NBR signs accords with 4 PSI agencies

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FE Report
The National Board Revenue (NBR) Monday signed separate agreements with four pre-shipment inspection (PSI) agencies for a new tenure up to December 2009.
The PSI companies are---SGS (Bangladesh) Limited, Bureau Veritas BIVAC (Bangladesh) Limited, Intertek Testing (ITS) Limited and a new Japan-based company Omic.
Omic is newly appointed while the other three were operating in five blocks across the globe.
The previous with the three PSI companies had expired on August 31.
The NBR has re-distributed the existing operating blocks among the PSI companies. Under the new provision, SGS will operate PSI activities on countries under block A and C, Bureau Veritas block-B, Intertek block-E and Omic block-D.
In his budget speech on June 9, finance adviser Mirza Azizul Islam stated to continue the PSI system for a limited period.
Last month, the finance adviser also said the PSI system might be abolished by December 2009 on the hope of building its own capacity by that time.
During the last eight years, the PSI companies have been assisting the customs department in verifying the import documents of goods submitted by exporters.
In 1992, the country launched the voluntary PSI system, which was made mandatory in 2002.
In the first phase, three PSI companies were appointed for three blocks across the world for three years, which was renewed several times up to 2005.
In 2005, four PSI companies were appointed in five blocks across the world for three years. In March, the NBR cancelled the licence of Cotecna Inspection SA due to alleged irregularities.