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Indentors seek CIP status

FE REPORT | November 09, 2019 00:00:00

Country's indentors have urged the government to grant them the status of Commercially Important Person (CIP).

President of Bangladesh Indenting Agents' Associa-tion (BIAA) Rafiqul Islam Masum, in a letter sent to the commerce ministry secretary Dr Md Jafar Uddin recently, sought the status in view of their significant contribution to economic activities of the country.

"All members of BIAA should kindly be given the CIP status," an indentor said.

According to association sources, indenting agencies have been providing services as representatives of foreign suppliers for marketing products in Bangladesh.

They earn foreign currencies against export of services and repatriate the currencies through AD (authorized dealer) banks via Proceeds Realisation Certificate (PRC).

The BIAA data showed that they repatriated in indenting commission US$ 95.7 million in the last fiscal year (FY). It was US$ 42.4 million in FY 2013-14.

Indenting agents do not take any commission from local importers, a source said.

Indenting commission is one of the major sectors of foreign currency income.

The Ministry of Commerce has included 'indenting services' in the Export Policy 2015-18 as an export sector.

Currently, there are 1,590 registered indenters in the country.

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