The Bangladesh Bank on Tuesday allowed the light engineering sector to get subsidy against the export proceeds repatriation in advance through telegraphic transfer (TT).
To this end, the central bank on the day issued a circular, making the rule effective from March 10, 2020.
Earlier, exporters of light engineering products were entitled to get subsidy on the exports under letter of credit or contracts against the repatriated export earnings.
In case of granting subsidy against the advance repatriation on export proceeds, the authorised dealer of the banks will have to be assure about the accuracy of the export, its pricing and other relevant information.
The banks must have to satisfy themselves regarding the business relations between the export proceeds receiver and the export order issuer while the language of TT must contain import-related information.
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