The central bank asked Sunday the lien banks concerned to submit reports on deduction of money deposited with the ‘Central Fund (RMG Sector)’ to the authorities concerned by the seventh of following month. The Bangladesh Bank (BB) in a circular also said the banks other than those affiliated with the export-oriented ready-made garment factories are not complying with the central bank’s previous directive to deduct 0.03 per cent from each RMG export order. According to the labour rules that came into effect on September 15 last year, the export-oriented factories would have to contribute 0.03 per cent of their freight on board (FoB) price to the fund while contributions from the government and buyers would be voluntary. Earlier, the Ministry of Labour opened an account with Ramna Corporate Branch of Sonali Bank Ltd after the fund’s first board meeting took decision to deduct the amount from July 01 last. According to the existing directives, banks have been asked to transfer deducted amount to the account and submit the money deduction reports to the labour secretary and the central fund governing body under the ministry.
