FEPD Circular Letter No. 37: Transfer of fund upto 0.03% against export proceeds of 100% export oriented garment industries to Central Fund (RMG sector) A/C maintained at Sonali Bank Ltd, Ramna Corporate Branch

Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka.
Ref. No. FEPD(Export Policy)220/2020-125

Circular Letter No. 37 Date:
To
All Approved Dealer Banks engaged in Foreign Exchange Transactions Head Office / Principal Office.

Dear Sir,

With reference to the transfer of 0.03% of the total export value from the Letters of Credit (LCs) to be cashed by the license banks of various 100% export-oriented ready-made garment (RMG) industries, to the 'Central Fund (RMG Sector)' account (SNDI) maintained at Sonali Bank Ltd, Ramna Corporate Branch, Dhaka.

Reference is invited to this Department's Circular Letter No. FEPD(Export Policy)220/2016-18 issued on June 12, 2016, on the aforementioned subject, and subsequent letters issued on August 28, 2016 (No. FEPD(Export Policy)220/2016-7374), December 27, 2016 (No. FEPD(Export Policy)220/2016-33), and May 29, 2018 (No. FEPD(Export Policy)220/2018-4948).

2. In accordance with the instructions of the Ministry of Labour and Employment, the aforementioned instructions directed that 0.03% of the received and cashed export proceeds against each transaction of 100% export-oriented RMG industries be deducted and transferred to the 'Central Fund (RMG Sector)' account (SNDI) in favor of Sonali Bank Limited, Ramna Corporate Branch, Dhaka, and that information regarding the transferred amount be conveyed to the Secretary, Central Fund Management Board. However, it has been informed through the Department's Office Letter No. 40.06.0000.006.09.001.20-90 (Copy attached) dated August 24, 2020, of the Ministry of Labour and Employment that some banks are not deducting the specified amount from the export proceeds in light of the aforementioned instructions.

In view of the above, in compliance with the demand of the Department's Office Letter of the Ministry of Labour and Employment, you are directed to deposit the 0.03% amount deducted from the export proceeds, along with the name of the establishment depositing the funds, into the 'CRMG Sector' titled account (Amended Account No. 4426336001018) of the Central Fund and send the report of the deposited amount to the Central Fund, Ministry of Labour and Employment, Building No.-06, 21st Floor, Bangladesh Secretariat, Dhaka.

Yours faithfully,

Enclosure: As stated

(Mohammad Khurshid Wahab)
Managing Director
Phone: 9530123
20 Ashwin 1427
05 October 2020