The Bangladesh Bank (BB) has issued new regulations governing cash assistance for exports of frozen shrimp and other fish items. According to the latest directive, applications for cash assistance must now be accompanied by a certificate from the relevant trade organization.
The directive, issued by the Foreign Exchange Policy Department of the BB and communicated to all authorized dealers in foreign exchange transactions, emphasizes that companies seeking cash assistance for frozen shrimp and fish exports must be members of either the Bangladesh Frozen Foods Exporters Association (BFFEA) or the Bangladesh Marine Fisheries Association (BMFA). This membership requirement applies to companies involved in exporting frozen shrimp and other fish harvested and processed from the deep sea.
Effective immediately, applicants are mandated to submit certificates from either the BFFEA or the BMFA along with their cash assistance application forms. Furthermore, the exporting company must hold a valid license from the Department of Fisheries, certifying its status as a duly licensed fish exporting company.
These directives will be applicable to shipped goods from the date of the circular’s issuance, marking a significant shift in the requirements for cash assistance in the frozen shrimp and fish export sector.
