• Wednesday, Dec 02, 2020
  • Last Update : 12:21 pm

RMG Central Fund: BB presses banks to deduct 0.03% from export proceeds

  • Published at 12:00 am October 6th, 2020
web-Bangladesh bank-bb
The Bangladesh Bank building at Motijheel Mehedi Hasan/ Dhaka Tribune

Due to less than expected deposits at the fund by banks, the size of the fund remains very low

The Bangladesh Bank (BB) on Monday instructed all  scheduled banks again to transfer 0.03% of export proceeds of export-oriented industries to the RMG sector Central Fund.

The BB issued the instruction afresh following a recent letter of the labour and employment ministry, mentioning that several banks were not deducting the money from the export receipts of export-oriented industries.

The ministry issued the letter based on the findings and recommendations of the parliamentary standing committee on the labour and employment ministry.

Due to less than expected deposits at the fund by banks, the size of the fund remains very low.

Since the setting up of the fund, the central bank has issued several instructions to banks on a number of occasions asking them to ensure deduction of money against export proceeds and deposition of the same at the fund.

In 2016, the government under the Bangladesh Labour Act, 2006 formed the Central Fund to provide financial assistance to the workers’ of such export-oriented industries.

Banks are supposed to transfer 0.03% of the export proceeds of hundred percent export-oriented garment industries to the Central Fund formed for the welfare of workers in the ready-made garment sector.

The deducted fund will be deposited at the central fund account with the Ramna corporate branch of Sonali Bank.

Banks are supposed to send statements in this regard to the central fund management board and other related authorities on a regular basis, but some banks have not been following the instruction, it was alleged.

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