A circular issued recently by Bangladesh’s central bank, Bangladesh Bank, has underlined that from now on, all apparel exporters will need to get approval from the central bank before hiring an additional audit firm to expedite the audit of export subsidy applications even as the Bangladesh Bank in another circular issued earlier maintained export-oriented textile sector will get a 4 per cent alternative cash assistance instead of duty bonds and duty drawbacks.
As per reports, usually, documents scrutinised by an audit firm, which is appointed by the bank concerned and approved by the Bangladesh Bank, are submitted with the application form for the domestic export-oriented other applicable sectors even if according to the new circular issued by the Bangladesh Bank, in case of expediting the execution of audit activities, additional audit firms may be appointed subject to the permission of the central bank by specifying the number of audit firms along with providing all other necessary information and citing reasonableness.
In a separate circular issued earlier, the central bank informed about the 4 per cent alternative cash assistance instead of duty bonds and duty drawbacks for the export-oriented textile sector.
