked. It has been decided that the drawback for the aforementioned 16 items of goods will be paid from the Duty Remission and Drawback Department instead of commercial banks, effective from September 13, 2011.
Kindly acknowledge receipt.
Yours faithfully,
(K.M. Abdul Wadud) General Manager Phone: 7117825
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