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300,000 VAT collecting machines to be installed in Dhaka, Ctg by pvt firm
A private firm, Genex Infosys Limited, will provide and install 300,000 VAT collecting machines in Dhaka city, adjoining areas and Chattogram city in the next three years.
Cabinet Committee on Government Purchase (CCGP) at a meeting on Wednesday approved a proposal of the National Board of Revenue (NBR) to select Genex Infosys as a vendor to collect value added tax (VAT) on behalf of the government.
Finance Minister AHM Mustafa Kamal presided over the virtual meeting while members of the committee attended it.
Read Black money whitening got little response in FY 22: NBR data
Genex Infosys was selected through an open tender, said additional secretary of the Cabinet Division Abdul Barik while briefing on the decisions of the committee.
He said the Genex as a lowest bidder won the contract in three lots to supply and install Electronic Fiscal Device (EFD) and Sales Data Controller (SDC) or VAT collecting machines at different types of retail shops.
Earlier, the Cabinet Committee on Economic Affairs gave its nod in-principle to this decision of NBR on August 31.
Read NBR supports Made in Bangladesh brand: Chairman
Barik said the vendor will supply and install the machines at its own cost and in return it will get 0.52-0.538 percent of the collected money as service charge while depositing it to the government.
It will also carry out the operation and maintenance work as well, he added.
According to NBR officials, it’s not possible for the government to operate so many machines across the country, that’s why service outsourcing is being done.
Read NBR dreams to cross revenue Tk3.0 lakh crore in FY 22
However, installation of EFD machines started two years ago but there is not much speed in its operation.
Market-based foreign exchange rate may be introduced soon: Finance Minister
Finance Minister AHM Mustafa Kamal has said that the government is considering introducing market-based foreign currency exchange rates.
“We’re contemplating going for market-based foreign exchange rates. Today or tomorrow, we’ll have to go for market-based trading of foreign currency,” he told reporters while briefing on the outcomes of two consecutive meetings of the Cabinet Committee on Economic Affairs (CCEA) and Cabinet Committee on Government Purchase (CCGP) on Wednesday.
Read: No IMF proposal received to raise power, petroleum prices: Finance Minister
The finance minister’s remarks came against the backdrop of the recent instability in the foreign currency market where the US dollar’s exchange rate recently went up to Tk 119 from Tk 85.
Bangladesh Bank recently fixed exchange rate at Tk 95 while in private banks dollar was being traded at TK 108.
Responding to a question on re-fixing the bank lending rates, he dismissed the possibility of any upward or downward change in lending rates against the existing rates of 6-9 percent interest on deposits and bank loans.
Read: Nothing wrong in economy as Bangladesh seeks IMF loan: Finance Minister
“The current interest rates between 6-9 percent are working well,” he said.
He said many countries pursue the path of increasing interest rates to contain inflation.
“But it is very tough in countries like Bangladesh to contain inflation by increasing or decreasing interest rate,” he said, adding, the central bank here does the job in two ways – by taking fiscal measures and monitoring the market.
About foreign exchange reserve, he said the foreign currency reserve is in good state.
Read Chinese ambassador meets Bangladesh finance minister
“Our remittance is increasing while export is rising and import is decreasing”, he said, claiming that there is no crisis in the foreign currency market. The foreign exchange reserve will again go up to $48 billion soon.
Responding to another question on import of Russian fuel in roubles, the finance minister said work is in progress in this regard.
“But in such a case, Bangladesh will have to do it through currency swap. Russia has to accept our currency first,” he said.
Read No IMF proposal received to raise power, petroleum prices: Finance Minister
BB web portal shows US dollar exchange rate Tk106, though BB rate Tk96
Bangladesh Bank (BB) suddenly changed the US dollar rate at the interbank exchange rate on Tuesday.
The central bank says that the selling price of the dollar in interbank transactions on Tuesday was Tk106.15. And in the interbank transaction, the purchase price of the dollar is Tk101.67.
But it is not the central bank rate, it is the dollar trading rate between the banks themselves. The price at which banks trade dollars is called the interbank rate.
Read: Uniform rate: Tk 108/dollar max for remittance, Tk 99/dollar for export income from tomorrow
Recently, the price at which the central bank used to buy and sell dollars was referred to as the interbank rate. The BB has been publishing that price on the website.
But today (Tuesday) the central bank suddenly changed the price. Last Sunday, the selling price of the dollar was shown at Tk95 on the website. Yesterday (Monday), the price of the dollar was increased by Tk1 to Tk 96.
Today (Tuesday) the selling price of the dollar is shown on BB’s website as more than Tk106. And the purchase price is showing around Tk102.
However, even today, the BB has sold $4.5 crore from forex reserves at the rate of Tk96.
Read: Illegal dollar trade: BB summons account details of 28 exchanges
The central bank officials say that the price at which banks will buy and sell dollars will be the interbank rate. That will be published on the website. But the central bank will not sell at this rate.
The BB Executive Director and Spokesperson Md Sirajul Islam told UNB, "The price of the dollar was increased to Tk 96 yesterday. Even today the central bank sold dollars at this price.”
He is not aware why the price of dollars is being shown so high on the website.
Shakib’s company involved in share manipulation, DSE investigation finds
Dhaka Stock Exchange (DSE) has found evidence of share manipulation by a company whose chairman is cricketer Shakib Al Hasan.
An investigation report of DSE has highlighted how the manipulation happened. The investigation shows that Kazi Sadia Hasan, Managing Director of Monarch Holdings, was involved in share market manipulation. Shakib is the chairman of the company.
During this incident, the capital market regulatory body Bangladesh Securities and Exchange Commission (BSEC) fined Abul Khair Hero and others of the group Tk 3.55 crore. Orders have also been issued by BSEC for recovery of the penalty amount. Of this, Tk 3 crore was fined for One Bank share manipulation and the remaining was fined for BDcom share manipulation.
Read: Shakib cancels contract with Betwinner News after BCB warning
A DSE report has revealed that 11 individuals and institutions were involved in trading significant amount of One Bank shares during the major rise in the bank's share price.
Those involved include Abul Khair Hero, his wife Kazi Sadia Hasan, father Abul Kalam Matbar, and sister Kanika Afroz. Its beneficiary firms are Candlestone Investments Partners and star cricketer Shakib Al Hasan. Three listed companies in the stock market are Genex Infosys, Fortune Shoes, and Sonali Paper and Board Mills.
Hero reportedly supervised trading shares in the names of Shakib Al Hasan, Genex Infosys, Fortune Shoes, and Sonali Paper.
According to the investigation report of DSE, from November 15 to 30 last year, the share price of One Bank increased from Tk 12.60 to Tk 20.10, a percentage increase of 59.62 percent.
DSE investigations revealed that Kazi Sadia Hassan, wife of Abul Khair Hero (client code # 3898 of the UCB Stock Brokerage Limited) was the top buyer of One Bank shares during the period.
Islami Bank Khulna, Jashore hold Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Khulna and Jashore zones recently organised the webinar "Compliance of Shari'ah in Banking Operations."
Md Quamrul Hasan, director of the bank, spoke at the webinar as chief guest.
Md Omar Faruk Khan, additional managing director, addressed the programme as a special guest.
Mohammad Harunur Rashid, a member of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Nagad offers Tk50 cashback on 'add money' from banks
Mobile financial services (MFS) provider Nagad has brought an instant cashback offer of Tk50 on 'add money' from banks.
The offer will be valid till September 30, according to a media statement.
When customers use the 'Bank to Nagad' option to add money to their 'Nagad' account, they will get the bonus in their Nagad account. However, the offer will not be valid if they dial *167# (USSD).
When adding money to their wallet, Nagad customers will receive instant cashback from the following Trust Bank, Islami Bank Bangladesh, City Bank, Community Bank Bangladesh, First Security Islami Bank, Mutual Trust Bank, Prime Bank, Premier Bank, AB Bank, NRBC Bank, Social Islami Bank, Dhaka Bank, IFIC Bank, National Bank, Exim Bank, Midland Bank, Standard Bank, Union Bank, Shahjalal Islami Bank, NRB Bank, Rajshahi Agricultural Development Bank, Meghna Bank, Bangladesh Development Bank, Bengal Commercial Bank, South Bengal Agriculture and Commerce Bank.
Nagad Chief Business Officer Sheikh Aminur Rahman said: "I believe the instant cashback offer will significantly improve and elevate our customers' bank-to-wallet loading experiences."
Islami Bank Cumilla, Noakhali hold Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Cumilla and Noakhali zones organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday.
Sayed Abu Asad, director of the bank, spoke at the webinar as chief guest.
Mohammed Monirul Moula, managing director and chief executive officer, addressed the programme as a special guest.
Sayeed Ahmed, vice-chair of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Bangladesh, Indonesia need to work together as partners: BGMEA chief
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said Bangladesh and Indonesia need to view each other as comprehensive friends and partners and expand collaboration to prosper together.
During his meeting with Indonesian Ambassador to Bangladesh Heru Hartanto Subolo on Sunday, the BGMEA chief said collaborative engagement is needed to identify the opportunities and ways to realise them.
BGMEA Vice President Shahidullah Azim, Director Barrister Vidiya Amrit Khan and Chair of BGMEA Standing Committee on Foreign Affairs Shams Mahmud were also present at the courtesy meeting held at the embassy.
They discussed various trade-related issues with special emphasis on possible avenues of collaboration between Bangladesh and Indonesia to unlock mutual trade potential.
They also talked about how both countries can complement each other for the development of the RMG and textile industry.
Bangladesh’s RMG sector has attached due importance to diversification of products, especially high-value non-cotton apparels and technical textiles, according to the BGMEA.
Read: BGMEA chief appraises US govt officials about the significant strides made by RMG industry
While the Indonesian textile sector can meet the demand of Bangladesh’s RMG sector for man-made fibre, Indonesia can import ready-made garments from Bangladesh, said the BGMEA chief.
It would create a win-win situation for both countries, he added.
The BGMEA President invited the Ambassador to the “Made in Bangladesh Week” and also Indonesian RMG and textile businessmen to participate in the weeklong event.
BGMEA in partnership with Bangladesh Apparel Exchange will organise the mega event in Dhaka on November 12-18 this year to promote the apparel industry of Bangladesh globally and showcase its strengths.
Indian businesses for investing in fuel, transport: Commerce Minister
Commerce Minister Tipu Munshi on Saturday said Indian businesses have expressed their interest in investing in some sectors like fuel, transport and agro processing in Bangladesh.
He said this while responding to queries from journalists at his residence on Central Road in Rangpur city.
Minister Munshi said the Indian investors expressed the interest and sought cooperation while holding meeting with Prime Minister Sheikh Hasina during her a four day state visit in the neighbouring country.
Upon the discussion, the premier also assured them of offering of all sorts of cooperation in doing business, he said.
Terming the prime minister’s visit as effective, he said the Indian Adani Group proposed to invest Tk 4,000 crore to the Bangladesh.
“Indian Prime Minister Narendra Modi also sought Bangladesh beside it to go ahead,” the minister said.
He hoped that the Tessta water sharing deal will be done within a short time as a positive response from the West Bengal came in this regard – although he didn’t
Replying to a question, the commerce minister said the price of soybean oil will be decreased one more step after adjusting with the global market soon.
Read: Govt doing its best to rein in prices of essential commodities: PM
Munshi also said that prices of essential commodities will be cut as initiatives have been taken to export food gains from countries including Russia and Ukraine.
Elaborating the government measures, he claimed that ten million people of the country have been enjoying cheap rates of essential commodities through Trading Corporation of Bangladesh across the country.
Nagad to disburse allowances under govt’s employment generation program
The Postal Department's mobile financial service Nagad will disburse the daily wages to 1.5 lac workers under the Employment Generation Programme for the Poorest (EGPP) scheme of the Disaster Management and Relief Ministry.
A tripartite agreement has been signed by the Directorate of Disaster Management, the Directorate of Bangladesh Post and Nagad Limited in this regard recently. Md. Atiqul Haque, Director General of Disaster Management Directorate, and Sheikh Aminur Rahman, Chief Business Officer of Nagad, signed the agreement on behalf of their respective organizations.
Read: Nagad ED Shafayet Alam lauded by UK economy journal
Tanvir Chowdhury, Deputy General Manager of Nagad, along with other higher officials from both organizations, were present during the signing ceremony, says a Nagad press release.
Under the initiative, the daily wages of almost 1.46 lac workers from 114 Upazilas of 18 districts and three divisions of the country will be deposited into their Nagad wallets. Each worker will receive a remuneration of BDT 400 per day under the program.
In 2022-2023, these otherwise unemployed hands will receive 80 days of salary in two installments into their Nagad accounts. Cash-out fees will be covered with this disbursed amount, allowing the beneficiaries to conveniently withdraw this money from the nearest Nagad 'Uddokta' point at no cost.
Read: Nagad recognises winners of 'Aurjon O Bijoyullash' campaign
The EGPP is administered by the Directorate of Disaster Management. The program is one of the government's initiatives to guarantee social security, through which the impoverished and the functional workforces are provided with financial stability. The program additionally contributes to rural infrastructure development, including construction, maintenance, renovations, roads, drainage system, maintaining market cleanliness, etc.
Speaking at the signing ceremony, Sheikh Aminur Rahman, Chief Business Officer of Nagad Limited said, "Nagad has disbursed several government social safety allowances since its inception. In this sense, we are unwavering in our commitment to maintaining openness. We believe, the Ministry of Disaster Management and Relief has entrusted us because Nagad has excelled at the disbursement of all types of allowances.”