BB issues new rules on cash assistance for shrimp and fish exports

The Bangladesh Bank (BB) on Wednesday issued new guidelines for cash assistance (incentive) against exports of frozen shrimp and other fish items.

The Bangladesh Bank (BB) on Wednesday issued new guidelines for cash assistance (incentive) against exports of frozen shrimp and other fish items.

The new directive stated from now on the application for cash assistance will have to submit the certificate of the concerned trade organisation.

The Foreign Exchange Policy Department of the BB issued the directive on Wednesday and sent to all the authorised dealers in foreign exchange transactions for immediate execution.

The BB directive stated that it is informed by the government decision that the company applying for cash assistance in the frozen shrimp and other fish export sector must be a member of the Bangladesh Frozen Foods Exporters Association (BFFEA) or a member of the Bangladesh Marine Fisheries Association (BMFA) for the export of frozen shrimp and other fish harvested and processed from the deep sea.

Besides, from now on, the BFFEA and the BMFA certificates must be submitted along with the application form for cash assistance against the export of frozen shrimp and other fish.

The concerned exporting company should be a fish exporting company duly licensed by the Department of Fisheries.

The said instructions will come into effect in respect of shipped goods from the date of issue of the circular.