The Bangladesh Bank has introduced new guidelines for providing financial incentives for the export of frozen shrimp and other fish products. Under the new rules, companies seeking cash assistance for their exports must now submit a certificate from the relevant trade organization.
The Foreign Exchange Policy Department of the Bangladesh Bank issued this directive, which was sent to all authorized foreign exchange dealers for immediate implementation. The decision of Bangladesh Bank is based on a government directive requiring companies involved in the frozen shrimp and other fish export sector to be members of either the Bangladesh Frozen Foods Exporters Association (BFFEA) or the Bangladesh Marine Fisheries Association (BMFA). This membership requirement applies to companies that export frozen shrimp and other fish sourced from deep-sea harvesting and processing.
Additionally, going forward, companies applying for cash assistance for frozen shrimp and other fish exports must include certificates from the BFFEA and BMFA along with their application forms. Furthermore, these companies should hold a valid license from the Department of Fisheries as registered fish exporting companies.
These instructions will be effective for shipments from the date of the issuance of the circular.
