Council accepts demand for central bonded warehouse

The National Coordination Council on post-Multi-Fibre Arrangement (MFA) has accepted the key demand for setting up Central Bonded Warehouse (CBW) by fulfilling certain conditions.

The Council recommended that the CBW be set up in the country''s Export Processing Zones, RMG industries procure items through back-to-back letters of credit, unsold items in the CBW be re-exported and the private sector fund the warehouse.