Regulatory Alerts2018-05-29
Added · Updated
FEPD Letter No. 4948: 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
The document mandates that all approved dealer banks ensure 100% export-oriented garment industries transfer 0.03% of their realized export proceeds to the Central Fund (RMG sector) account at Sonali Bank Ltd, Ramna Corporate Branch. Banks must deposit these funds via LC, buying contracts, agreements, purchase orders, or advance payments and submit a monthly report of the deposited amounts, or a zero report if no amount was collected, to the Director General of the Central Fund by the 7th of the following month. This directive addresses previous non-compliance where some banks failed to deduct the required amount, resulting in lower-than-expected contributions to the fund.
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