Cash assistance will be available for export of 43 products
In the current financial year 2023-24, 43 products and sectors will be given incentives or cash assistance against exports. In the last financial year, the exporters received this cash assistance at a maximum rate of 1 to 20 percent. However, exporters will get a maximum incentive of 15 percent till June this year. The new directive will come into effect from January 1 this year.
An instruction in this regard has been issued by the Foreign Exchange Policy Department of Bangladesh Bank on Tuesday (January 30). The instruction has been sent to all the authorized dealers of foreign currency transactions in the country.
According to the directive, 43 products will get incentives or cash assistance against exports during the period from January 1 to June this year. These 43 products received assistance in the previous year as well.
Among the products, export of agricultural and processed agricultural products, diversified jute, potato and halal meat will get maximum 15 percent support. Besides, 3 percent in lieu of tariff bonds and duty draw-backs in the export-oriented domestic textile sector, 4 percent in small and medium industries in the export-oriented ready-made garment sector (knits, knitwear and sweaters), 3 percent in new products, new markets (textile sector) but for textile exporters in the Euro zone. In addition to the existing 3 percent special support of 1 percent, special cash support of 50 percent for readymade garments, 7 percent for jute final products, 5 percent for jute and 12 percent for leather goods export will be given.
Other products include 8 percent in hand-made products, 8 percent in cow-buffalo tusks, horns and sinews, 2 to 9 percent in frozen shrimp and other fish exports, 12 percent in light industrial products exports, 7 percent in factory-produced crust and finished leather exports, 8 percent in PET bottle-flax exports, 8 percent in polyester staple fiber exports from PET bottle-flakes, 8 percent in shipboard exports, 10 percent in carbon and jute particle board exports from jute, 10 percent in grain and vegetable seed exports, 10 percent in furniture exports. Exporters will get incentives of 10 percent, 8 percent for the export of plastic products, 7 percent for the export of domestically produced paper and paper products and 10 percent for the export of agar and attar.
Besides, 8 percent in pharmaceuticals products, 12 percent in accumulator batteries, 8 percent in software, ITES and hardware exports, 3 percent in software and ITES service exports for individual freelancers, 8 percent in motorcycle exports, 8 percent in razor and razor blade exports, 8 percent in ceramic products exports, 9 percent in shell exports, 8 percent in crab and crab exports, 7 percent in chemical products (chlorine, hydrochloric acid, caustic soda and hydrogen peroxide) exports, 8 percent in consumer electronics, electrical home and kitchen appliance products exports, 5 percent in rice exports, tea 3 percent on exports, 3 percent on steel exports, 3.50 percent on exports of bicycles and its parts, 3.50 percent on exports of cement seats, 50 percent to 3 percent on exports in favor of companies located in Beza, Bepza and Hitech Park. The regulatory body is Bangladesh Bank.