RRC forms sub-committee to update age-old trade, business regulations

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Doulot Akter Mala
The government has taken a move to update the age-old trade and business regulations following the guidelines of newly-established Regulatory Reform Commission (RRC).
Sources said changes will be brought to duty exemption and drawback system, capital machinery import, clearance process and bonded warehouse licencing.
The RRC recently formed a sub-committee, headed by NBR chairman Muhammad Abdul Mazid, to prepare a report in the light of observations made on Bangladesh in global investment climate report and make recommendations on removal of hurdles facing the business community.
The nine-member sub-committee will have to submit a report within 30 days.
The RRC at a recent meeting took the decision on formation of sector-wise sub-committees to carry out necessary reforms, he said.
The sub-committee members include additional secretary of commerce ministry, a representative of Board of Investment (BoI), Member customs of NBR, presidents of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Leather Goods and Footwear Association (BLGFA), Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The caretaker government on October 30 formed the 17-member-RRC, headed by former adviser Akbar Ali Khan, through a gazette notification for one-year tenure.
Sources said the commission members have already started ground work for the changes needed to overhaul business rules, making those time-befitting.
A number of existing rules of the country is not suitable causing hindrance to investment in the present era of globalisation and regional cooperation.
The RRC has been formed for preparing recommendations aiming to make the existing rules and regulations modern and time-worthy after necessary reforms and reviews.
The Board of Investment (BoI) has been carrying out secretarial function of the commission.