Textile mills, buying houses must take registration

The Bangladesh Bank (BB) on Thursday said textile mills and buying houses will require mandatory registration with the authorities concerned under the Textile Act 2018.

The BB's Banking Regulation and Policy Department issued a circular in this regard, saying many textile mills and buying houses of the country have been doing business without complying with provisions of the act.

The BB circular, signed by general manager Nazrul Islam, noted that such malpractices have been tarnishing Bangladesh's image abroad.

However, officials at the textile mills and buying houses said many of these entities are yet to register with the Department of Textiles, as the act was passed in 2019.

They also opined that bribery and other types of corruption may be involved in completing the registration process with the government organisation.

"We will take registration as per the act, but bribery and other corruptions may be incorporated with the process. More than 1,500 textile mills will need such registration at a time following the BB circular," said an official of the Bangladesh Textile Mills Association (BTMA).

Meanwhile, the BB's Foreign Exchange Operation Department, in a circular on the day, has eased the remittance process of surplus earrings of the foreign airlines in Bangladesh.

The circular, issued by general manager Maksuda Begum, said this is meant for simplifying the remittance process of surplus earnings.

The process will not require submitting other documents rather than banking documents, it added.