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

Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka.
Ref: FEPD(Export Policy)220/2018-4948 Dated May 29, 2018

To,
Managing Director/Executive Director
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, or the amount deducted by the licensing bank, to the account No. 0442636001018 SNDR titled 'Central Fund (RMG Sector)' maintained at Sonali Bank Ltd, Ramna Corporate Branch, Dhaka, for various industrial establishments of 100% export-oriented ready-made garment industries where LCs are cashed.

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, and the DO letter dated 15/5/2018, No. 40.00.0000.015.028.009.16-76 of the Ministry of Labour and Employment (copy enclosed) on the aforementioned subject.

2. Through the aforementioned circular letters, instructions were given to establish a Central Fund for 100% export-oriented ready-made garment industrial establishments by transferring 0.03% of the export value received and cashed against each transaction of the industrial establishments, or the amount deducted, to the SNDR account in favor of 'Central Fund (RMG Sector)' at Sonali Bank Ltd, Ramna Corporate Branch, Dhaka, and to inform the Secretary, Central Fund Management Board regarding the amount transferred to the Sonali Bank account.

3. It has come to notice that some banks concerned with 100% export-oriented ready-made garment industrial establishments are not deducting the specified amount from the export value. Consequently, the amount deposited into the Central Fund is much less than expected.

4. In this context, you are instructed to ensure that the amount deducted by the concerned bank at the rate of 0.03% against the realized export value of all establishments of 100% export-oriented ready-made garment industries through LC, buying contract, agreement, purchase order, or advance payment, etc., is deposited regularly into the account titled 'CRMG Sector' (No-0442636001018) of the Central Fund of Sonali Bank Ltd. Along with proof, a report of the deposited amount for each month (or a zero report if no amount was deducted) must be submitted compulsorily to the 'Director General, Central Fund, Ministry of Labour and Employment, 24 Tin Shed, Bangladesh Secretariat, Dhaka' by the 7th of the following month.

You are requested to provide necessary instructions to all your approved dealer bank branches regarding the above subject.

Yours faithfully,

Enclosure: As per list

(Md. Harun-Or-Rashid)
Deputy General Manager
Phone: 9530625

Very Urgent