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The Chittagong Port Authority (CPA) has reiterated its request to the Bangladesh Bank (BB) recently to use the real-time gross settlement (RTGS) facility 24/7 for it to facilitate port users' mandatory online payments of customs duties and charges.
A similar request was earlier made in March, urging swift action.
An official of the central bank said, "We have received a request from the CPA and we are scrutinizing the issue."
The CPA noted that the existing short RTGS hours are not only causing delays in collecting the port's dues but also depriving the government of real-time revenue from income tax and value-added tax (VAT).
Currently, RTGS transactions are only allowed until 3:30 pm. The CPA believes that it will be possible to make operations
smoother and collect port dues in real time if the RTGS facility is available all the time.
In a letter, the CPA said Chattogram is the main seaport, which handles around 92 per cent of the country's total export-import trade. The port functions round the clock but banks operate until 3:30 pm on working days. That is why port users cannot complete all the necessary transactions within this period. As a result, they have to release their ships the following day by making the required payments.A CPA official said extending the RTGS hours would facilitate timely collection of income tax and VAT revenue. "Recently, the CPA initiated a process to fully automate payments by port users and the collection of dues. It is expected to be finished shortly," he added.
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