From now onwards, all Ready-made Garments (RMG) exporters will require approval from the Bangladesh Bank before hiring an additional audit firm to expedite the audit of export subsidy applications, a Bangladesh Bank circular said on Tuesday.
Usually, documents scrutinised by an audit firm, which is appointed by the bank concerned and approved by the central bank, are submitted with the application form for the domestic export-oriented other applicable sectors.
According to the circular, in case of expeditious execution of audit activities, additional audit firms may be appointed subject to the permission of the Bangladesh Bank by specifying the number of audit firms with reasonableness and necessary information.
Earlier on Monday, the central bank said in another circular that the export-oriented textile sector would get a 4% alternative cash assistance instead of duty bonds and duty drawbacks.
All small and medium enterprises (whose exports are less than five million) in the export-oriented readymade garments sector (knit, woven and sweater) will get an additional 4% cash assistance.
Any organisation (small, medium or large) will get a 4% cash assistance for expanding new products and new markets in the textile sector in the USA, Canada and the EU. The Eurozone will have a 2% cash assistance in addition to other benefits available to exporters.
In addition, all the companies in the readymade garment sector will get an additional 1% as special cash assistance. However, if they enjoy the 4% cash assistance in case of new products and market expansion, they will not be eligible for this 1% assistance.