RegAlertRule · BB · 12 Jun 2016
FEPD Circular Letter No. 18: Transfer of 0.03% of Export Proceeds from 100% Export Oriented Garment Industries to Central Fund at Sonali Bank Ltd.
Approved dealer banks must transfer 0.03% of the total export value from cashed Letters of Credit for 100% export-oriented garment industries to a Central Fund account maintained at Sonali Bank Ltd., Ramna Corporate Branch. This transfer must be completed within seven days of the transaction, in accordance with directives from the Ministry of Labour and Employment regarding the implementation of the Labour Act, 2006 and Bangladesh Labour Rules, 2015. Branches are required to inform the Secretary of the Central Fund Management Board about the transferred amounts.
Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka.
Ref. No. FEPD(Circular)220/2016-18
Date: 29 Jyestha, 1423
Circular Letter No. ---------------
12 June, 2016
To the Head Office/Principal Office of all Approved Dealer Banks engaged in Foreign Exchange Transactions.
Dear Sir,
Subject: Regarding the transfer of 0.03% of the total export value from the Letters of Cash that will be cashed by the License Banks of various industrial establishments of 100% export-oriented ready-made garment industries to the Central Fund (RMG Sector) Account No. 0442636001018 SNB maintained at Sonali Bank Ltd., Ramna Corporate Branch, Dhaka.
Reference is drawn to your attention to the letter No. 40.00.0000.015.28.002.16.302 dated June 07, 2016, from the Ministry of Labour and Employment (copy enclosed) on the subject cited above.
- In order to implement the relevant provisions of the Labour Act, 2006 and Bangladesh Labour Rules, 2015, a Central Fund has been opened in the name of 'Central Fund (RMG Sector)' Account No. 0442636001018 SNB at Sonali Bank Limited, Ramna Corporate Branch, Dhaka. The Ministry of Labour and Employment has directed that from July 01, 2016, 0.03% of the received export value against each order of 100% export-oriented garment industrial establishments must be transferred to the aforementioned account established at Sonali Bank Limited, Ramna Corporate Branch, within 7 days of the transaction.
It is requested that you provide necessary instructions to all your approved dealer bank branches to ensure strict compliance with the decision mentioned in the letter of the Ministry of Labour and Employment without any deviation. Additionally, you are to inform the branches to notify the Secretary, Central Fund Management Board, regarding the information related to the amount transferred to the Sonali Bank account.
Yours faithfully,
Enclosure: As per list.
(Md. Zakir Hossain Chowdhury)
Deputy General Manager
Phone: 9530250
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The links and the sentences they come from (4)
- Issued under
- Bangladesh Labour Rules, 2015Not in RegAlert
“In order to implement the relevant provisions of the Labour Act, 2006 and Bangladesh Labour Rules, 2015”
- Labour Act, 2006Not in RegAlert
“In order to implement the relevant provisions of the Labour Act, 2006 and Bangladesh Labour Rules, 2015”
- Basis for
“We draw your attention to the circular letters of this department dated 12/6/2016 and 27/12/2016, numbered FEPD(Export Policy)220/2016-18 and FEPD(Export Policy)220/2016-33 respectively”
“Through Circular Letter No. 18 dated June 12, 2016, instructions were issued to deduct 0.03% of the received and encashed export proceeds...”
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