Textile millers against saleof illegally imported yarn
Industry Desk: Local textile millers demanded taking necessary steps against selling illegally imported yarn, clothes and dress material in the market.
In this regard, Bangladesh Textile Mills Association (BTMA) sent a letter –signed by its President Mohammad Ali Khokon–to Abu Hena Muhammad Rahmatul Muneem, chairman of the National Board of Revenue (NBR) on Sunday.
In the letter, BTMA president said that Bangladesh has a viable backward linkage industry in the primary textile sector and the mills are supplying the bulk of export quality yarn and fabrics to the export-oriented garment sector.
Moreover, it is providing the entire basic needs of the common people of the country. As a result of this, both the export earnings have increased and a huge amount of foreign exchange is being saved, which is playing a vital role in keeping the foreign exchange reserves stable.
“We have come to know that there has been a large trade of the illegally imported yarn and cloth in the major textile hubs, especially Narayanganj, Araihajar, Gausia, Madhabadi, Baburhat, Narsingdi, Tangail, Sirajganj, Belkuchi and Pabna,” the letter read.
As a result, the liquidity crunch in the mills is very evident due to the massive increase in stock of yarn and cloth manufactured in the local mills.
Moreover, the government is losing a huge amount of revenue due to this while the mills are gradually languishing due to cash crunch, the letter stated.
“As the Eid-ul-Fitr is coming, we have to pay wages, bonuses, allowances, and other utility bills which will require a huge amount of money though mills are running through a financial crisis,” he added. Moreover, this crisis has been aggravated by the global recession in the context of the Ukraine-Russia war, problems in importing raw materials due to the dollar crisis, and reduced purchasing power of buyers, including not getting fair prices for finished yarns and fabrics.
Earlier, various Bond Commissionerate under the direction of the NBR to protect the legitimate interest of the domestic industry, conducted frequent drives to stop the sale of illegally marketed yarn.
In view of this, a huge amount of yarn and cloth was also seized.
“We owe such initiatives to the Customs and Bond Commissionerate,” he added.
However, this operation has been suspended for a long time and as a result, there is a slowdown in the yarn and fabric sales of the mills during this month of Ramadan, Eid-ul-Fitr and Pohela Boishakh, which is alarming.
In this situation, BTMA urge search raids to stop the sale of yarn and cloth brought illegally in the local market under duty and tax-free facilities or by mis-declaration or by any means at the haats of Narayanganj, Araihazar, Gaosia, Madhabdi, Baburhat, Narsingdi, Tangail, Sirajganj, Belkuchi and Pabna.
Size of budget increased by 969 times in 52 years
Mahfuz Emran: The first budget of Bangladesh after independence was announced on June 30, …