Light engineering sector to enjoy subsidies for products exported through TT
The new facility will be available after March 10
The Bangladesh Bank has allowed the light engineering product exporters to get advance subsidy against export earnings.
The exporters will enjoy the facility for products exported through telegraphic transfer (TT).
The new facility will be available after March 10, according to a central bank circular issued on Tuesday.
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Earlier, the light engineering product exporters would get subsidy on exports through the letter of credits or contracts against the repatriation of export earnings.
However, while granting subsidy against the advance repatriation of export earnings now, the authorised dealer of the banks will have to be sure about the accuracy, pricing and other relevant information of the export.
The banks will have to convince themselves about the business relationship between the export earnings receiver and the export order issuer.
Also, the language of telegraphic transfer will have to contain import-related information.
