by Apparel Resources News-Desk
10-August-2018 | 1 min read
The Customs department of Chittagong recently seized 27 tonnes of fabric, estimated at BDT 3.36 crore over alleged misuse of the bond facility from the Chittagong Port.
Chittagong based Sufi Apparels reportedly imported the consignment of printed fabrics of Raymond, which is not allowed to be imported under bond facility, stated Deputy Commissioner of Chittagong Custom House (CCH), Nuruddin Milon to the media.
It may be mentioned here that Bonded Warehousing is the facility provided to export oriented industries for importing inputs/raw materials and packaging materials without paying any duty or taxes.
The National Board of Revenue (NBR) provides Bonded Warehousing benefits to a wide range of industries to encourage export-oriented industrialisation and facilitate exports.
Availing the bonded warehouse facility is important for the export-oriented industries, as it enhances their export competitiveness.
Bonded Warehousing facility is accorded following the provisions under Sections 84-119 of the Customs Act, 1969 (Chapter 11), and various rules and orders issued from time to time by the NBR.
The CCH, following a tip-off reportedly intercepted the delivery of the consignment and filed a case against the importer.