Regulatory Alerts2013-05-14
Added · Updated
FEPD Circular No. 07: Special cash incentive for textile mills
Bangladesh Bank grants a 5% special cash incentive on the value of cotton used to mills that imported cotton at high prices via letters of credit established between August 2010 and March 2011 and supplied locally produced textile products to exporters by December 31, 2011. Eligible mills must apply using Form-B within 15 days of the circular's issuance, submitting documentation proving local supply, payment via local letter of credit or documentary collection, and the absence of customs bond or duty drawback benefits. Approved dealer banks must verify applications, obtain external audit certification, and remit claims to Bangladesh Bank, while non-compliant payments result in recovery of funds and disciplinary action against bank officials.
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