In order to get an incentive or cash assistance as the RMG sector does, exporters in other sectors will have to submit documents related to the transportation of their goods.
For the fiscal 2020-21, except for readymade garments, the export companies will have to attach five types of documents related to the transportation of goods with the application for incentives or cash assistance against exports.
In a circular on Monday, the central bank said the documents issued by the freight forwarding organisations (with the help of which the export process is completed) for the letters of credit (LCs) for exports should be acceptable to banks.
The freight forwarding organisations must have an updated licence and attach a copy to the application. The application must contain all information related to shipment of the products.
Prior to processing the applications, banks concerned will have to confirm the shipment of the exported goods in a locally or internationally recognised tracking system and banks have to be accompanied by the documents related to the information.
In order to receive cash assistance or incentives against exports, it is important to ensure that export value is received. For this, it is necessary to attach the documents related to the specific business relationship of the exporter with the issuer of the export order.