Misuse of bond facility: Yellow Syndicate fined Tk2.9 crore in Chattogram
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
TUESDAY, MAY 17, 2022
TUESDAY, MAY 17, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Misuse of bond facility: Yellow Syndicate fined Tk2.9 crore in Chattogram

Crime

TBS Report
06 May, 2021, 10:25 pm
Last modified: 06 May, 2021, 10:32 pm

Related News

  • Misuse of bond facility: Joint Collection fined Tk95 lakh
  • Hindu parents fined for marrying off son a second time, keeping first wife in the dark
  • Chattogram customs fines importer Tk1 cr for false declaration
  • No shoving or biting! Unruly US airline passengers hit with big fines
  • Traders fined in Ctg for selling Buffalo meat as beef

Misuse of bond facility: Yellow Syndicate fined Tk2.9 crore in Chattogram

AKM Mahbubur Rahman, commissioner of the Customs Bond Commissionerate, Chattogram handed over the penalty to the factory owner on Wednesday

TBS Report
06 May, 2021, 10:25 pm
Last modified: 06 May, 2021, 10:32 pm
Misuse of bond facility: Yellow Syndicate fined Tk2.9 crore in Chattogram

Customs bond authority fined the owner of Chattogram-based garment factory Messrs Yellow Syndicate Tk2.89 crore as it was found selling finished garments in local markets though it was enjoying the customs bond facility.

AKM Mahbubur Rahman, commissioner of the Customs Bond Commissionerate, Chattogram handed over the penalty to the factory owner on Wednesday.

Under the customs bond facility, the government allows only the readymade garment exporters to import their raw materials with duty-free facility on condition that the businesses cannot sell their finished goods in local markets.

Mahbubur Rahman told The Business Standard, "Despite enjoying bond facility, the factory was selling finished garments in local markets. As the allegation against it was undoubtely found true, it was given the financial penalty."

"The government offers bond facility only to export-oriented garment manufacturers and they are strictly bound not to sell their finished goods in local market," he said adding that a syndicate, who import raw materials using this facility, sell their goods in open market.

The customs bond authority remains vigilant to thwart this unscrupulous syndicate, the commissioner continued.

Sources said the Chattogram Customs Bond Commissionerate conducted a raid on the warehouse and a six-storeyed building of Messrs Yellow Syndicate on 10 February last year.

The customs authority then allegedly found that the company had stored finished garments for selling in local markets as its owner could not serve any documents that it stored those goods for export purpose.

Then the customs bond authority in an instant decision sealed off that building.

Later, the bond authority tried to contact the factory owner Ayub Ali but could not reach him. After that, the bond authority opened the warehouse in presence of locals and found massive number of finished garments inside it.

Finally, the customs bond authority on Wednesday announced the financial penalty against the factory owner.

TBS tried several times to contact factory owner Ayub Ali over phone but he did not respond to this correspondent.

Bangladesh / Top News

Chattogram customs / fined / Bond facility misuse

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
    Dollar price crosses Tk100 in open market 
  • Finland's Prime Minister Sanna Marin speaks during the plenary session at the Finnish parliament in Helsinki, Finland on 16 May 2022. Photo: Reuters
    Finland's parliament approves NATO membership application
  • Govt fixes tolls for Padma Bridge
    Govt fixes tolls for Padma Bridge

MOST VIEWED

  • ACC appeals to HC to cancel casino kingpin Samrat’s bail
    ACC appeals to HC to cancel casino kingpin Samrat’s bail
  • PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
    PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
  • Accused severs cop’s wrist to escape arrest 
    Accused severs cop’s wrist to escape arrest 
  • Photo: TBS
    Over 6,000 litres of hoarded edible oil seized in Chattogram
  • ACC Chairman Moinuddin Abdullah. Photo: Collected
    PK Halder to be brought back as soon as possible: ACC chairman
  • Hopes of Tk8,500cr refund fading away
    Hopes of Tk8,500cr refund fading away

Related News

  • Misuse of bond facility: Joint Collection fined Tk95 lakh
  • Hindu parents fined for marrying off son a second time, keeping first wife in the dark
  • Chattogram customs fines importer Tk1 cr for false declaration
  • No shoving or biting! Unruly US airline passengers hit with big fines
  • Traders fined in Ctg for selling Buffalo meat as beef

Features

Despite Bangladesh having about 24,000 km of waterways, only a few hundred kilometres are covered by commercial launch services. Photo: Saad Abdullah

Utilising waterways: When common home-goers show the way

6h | Panorama
Illustration: TBS

How Putin revived Nato

8h | Panorama
The reception is a volumetric box-shaped room that has two glass walls on both the front and back ends and the other two walls are adorned with interior plants, wood and aluminium screens. Photo: Noor-A-Alam

The United House: Living and working inside nature

8h | Habitat
Pcycle team members at a waste management orientation event. Photo: Courtesy

Pcycle: Turning waste from bins into beautiful crafts

9h | Panorama

More Videos from TBS

Can your coworker be your closest friend?

Can your coworker be your closest friend?

9h | Videos
The mystery behind Pyramid

The mystery behind Pyramid

9h | Videos
Finland, Sweden decide to join NATO

Finland, Sweden decide to join NATO

21h | Videos
Where you can swim for Tk5

Where you can swim for Tk5

23h | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
Impact of falling taka against US dollar
Banking

Taka losing more value as global currency market volatility persists

4
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

5
Union Capital asked to return Tk100cr FDR to BATBC 
Banking

Union Capital asked to return Tk100cr FDR to BATBC 

6
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab