Govt. going tough against misuse of bond facility

With the aim to safeguard the local manufacturing sector while also prevent the evasion of import duty, Bangladesh Government is taking stringent action against misuse of the bond facility, which has lately become a serious issue with entities allegedly flouting rules and misusing bond facility making the headlines regularly.

The Customs Bond Commissionerate of Dhaka, recently, has suspended bond licences of 125 name-only companies, which were allegedly selling duty-free materials in open in what is seen a brazen misuse of the bond facility.

Further, as per media reports, the Dhaka Customs Bond Commissionerate, during a recent audit, has come across more than 362 entities that are abusing the bond facility, which has prompted the concerned authorities to now determine the liabilities and other facts to revoke licences of these companies at the earliest.

Of the 362 errant companies, the Commissionerate is reportedly planning to suspend the bond licences of around 92 entities in the coming few weeks even as Commissioner of Customs Bond Commissionerate, Md. Shawkat Hossain, has underlined actions against bond licence abusers which will continue in the coming days.