Ctg importers release recon cars ending long wait
Thursday, 25 September 2008

Barrier of new release procedure

Staff Reporter

Chittagong importers have resumed the process of releasing reconditioned vehicles against bank guarantees, after a hiatus of one month and 23 days, though they are wary about the complexities of the new release procedure.

Chittagong Customs House sources said papers were being issued on Tuesday for releasing cars after scrutiny of bank guarantees.
 
However, importers say they are concerned over the long process of securing bank guarantees and complexity of the interim arrangement.
 
They say it unclear who will pay the excess duty – the buyer or the seller.
 
Importers are therefore hesitant over securing release of their vehicles in case the revenue collectors later ask them to return the duty, they said.
 
BARVIDA secretary general Abdul Hamid Sharif told bdnews24.com: "A good number of importers are preparing to get their imported vehicles released through bank guarantees."
 
But BARVIDA (Bangladesh Reconditioned Vehicles Importers and Dealers Association) can not force its members to do so, he added.
 
"However, as many of the imported cars have been sold in advance or already have orders from buyers, I believe the importers will try to get the cars released in quickest time," said Sharif.
 
BARVIDA president Abdul Huq had told bdnews24.com earlier in the week that BARVIDA members would start releasing the imported cars "in full swing" as the cars were depreciating in value as they waited in the port for more than one and a half months.
 
The importers stopped releasing the imported reconditioned vehicles protesting a circular of the customs authorities regarding depreciation value.

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