Regulatory Alerts2024-01-30
Added
FEPD Circular No. 03: Inclusion of the name of Bangladesh Jute Goods Exporters Association for certificate in Jute sector for export subsidy
The Foreign Exchange Policy Department (FEPD) of Bangladesh Bank authorizes the Bangladesh Jute Goods Exporters Association (BJGEA) to issue certificates acceptable for export subsidy applications in the jute sector, alongside existing certificates from the Bangladesh Jute Mills Association and Bangladesh Jute Spinners Association. BJGEA may issue these certificates for a period of two years from the circular's date, ensuring that for processed jute goods, the use of jute constitutes at least 50% of the value. These instructions apply to shipments dispatched from the date of issuance, while other relevant provisions remain unchanged.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Magh 16, 1430 FEP Circular No. 03 Date: ------------------ January 30, 2024 To All Approved Dealers in Foreign Exchange.
Dear Sir,
Subject: Submission of Association Certificate with Application for Export Subsidy against Export of Jute Goods.
Reference is drawn to your attention regarding FEP Circular No. 28, dated September 06, 2021; FEP Circular No. 12, dated April 07, 2016; and FEP Circular No. 12, dated July 17, 2011, issued on the subject cited above, as well as relevant FEP Circulars/Circular Letters regarding the provision of export subsidies against the export of jute goods.
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Under the existing system, in accordance with the instructions of the aforementioned circulars, it is required to submit the accreditation certificate of the Bangladesh Jute Mills Association/Bangladesh Jute Spinners Association along with the application for export subsidy against the export of jute goods. Now, by government decision, it is announced that, in addition to the aforementioned associations, the certificate issued by the Bangladesh Jute Goods Exporters Association (BJGEA) will be acceptable for applications for export subsidies in the said sector (according to Annexure-B of FEP Circular No. 12/2011 for conventional jute goods and Annexure-B of FEP Circular No. 12/2016 for processed jute goods). The Bangladesh Jute Goods Exporters Association will be able to issue certificates for a period of 2 (two) years from the date of issuance of this circular for its member exporting establishments, and in the case of processed jute goods, the Association will ensure that the use of jute is at least 50% of the value at the time of issuing the certificate.
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The revised instructions will come into force for goods shipped from the date of issuance of the circular.
The applicable instructions of all relevant FEP Circulars/Circular Letters regarding the payment of subsidies against the export of jute goods will remain unchanged.
All concerned are advised to take note of this matter.
Yours faithfully,
(Md. Sarowar Hossain) Director (FEPD) Phone: 9530123