BGMEA demands Tk 649-cr loan waiver for 133 sick factories
31 Oct 19 1 min read
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently demanded exemption from repayment of at least Tk 649 crore in principal amount of loans and interests for 133 ‘sick’ readymade garment (RMG) units. BGMEA president Rubana Huq requested finance minister AHM Mustafa Kamal for 1 per cent special cash incentive without any condition.
In the budget for fiscal 2019-20, the government had announced 1 per cent cash incentive for RMG exporters, but the Bangladesh Bank imposed some conditions to avail the benefit.
BGMEA president’s charter of demands included rescheduling facility for small and medium garment enterprises and allowing factories to cancel or renew their licences with the waiver of all outstanding taxes.
She also demanded compensation for the sector through additional provision of Tk 2-5 against each dollar on the value they retained and retrospective effect of 0.25 per cent source tax from July.
She urged the minister to set the maximum interest rate for packing credit and to allow higher advance payment for defined category and also demanded a special fund for innovation to ensure product diversification to remain competitive in the world market.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
In the budget for fiscal 2019-20, the government had announced 1 per cent cash incentive for RMG exporters, but the Bangladesh Bank imposed some conditions to avail the benefit.
BGMEA president’s charter of demands included rescheduling facility for small and medium garment enterprises and allowing factories to cancel or renew their licences with the waiver of all outstanding taxes.
She also demanded compensation for the sector through additional provision of Tk 2-5 against each dollar on the value they retained and retrospective effect of 0.25 per cent source tax from July.
She urged the minister to set the maximum interest rate for packing credit and to allow higher advance payment for defined category and also demanded a special fund for innovation to ensure product diversification to remain competitive in the world market.
Fibre2Fashion News Desk (DS)
Popular News
|
Tiruppur's labour woes deepen as UP attracts textile workers |
|
Net sales of US retailer Tilly’s at $115.9 mn in Q1 FY24 |
|
EU Council set to begin talks on revision of waste framework directive |
|
US' textiles & apparel exports down 2.8% in Jan-Apr 2024 |
|
New York State Senate passes Retail Worker Safety Act |
|
US net cotton sales surge: Upland sales up 28%, Pima sales up 87% |