Textile News, Apparel News, RMG News, Fashion Trends
News & Analysis

Central Bank temporarily closes 25 exporters user IDs

The central bank has temporarily blocked the user identification (ID) of 25 exporters for failing to report shipment-related information in a timely manner.

Exporters have failed to post XP and related documents or duplicates against shipments in Bangladesh Bank’s (BB) online export monitoring system from January 2016 to December 2021.

Central bank blocks user IDs of 25 exporters
Figure: The BB also warned in a letter issued to authorized dealer (AD) banks on May 09 that it would revoke their AD licenses if they failed to fully comply with duplicate reporting requirements.

Basically, according to the Foreign Exchange Transaction Guidelines, an exporter must report his shipment information to the system within 14 days of shipment.

Meanwhile, the BB also warned in a letter issued to authorized dealer (AD) banks on May 09 that it would revoke their AD licenses if they failed to fully comply with duplicate reporting requirements

At the same time, it will block user IDs of other exporters if they do not agree to this.

A user ID is an entity used to identify a user within a website, software, system, or general IT environment.

Also, this is the most common authentication process used in computing systems.

The letter further states that locked user IDs can be reactivated if they complete EXP duplicate reporting.

Exporters whose user IDs are blocked can continue their export activities by issuing new XPs through their respective ADBs, it added.

Meanwhile, the central bank has advised scheduled banks to be cautious about providing cash incentives and back-to-back L /C issuance against loans from their Export and Export Development Fund (EDF).

On the other hand, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in a circular on Saturday informed its member factories about BB’s latest move.

It recommends that exporters comply with the central bank’s duplicate reporting guidelines and report invoices online.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

Related posts

Bangladesh holds the second position in RMG exports: WTO

Arif Uz Zaman

Latest Publications

View All