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Bonded warehouse guidelines impeding export growth
25
Feb '10
Strangling regulations at Bonded Warehouses (BW) is impeding growth in exports of the clothing export sector. Experts aver that, regulations like renewing licenses annually and cap on quantity of raw material imports are barriers to smooth operations.

Before the new Bonded Warehouse Guidelines 2008 came in to effect exporters were provided a one-time license along with which single-time and annual import limits were fixed for the exporters.

Reacting to exporters concerns, Mr Jamil Khan, Chairman of the Bangladesh Export Processing Zones Authority (BEPZA) wrote to the National Board of Revenue (NBR) urging it to exclude EPZ exporters from some of the provisions of BW regulations.

Bonded warehouse facility is mainly used by exporters as it helps in lowering lead-times and to keep clothing prices competitive. The changes in regulations were brought in to curb dishonest practices of a few exporters.

Fibre2fashion News Desk - India

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