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New fiscal package for RMG exporters
15
Sep '10
As divulged by the Finance Ministry, now the exporters now can obtain loans to the extent of $10 million from the Export Development Fund (EDF).

Also, the government has decided to continue giving five percent cash incentive on their total value of exports to small and medium textile enterprises till June 30, 2011.

The above information was released by the Finance Ministry through a notice detailing the measures taken under the second stimulus package. The Bangladesh Bank would notify other banks in this regards by means of a separate notice.

Small and medium businesses may avail loans under EDF to a maximum of $10 million. Interest on these loans would be charged as per the London Inter-Bank Offer Rate (Libor) plus one percent for loans up to one and a half million dollars, and Libor plus two and a half percent for loans up to $10 million.

Eve those textile companies which exported items worth up to three and a half million dollars in 2008-09 are also eligible to get a five percent cash incentive in 2010-11 fiscal. However, any sort of bonded warehouse or duty drawback facility will not be provided to them.

The notice cites that, the subsidiaries of the holding company will not stand eligible to receive the benefits.

The companies would get five percent of the total export value under the 'new market exploration assistance' for all textile products that they export during 2009-10, while the assistance would be available at the rate of four percent in 2010-11 and two percent in 2011-12.

Currently, the RMG exporters are entitled to get five percent cash incentive, but this is subject to fulfilment of some conditions.

Fibre2fashion News Desk - India

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