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Dhaka Tribune

Tanners to get incentives for relocation

Update : 02 Nov 2014, 06:56 PM

A series of incentives have been announced for tanneries to relocate their establishments to Savar industrial zone.

The announcement came in line with the fund problems the tanners facing in the relocation process, said a circular Bangladesh Bank issued yesterday.

The tanneries relocated to Savar or under process of relocation would be allowed to transfer their irregular loans to block accounts, get moratorium facilities and get flexible payment term.

The interest would be realised at a rate 10% of the loan transferred to block account or the cost of fund, whichever is lower.

Non-imposed interest and suspended interest would be waived in case of block account loans, but the principle loan amount and the cost of fund would not be waived.

The board of banks could consider loan reschedules and relax down payments in case of providing new loan facilities for tanneries involved in export business.

The loans to be transferred to block accounts or that rescheduled would be adjusted with the export bill.

The banks would follow the common rules of classifying and provisioning if loans are not recovered as per the schedule.

In case of getting new loan facilities, clients would deposit fresh collateral if there is lack of security money. Moreover, tanneries would release mortgage properties providing equivalent collateral.

The clients have to appeal to the bank with related papers and proof of transferring tannery to Savar within 6 months of the circular issued. 

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