Bangladesh Bank on Tuesday directed the banks to disburse the amount of cash subsidy for the ship exporters against the documents of confirmed export agreement and letters of credit.
The BB Foreign Exchange Policy Department issued a circular in this regard.
According to an earlier decision, the amount of cash subsidy was available upon submission of all the documents of exported ships and the repatriation of total export earnings.
The circular said that the ship exporters have to submit documents related to ship construction, the letter from the buyer, certificate from the classification society, advance receipt voucher from the bank and bank guarantee letter against the cash subsidy.
'The facility of cash subsidy will be entitled for ships which have already been exported abroad. But the exporters have to submit their documents within 60 days,' it said.
In that case, port clearance certificate, the total financial statement from banks, the receipt showing total payment from the buyer and invoice issued by banks should be enclosed with the application for receiving cash subsidy.
According to Bangladesh bank decision, ship export sector is entitled to get 5 per cent cash subsidy for export during the current fiscal year.
Source : New Age
