BB relaxes rule for cash incentive on frozen fish
Previously, cash incentives were allowed only against export proceeds received from the destination countries
The Bangladesh Bank has allowed cash incentive on export proceeds of shrimp and fish even if the earnings are repatriated from countries other than the original destination.
Exporters who receive remittances from any other destination instead of exporting countries will be allowed to get cash incentives subject to comply with some conditions, according to a circular issued by the central bank today (25 September).
Previously, cash incentives were allowed only against export proceeds received from the destination countries.
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From now, exporters will have to ensure the source of remittance received from other than destination country is connected with the export order provider or remittance sender has clear relation with the export order provider, according to the new circular.
Banks will have to also verify the evidence provided by exporters before processing cash incentive against exports received from other than destination country, said the circular.
