Published On: Tue, Apr 12th, 2016

Furniture, plastic goods exporters to get subsidy

The government will provide subsidies to exporters of furniture and plastic products to promote the country’s export business.

Two separate circulars were issued by Bangladesh Bank in this regard on Monday.

plastic products

Furniture, plastic goods exporters to get subsidy

The circulars read only cargo products will be entitled to get the subsidies.

Exporters of plastic products will get 10% subsidies of net FOB value of exported plastic goods produced from their own factories, it said.

But duty drawback facilities will not be allowed during the production of goods.

The export organisations located in EPZ area will not be allowed to get the privilege.

Furniture exporters will get 15% subsidy of net FOB value over exported products at the condition of not taking duty drawback facility, said the circular.

In all cases, exporters will have to apply for subsidies to the respective authorised dealer bank within 180 days of export value repatriation.

The circular warned that banks will be punished if any violation is found in the case of paying subsidies.

The money will be deducted from the account of the paying bank with the Bangladesh Bank if any violation is found in the case of subsidy payment.

Bank officials and members of exporters associations will also be punished if they are found involved with irregularities in this regard, warned the circular.

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