GFMM desk: The instructions were sent to all authorized dealers of foreign exchange transactions the government will subsidize the rice produced by processing from rice produced in the country, as opposed to export, to encourage export trade. This facility will be applicable for goods shipped in the current fiscal year 20-20 from the date of the notification issued.
According to the notification, in the case of export of rice produced by procurement of rice produced in the country by processing its own factory, the processor-exporter subsidy will be available at the rate of 15% on net FOB price. However, negotiations will not be applicable for export from institutions located in specialized areas (EPZ, EZ).
Duty drawbacks and duty bonds are availing on other including materials, subsidy will not be applicable. The subsidy application must be submitted to the authorized dealer bank branch within 180 days from the date of withdrawal of export value as Nostro by the concerned bank. In the same export case, the directions of FE Circular No.12, dated December 20, 2012 will be followed on the filing of subsidy application against export by different invoice. The application form for each export must be accompanied by the appropriate government authority’s permit.
The approved Dealer Bank will confirm at the preliminary examination that the documents, certificates, certificates mentioned in the various paragraphs of the Export Subsidy application form are linked to the application in full and complete form. Certificate has to be submitted along with the application for subsidy as per Table (Form-Kha) attached to the Export Development Bureau. All the papers related to settlement of subsidy payment should be stored in the branch for up to three years from the date of payment for inspection / inspection of the Government Commercial Audit Department of Bangladesh Bank.
Meanwhile, if unpaid subsidy is paid, the money paid will be deducted from the bank account, which is retained with Bangladesh Bank. Appropriate disciplinary action will be taken against the bank officers / employees involved in the irregularities.
If any officer of the Exporting Association is involved with the irregularities committed, or if there is any association of irregularities with false information, appropriate disciplinary action can be taken against the Exporting Association / Officer. For the subsidy from the discounted funds against the government budget allocation the concerned bank has been asked to pay against the filed application.