Dhaka: Concealing export earnings and keeping those abroad using many sort of innovative tricks is nothing sensational and new too. So as usually incidents of not bringing the export earnings at home at all are increasing rapidly to stash money abroad by businessmen.

And using such tricks, a huge some of foreign exchange is being siphoned off abroad and being stashed there depriving the country of its due earnings and tax which is serious punishable offence under Money Laundering Prevention Act.

The central bank after disturbed by many scandals like Hall-Mark, Bismillah Traders and so on has started looking into incidents of export earnings going missing in the middle as those were being smuggled out for many purposes. And to snub the forex smuggling and siphoning off export earnings, the BB launched a massive investigation to crack the nut recently after detecting yet another scandal of Tk 122 crore that went missing mysteriously from eight private and state-owned commercial banks, said BB sources.

Eight commercial banks had exported various goods through their 35 branches in different global destinations from the country, but their matching export earnings have not reached the country in any form. After detecting the issue, Bangladesh Bank has launched a massive investigation in those branches of eight banks – National Bank,  Premier Bank, Agrani Bank, Merkentile Bank, Dhaka Bank, NCC Bank, Shahjalal Islami Bank and Prime Bank.

Many business firms are exporting various goods to different destinations, but in most cases matching export earnings are not reaching the country as those are kept abroad deliberately using tricks. After liberation a huge some of money has been kept abroad deliberately as transferring cash from the country is a tough task and keeping those abroad is considered safer options for many businessmen for many reasons.

By this time import bills soared have many times, but export earnings have not increased in that pace though export volumes have increased many fold creating a huge gap as many exporters are not brining the cash earning at home. 

Bangladesh Bank has taken special initiative to bring back those export earnings and BB has already handed over a list of 3200 exporters to CID who have not brought back earnings above $10,000 till 2008. At the same time the BB has also put pressure on banks to take steps for bringing back the export earnings.

An authoritative source in Bangladesh Bank told Prime News that around US$2 billion dollar of export earnings have not reached the country after export of various products.

And among those there are some long outstanding export bills which should have reached the country much earlier and there are over US$20 crore which remains as outstanding. 

As per Foreign Currency Control Act, exporters must bring back matching export earnings against their products within 120 days of export. But if any exporter fails to bring back the export earnings to the country then Bangladesh Bank takes legal measures against such exporter under Foreign Currency Control Act.

As per existing rules, the Bangladesh Bank notifies bank under which export was made if export earnings fail to reach the country within the 120 days period. Then bank gives reminder to exporters for bringing back the earnings and if exporters fail then the bank explains reasons for failure to BB and if those explanations are not satisfactory then the BB asks law enforcing agencies to act against such exporters.  

As per earlier practice, Bangladesh Bank usually hands over export documents to Bureau of Anti-Corruption for filing of cases against exporters who fail to bring back export earnings following rules. So fearing litigation, exporters would take instant measures for resolving procedural delays and problems and brought back export earnings as early as possible.

But after constitution of Anti-Corruption Commission dissolving Bureau of Anti-Corruption, the new statutory body had declined to take responsibility of export earnings which was earlier taken care of by now defunct BAC. But after shuffling of a series of official letters between Bangladesh Bank and ACC, it was later decided that Criminal Investigation Department would take care of export earnings failures and complications. But CID has a dearth of experienced manpower to handle issues and cases relating to Foreign Currency Control Act. Even those who are getting experienced are being transferred elsewhere. So cases and files are stacking up there in absence of resolution of such cases. So far 3200 files of exporters who had failed to bring back export earnings amounting to at least US$10,000 have been handed over to CID. But  resolution those cases are very slow and time consuming.

As per statistics and data of Export Promotion Bureau and Bangladesh Bank, in the FY 2004-05 products worth Tk 53,961 crore were exported but earnings worth Tk 50,834 crore reached home while the rest Tk 3127 crore failed to reach the country.

In the FY 2006-07, export earnings worth Tk 4275 core had not reached home. In Fy 2007-08 the amount of export earnings that had not reached the country got doubled to Tk 11,138 crore. In that year products worth Tk 98160 crore were exported while Tk 87022 crore earning reached the country and the rest remained outstanding abroad. 

In FY 2008-09 export earnings worth Tk 9,501 crore did not reach home and in FY 2009-10 export earnings worth Tk 11,285 crore had not reached the country against exports of goods. 

As per a Bangladesh Bank statistics, unexpected export earnings have reached US$2  billion till December, 2012 and the amount stands at Tk 16,500 crore  in local currency as per current exchange rate of dollar against Taka at Tk 82 per dollar.

Ends/OSR/AMA/22/01/13