Misuse of Bond Facility

Goods worth Tk 62.5m seized

Staff Correspondent

25 January, 2020 12:00 AM printer

In a series of drives last week, the Customs Bond Commissionerate (CBC), Dhaka seized goods worth Tk 62.5 million imported illegally by misusing the bonded warehouse facility.

Officials said the government has been deprived off Tk 22.5 million in revenue as the goods were imported bypassing the formal taxation process.

The goods include fabric item, paper, yarn, plastic raw, chemical, Biaxially Oriented Polypropylene (BOP) film and shoes. Though the goods were meant for use as raw materials in export-oriented products, the importers sold the items in the open market violating the terms of the bond facility.

In a statement, the customs authorities informed that the goods were seized in 16 covered vans during separate drives in different parts of the capital since January 15 this year.

The customs authorities conducted a total of 215 drives in 2019 and filed 174 cases including 11 criminal cases against the offenders. Bond licenses of 371 business firms were cancelled as a punitive action against the misuse of the bond facility.

CBC Dhaka Commissioner SM Humayun Kabir said the abuse of bond facilities should be eliminated for sake of country’s economic development.

“Our drives will continue to check bond misuse,” Humayun Kabir added.

Officials claimed that CBC Dhaka has so far collected Tk 17.53 billion in revenue in the current 2019-20 fiscal, which is 25.77 per cent higher than the same period last fiscal.