BB relaxes conditions for auditing export subsidy applications
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SATURDAY, JUNE 25, 2022
BB relaxes conditions for auditing export subsidy applications

Banking

TBS Report
12 August, 2020, 08:30 pm
Last modified: 12 August, 2020, 08:37 pm

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BB relaxes conditions for auditing export subsidy applications

Banks can now get applications for export subsidies audited by existing firms until new ones are appointed

TBS Report
12 August, 2020, 08:30 pm
Last modified: 12 August, 2020, 08:37 pm
File Photo of Bangladesh Bank : Salahuddin Ahmed/TBS
File Photo of Bangladesh Bank : Salahuddin Ahmed/TBS

The Bangladesh Bank has cleared that banks can reappoint existing audit firms, after the expiration of their tenure, until new firms are appointed – to audit applications for alternative cash incentives or export subsidies.

On Wednesday, the central bank issued a circular to clear the instruction. 

BB relaxes rules on life saving drugs import

Generally, banks can appoint listed audit firms for three years. On June 2, the central bank instructed banks not to reappoint the same audit firms for another three years after the expiration of their current tenure. 

In the latest instruction, the Bangladesh Bank said banks can have applications for export subsidies audited by previous audit firms until new firms are appointed. 

Additionally, banks can continue auditing applications for export subsidies with the additional audit firms that were appointed before the circular was issued. 

Economy / Top News

Bangladesh Bank

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