A delegation of the Bangladesh Garment Buying Houses Association led by its president Kaium Reza Chowdury met the adviser at his planning ministry office.

They sought government's immediate intervention in addressing the complexities in cross border transaction through L/C.

The association pointed to the fact that a section of a central bank rule relating to foreign exchange transaction delays overseas transactions unnecessarily and hampers their business as it sometimes leads to cancellation of orders from ready made garment (RMG) buyers.

The association chief said, "The section 18/A of the , Foreign Exchange Regulation Act, 1947 causes delay in transfer of L/Cs, resulting in their cancellation and ultimately the country is deprived of earning a huge foreign exchange".

The association also placed a number of proposals underlining the need for initiating a regulatory regime in the buying service sector.

It proposed to introduce a registration along with fees for RMG buying houses either with the Export Promotion Bureau or the office of the Chief Controller Import and Export.

It also asked for submission of regular reports on L/Cs received by the member buying houses to the association.

It was also proposed during the meeting that a monitoring cell should be formed which will be empowered with taking punitive measures against any house indulged in unfair means upon a review of their activities.

The association suggested that a centrally monitored computer database should be maintained where all information about receipt and handover of L/Cs are preserved.