7:57 AM
The government has allocated Tk 1.0 billion as ‘loan’ to the mills under the Bangladesh Jute Mills Corporation (BJMC) on a set of conditions to facilitating purchase of raw jute.Under the conditions, the BJMC would not be able to spend the allocated money for the purpose other than buying raw jute, according to a statement issued on Thursday by the finance ministry. The expenditures of the allocated fund should be audited by CA (chartered accountant) firm and submitted the same to the finance division within three months. The money should be repaid in five years at 5.0 per cent interest through account payee chaque, and a memorandum of understanding (MoU) would be signed between BJMC and finance division, it mentioned. The move came following the demand that the BJMC mills cannot buy raw jute in time for want of funds, sources said. There are 27 jute mills operated under Bangladesh Jute Mills Corporation (BJMC) while one remained closed. The government has taken steps to implement the jute packaging law and set a target of demand of raw jute, sack and bags. The country needs some 700 million pieces of jute bags annually once the law is implemented, according to jute ministry officials. And 2.0 million to 2.2 million bales of raw jute would be required to meet the annual demand for jute bags, they added.
FE
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