Policy underway to streamline operations of buying houses
Policy underway to streamline operations of buying houses. The government may also moreover make it obligatory for garment-buying homes to get registered with their affiliation and the Export Promotion Bureau for doing business.
Officials stated the authorities has drafted the policy with this provision, supposed for bringing the intermediaries in apparel trade beneath legislation and consequently making sure accountability of the shopping for houses in trade-dispute resolution.
The Ministry of Commerce (MOC) on January 14 despatched the draft to relevant stakeholders like Bangladesh Garment Buying Houses Association (BGBA), Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and the state-run Export Promotion Bureau (EPB), eliciting their opinions.
Presently, a shopping for house can function its business organization only with the aid of the use of acquiring a exchange licence from the authority involved and there is no duty to register with a supervising physique or an association, enterprise humans said.
“Buying homes registered with BGBA have to re-register with EPB and EPB will each year renew the registration after scrutinizing all requisite documents,” the draft coverage reads.
“No buying dwelling can switch foreign buyers’ L/C (letter of credit) for garment exports besides having registration with EPB,” it said, including that Bangladesh Bank will challenge notification to all commercial enterprise banks in this regard.
The insurance in the making additionally proposes Tk 50,000 as registration cost and Tk 5000 as annual fee.
The buying house concerned would be accountable from LC handover to garment factories until they (the factories) get their payments, the draft says.
And a apparent machine has to be found in fixing the charge of products between purchasing for houses and export-oriented garment factories.
The draft also proposes an 11-member monitoring committee headed via potential of the EPB vice chairman to disclose the things to do of shopping for houses.
Officials said the go got here following some contemporary incidents of shopping for houses allegedly getting concerned in fraudulence and alternate disputes.
The EPB in a letter to commerce ministry had recommended framing a policy, announcing that in the present day days shopping for homes have been involved in trade-dispute resolutions two on behalf of foreign clients whilst position of some of them observed improper.
“We have demanded for a long time that all the shopping for properties be brought beneath regulation as the wrongdoers go unpunished, or they can no longer be traced if any incident or fraudulence happens,” K I Hossain, president of BGBA, instructed the FE.
A complete of 450 garment-buying homes which consist of 10 overseas ones are registered with the BGBA even as an greater four hundred to 500 run across the united states of the us sans any affiliation with the alternate body, he added.
Buying properties play a very integral function in garment-export incomes as majority of the garb factories are structured on them,” he said, inclusive of that about 50,000 graduates are employed in shopping for houses.
“It is a terrific skip to raise every local and overseas shopping for homes under regulation,” referred to Fazlee Shamim Ehsan, vice president of BKMEA.
He, however, opined that there be a “win-win situation” so that there be no bureaucracy that hampers the change even as none can play foul as garment business organisation is interrelated with shopping for houses.