ree imported raw materials will have to be stored in bonded warehouses and used in production of commodities. The raw materials thus imported must not be sold on the market. But a section of dishonest businessmen freely sell out the imported duty-free raw materials on the open market. As a result, the importers outside of the bond facilities who import the raw materials in a proper way paying fixed duty and sell them on the market or to the local industry owners who use the materials in producing commodities are facing problems. So, the local industries are facing debacle as genuine businessmen fail to compete with such unscrupulous traders in terms of price. The dishonest businessmen of bonded warehouses are also causing major disasters to the country in two other ways. One of them is siphoning money abroad by opening L/Cs and causing revenue losses to the government. The authorities concerned conducted investigation for last 18 months into the allegations of corruption and irregularity by the bonded warehouses. The investigation revealed widespread corruptions and irregularities. It was found that out of the 6,300 bonded warehouses registered in Dhaka, 2,434 are inoperative, and worse still, 477 of them are non-existent. In the investigation conducted by Dhaka Customs Bond Commissionerate, a body under National Board of Revenue has estimated that the inoperative and non-existent enterprises owe to the government Tk 3,790 crore for irregularities. After the 18-month-long investigation from July 2013 to March 2015, the officials submitted the report on March 16. It has been mentioned in the report that the government will get about Tk 3,790.53 crore from the 2434 inoperative bonded warehouses and about Tk 726.51 crore from the 477 non-existent bonded warehouses. Certificate cases have been filed against 203 inoperative bonded warehouses claiming about Tk 405.75 crore. The accounts of 123 of them have been forfeited. Orders have been issued to close the banking transactions of all the inoperative bonded warehouses and their licences have been suspended. Commissioner of Dhaka Customs Commissionerate Dr Shahidul Islam said all kinds of investigations have been carried out in each of the 6300 establishments of bonded warehouses. Those who have imported duty-free goods giving false statements have been identified. In this sector, the government has incurred a loss of thousands of crores of taka. After investigations, the government has claimed over Tk 3000 crore from those organisations. This money will be realised through legal process. It was found in different areas of old Dhaka, including Nayabazar and Hashem Tower, that duty-free goods imported for use in garments are on random sale on open markets. The workers of bonded warehouses concerned of the RMG factories are sending these goods to the shops through their agents. Shopkeepers are procuring these items enthusiastically as they are cheaper than similar goods imported on payment of duty. The shopkeepers, in turn, are selling these items on retail and wholesale markets. Maximum bonded facilities are received by RMG industries. Of the total, 6,300 bonded warehouses of Dhaka as many as 4,226 are garment bonds. Again, among the inoperative and non-existent bonded warehouses, 1,736 are garment bonds. Bangladesh Paper Mills Association Secretary Nawsherul Alam said that dishonest traders are selling on open market the raw materials used in special packaging and paper which are imported as raw materials for RMG industry. As a result, the local paper industry is facing severe crisis. The duty-free commodities are sold at a cheaper rate. On the other hand, the production cost is higher at local industries as they continue productions in accordance with the rules. Consequently, the local industry is facing debacle in an unequal competition. He demanded close government monitoring to stop such irregularities.
Tuesday, March 24, 2015
Warehouse wolves cripple local industries Unbridled corruption by bonded warehouses is pushing local industries into ruin as they siphon money abroad through L/Cs, causing huge:Daily Sun
ree imported raw materials will have to be stored in bonded warehouses and used in production of commodities. The raw materials thus imported must not be sold on the market. But a section of dishonest businessmen freely sell out the imported duty-free raw materials on the open market. As a result, the importers outside of the bond facilities who import the raw materials in a proper way paying fixed duty and sell them on the market or to the local industry owners who use the materials in producing commodities are facing problems. So, the local industries are facing debacle as genuine businessmen fail to compete with such unscrupulous traders in terms of price. The dishonest businessmen of bonded warehouses are also causing major disasters to the country in two other ways. One of them is siphoning money abroad by opening L/Cs and causing revenue losses to the government. The authorities concerned conducted investigation for last 18 months into the allegations of corruption and irregularity by the bonded warehouses. The investigation revealed widespread corruptions and irregularities. It was found that out of the 6,300 bonded warehouses registered in Dhaka, 2,434 are inoperative, and worse still, 477 of them are non-existent. In the investigation conducted by Dhaka Customs Bond Commissionerate, a body under National Board of Revenue has estimated that the inoperative and non-existent enterprises owe to the government Tk 3,790 crore for irregularities. After the 18-month-long investigation from July 2013 to March 2015, the officials submitted the report on March 16. It has been mentioned in the report that the government will get about Tk 3,790.53 crore from the 2434 inoperative bonded warehouses and about Tk 726.51 crore from the 477 non-existent bonded warehouses. Certificate cases have been filed against 203 inoperative bonded warehouses claiming about Tk 405.75 crore. The accounts of 123 of them have been forfeited. Orders have been issued to close the banking transactions of all the inoperative bonded warehouses and their licences have been suspended. Commissioner of Dhaka Customs Commissionerate Dr Shahidul Islam said all kinds of investigations have been carried out in each of the 6300 establishments of bonded warehouses. Those who have imported duty-free goods giving false statements have been identified. In this sector, the government has incurred a loss of thousands of crores of taka. After investigations, the government has claimed over Tk 3000 crore from those organisations. This money will be realised through legal process. It was found in different areas of old Dhaka, including Nayabazar and Hashem Tower, that duty-free goods imported for use in garments are on random sale on open markets. The workers of bonded warehouses concerned of the RMG factories are sending these goods to the shops through their agents. Shopkeepers are procuring these items enthusiastically as they are cheaper than similar goods imported on payment of duty. The shopkeepers, in turn, are selling these items on retail and wholesale markets. Maximum bonded facilities are received by RMG industries. Of the total, 6,300 bonded warehouses of Dhaka as many as 4,226 are garment bonds. Again, among the inoperative and non-existent bonded warehouses, 1,736 are garment bonds. Bangladesh Paper Mills Association Secretary Nawsherul Alam said that dishonest traders are selling on open market the raw materials used in special packaging and paper which are imported as raw materials for RMG industry. As a result, the local paper industry is facing severe crisis. The duty-free commodities are sold at a cheaper rate. On the other hand, the production cost is higher at local industries as they continue productions in accordance with the rules. Consequently, the local industry is facing debacle in an unequal competition. He demanded close government monitoring to stop such irregularities.
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