Local-Business
Raise awareness about consumers’ rights: Tipu
Commerce Minister Tipu Munshi said on Tuesday called for safeguarding the rights of the consumers.
The minister was addressing as the chief guest at a discussion meeting on 'World Consumer Rights Day-2022' organized by the Directorate of National Consumer Rights Protection at Osmani Memorial Auditorium in the capital.
Read:Price manipulators to face the music: Tipu
“We all are consumers. A businessman is also a consumer. We all have to work to protect the rights of a consumer,” he said.
The government has enacted laws to protect consumer rights and the law is being strictly enforced, Tipu said.
The law enforcement is easier when the consumer is aware, so all consumers have to be aware of their rights, he said.
Read: Bangladesh keen to sign FTA with South Korea, Tipu Munshi tells Ambassador
Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce in the chair, Zakia Sultana, Secretary, Ministry of Industries, Md. Jashim Uddin, President FBCCI, Golam Rahman, president of Consumers Association of Bangladesh, among others spoke in the function.
WB approves $120 mln loan to develop climate smart agriculture, water management
The International Development Association (IDA), a concern of the World Bank, will provide USD $ 120 million for development of 'climate smart agriculture and water management project.’
Bangladesh and the World Bank on Tuesday signed a loan agreement in this regard held at the Economic Relations Division (ERD), a wing of the Ministry of Finance.
Read: World Bank keen on investing in rural development: LGRD Minister
Fatima Yasmin, Secretary, ERD Dandan Chen, acting country director of the World Bank, Dhaka Office signed the agreement on behalf of their respective sides.
The project will be implemented jointly by Bangladesh Water Development Board (BWDB) under Ministry of Water Resources, Department of Agricultural Extension (DAE) under Ministry of Agriculture and Directorate of Fisheries under the Ministry of Fisheries and Livestock.
The project is likely to end in June, 2026.
Of the total loan amount, $100 million will be provided to BWDB and $ 10 million to the DAE and the DoF each.
The WB will provide the loan from IDA19 Scale-Up Window (SUW).The financing will have a maturity of 35 years, including a 5-year grace period, said a handout.
The purpose of the loan is to rehabilitate and modernize Flood Control Drainage (FCD) and Flood Control Drainage Irrigation (FCDI) infrastructure for climate-resilient water resources management.
Read:World Bank presents its areas of interest for future projects in Bangladesh
Moreover, the project will enhance agricultural productivity and around 50 percent irrigation water will be saved in the crop field through at least 12 climate smart technologies in the project area and increase 20 percent of fish production and productivity by introducing climate smart aquaculture technology.
The WB has been providing development assistance to Bangladesh in many important sectors including health & education, energy sector, inland connectivity & logistics, eegional & global integration, urbanization and adaptive delta management sector since after having membership in 1972.
DCCI dialogue: Romania urged to hire skilled workforce & invest in Bangladesh
Speakers at a dialogue on Tuesday said that establishing a diplomatic mission of Romania in Dhaka will foster bilateral trade and investment as well as exporting of skilled workforce from Bangladesh to the East European country.
Dhaka Chamber of Commerce & Industry (DCCI) organized a dialogue on “Exploring Trade and Investment Opportunities between Bangladesh and Romania” in the capital.
Read:Suspicious Transaction Reporting up by 43.67%: BFIU
Dhaka South City Corporation (DSCC) Mayor Barrister Sheikh Fazle Noor Taposh was present as chief guest while the Mayor of Bucharest, Romania Robert Negoita was present as special guest at the function.
Taposh urged the government of Romania to establish their diplomatic mission in Dhaka that will foster bilateral trade relations to a new height.
He also hoped for an intense trade relationship between Bangladesh and Romania but for that exchange of visit of the business community is more important, he added.
Mayor of the 3rd District of Bucharest, Romania Robert Negoita called for a reciprocal relationship among the business community of both the countries.
In that case, the exchange of business delegation will enhance the communication, he said.
Romania can be the gateway to Europe for Bangladesh, and to avail this opportunity investing in Romania will boost Bangladesh’s export to Europe, he added.
He said that they can provide agriculture products and technology to Bangladesh.
“Textiles products of Bangladesh have a good opportunity in Romania. The Romanian textile sector needs skilled workforce that Bangladesh has an opportunity to export,” he added. DCCI President Rizwan Rahman said that the government of Bangladesh is now emphasizing on intensifying economic diplomacy and prioritizing global integration.
He said that the cross-border trade link of Bangladesh is in good shape with Europe, USA, Africa and Middle East. Romania has been a proven export destination of Bangladesh for a long.
“The bilateral trade between Bangladesh and Romania hovers around $49.97 million of which Bangladesh imports only $27.39 million. The trade needs to grow with a win-win situation exploiting new opportunities to expand economic cooperation in many dimensions,” he added.
He requested Romanian businessmen to source furniture, plastic, pharmaceutical, ship, jute, leather products and RMG from Bangladesh at a relatively competitive price.
Read:Bangladesh keen to sign FTA with South Korea, Tipu Munshi tells Ambassador
Bilateral Investment Treaties (BIT), signed in 1987, can be implemented to allow Romanian investors to invest in Bangladesh rewarding and competitive economic zones in the aforesaid sectors including the automobile sector, Rizwan said.
DCCI and the Romanian private sector can play pivotal roles to harness mutual potentials, he also said. To steer all potential economic cooperation, he later urged the Romanian government to resume its diplomatic mission in Dhaka.
Benjir Ahmed MP, Former President, BAIRA, Mansoor Ahmed, Senior Vice President of BKMEA, Md. Nurul Amin, Member of National Skills Development Authority (NSDA), among others, spoke at the function.
Suspicious Transaction Reporting up by 43.67%: BFIU
The Suspicious Transaction Reporting (STR) and Suspicious Activity Reporting (SAR) increased by 43.67 per cent in the fiscal year 2020-2021, said a report of Bangladesh Financial Intelligence Unit (BFIU) on Tuesday.
The BFIU annual report was presented at a view-exchange meeting at the Jahangir Alam Conference Hall, Central Bank Head Office.
Read: BFIU launched standalone website to strengthen awareness against money laundering
BFIU chief Md. Masud Biswas presided over the function. The meeting was attended by Md. Serajul Islam, Executive Director and Spokesperson of Bangladesh Bank, Iftekhar Mahmud, Programmer of BFIU and Ikramul Hasan, Joint Director.
According to the annual report, there were 30,657 STRs and SARs in the FY 2019-20, and the number increased to 5280 in the FY 2020-21.
According to the BFIU's annual report, most of the money transacted illegally was through banking channels. The amount of money transactions through other means was also immense.
Masud said that STR and SAR increased due to improving the capacity of BFIU and awareness of reporting the organizations.
Increasing the number of STR and SAR does not mean rising corruption or illegal money rather it is happening due to the rising reporting tendency and watch by BFIU.
Read: BFIU summons bank accounts update of 30 e-commerce companies
He said 26.1 per cent of the suspicious transactions were identified from the reporting of news media, he said.
BFIU chief Masud said, "This year we are going to celebrate the 20th anniversary of BFIU, which is appreciated worldwide for improving technology and money laundering identification systems.”
Stimulus for CMSMEs: BB asks banks to complete loans disbursement by June
Bangladesh Bank (BB) has instructed banks to speed up disbursement of stimulus funds among businesses in Cottage, Micro, Small and Medium Enterprise (CMSME) sector to achieve disbursement target by June.
The central bank asked the top executives of banks to ensure all-out support and enhance monitoring of stimulus loans disbursement for CMSME sector.
Read: BB asks banks to stop SWIFT payments with Russian entities, urges caution on LCs
The central bank fixed the deadline after seeing slow pace in stimulus loan disbursement to CMSMEs in the last 8 months (July-February) of the fiscal year (FY) 2021-22.
Md. Serajul Islam, executive director and spokesperson of BB, told UNB on Sunday that a special cell of the central bank jointly with Sonali Bank is monitoring the disbursement of stimulus loans to CMSMEs.
Besides, lead banks (selected for leading loans disbursement in specific districts) are working in combination with other banks to bring pace in stimulus loans disbursement, he said.
The spokesperson said that the central bank provides credit guarantee against all types of loans for CMSME sector entrepreneurs.
The government declared a Tk 20,000 crore stimulus loans package to help the CMSMEs from to overcome the financial shock due to the Covid-19 pandemic.
Read: BB working on alternatives to SWIFT for trade with Russia
In the first phase, the loan disbursement rate was 77 percent of the target in eight months (July-February) in the last fiscal year.
In the second phase, the banks disbursed Tk 7,117 crore loans among businesses in CMSME sector in the first eight months of the current financial year (July-February) which is 36.80 percent of the target.
Now restaurants may have to run after TCB trucks!
Restaurant owners have demanded the government provide them essential commodities at discount rates through the Trading Corporation of Bangladesh (TCB).
They said excessive price hikes have put their business at risk of folding.
The demand for buying through TCB came from a meeting of the central executive committee of Bangladesh Restaurant Owners Association (BROA) at the Institution of Diploma Engineers Bangladesh (IDEB) on Saturday.
Also read: TCB to procure huge sugar, chickpea, lentil and edible oil for Ramadan supply
With BROA president Osman Gani, the meeting was addressed by secretary general of the organization Imran Hasan, vice presidents Shah Sultan Khokon, M Rezaul Karim Sarkar Robin, chief adviser and former president Ruhul Amin, first joint secretary general Firoz Alam Sumon, organizing secretary Syed Mohammad Andalib, treasurer Taufiqul Islam Khan and other members.
'Product quality, competitive price driving Walton's export success'
Product quality and competitive price are driving Walton's export success, Bangladesh Securities and Exchange Commission (BSEC) Chairman Shibli Rubayat-Ul-Islam said.
Walton, one of the top electronics products manufacturers of Bangladesh, has a billion-dollar turnover, he added.
Read: IBBL Bogura holds agent banking conference
The BSEC chairman was addressing the second session of "Investment Flash Mob: Networking Dinner" in the United Arab Emirates (UAE), Abu Dhabi Thursday.
BSEC arranged the flash mob in Dubai and Abu Dhabi to encourage non-resident Bangladeshis and foreign investors to invest in the capital market and other potential sectors of Bangladesh.
Walton sponsored programmes.
DCCI recommends corporate tax cut by 2.5% from 22.5 pc, tax free income limit 4 lakh
The Dhaka Chamber of Commerce & Industry (DCCI) proposed to reduce corporate tax at a rate of 2.5 per cent for both listed and non-listed companies which are now 22.5 percent in order to make businesd competitive in the region.
“Slashing tax on income of corporate dividend from existing 20 per cent to 10 per cent will encourage the local investors to re-invest as well as boost efficiency in the stock market,” said Rizwan Rahman, president of DCCI.
Rizwan handed over the Chamber’s budget recommendations to the Chairman of NBR Abu Hena Md. Rahmatul Muneem at a pre-budget discussion meeting held at NBR Building at Segunbagicha on Thursday.
The DCCI placed 40 recommendations for the upcoming national budget of FY 2022-23 to NBR.
Rizwan proposed to increase the tax free income limit for the individual taxpayer from existing taka 3 lakh to taka 4 lakh considering the increasing inflation and cost of living.
He said that about 27 lakh tax payers regularly submit their returns on an average every year which is very nominal for an economy like Bangladesh.
DCCI chief also said that NBR should take a long term strategic plan to increase the number of taxpayers up to at least 8 million in the next 10 years. He also underscored the importance of full automation of the overall taxation system.
Currently businesses that have an annual turnover of taka 3 crore are exempted from VAT. But he recommended to increase this turnover limit to taka 4 crore in the next budget and also requested to impose turnover tax based on product’s value addition or profit margin.
Read: IBBL Rangpur holds agent banking conference
Rizwan also recommended minimizing the lengthy process of getting bond licenses for the leather goods and footwear industry.
Moreover, he suggested giving bond renewal facilities for at least 3 years to these sectors like the RMG sector. He also demanded tax exemption on locally produced machinery and components for electric vehicle charging stations in the country in order to promote sustainable and environment friendly automobile industry within the country.
Lastly the DCCI President Rizwan stressed on an easy and business friendly taxation system, increasing tax and vat net, full automation of tax management, product diversification, encouraging local industrialization and an investment friendly environment aiming to attain the goal of economic development.
In response the NBR chairman said that trade organizations can arrange knowledge sharing activities to make their members aware of various policies that NBR takes related to revenue and duty structure.
“Before LDC graduation our private sector has to enhance their capacity because after graduation many facilities that they are enjoying now will not be available then. To create a business friendly environment in the country NBR is relentlessly working and NBR is simultaneously trying to increase the tax net,” he said.
In the last two years the government was more flexible in terms of tax rate to boost GDP and employment generation and this year the budget will be made considering macro policy perspective, he said.
Senior NBR officials and DCCI leaders also present in the pre-budget discussion.
IBBL Rangpur holds agent banking conference
Rangpur Zone of Islami Bank Bangladesh Limited (IBBL) recently organised the "Agent Banking Business Development Conference" and "Workshop on Prevention of Money Laundering and Terrorist Financing."
At Parjatan Motel in Rangpur, Md Omar Faruk Khan, additional managing director of IBBL, addressed the conference as chief guest Tuesday.
Read: First-ever Jewellery Expo kicks off on March 17
Abu Sayed Md Idris, IBBL executive vice-president and head of Rangpur Zone, presided over the programme.
Executive vice-presidents ASM Rezaul Karim and Md Shamsuddoha also spoke at the event.
First-ever Jewellery Expo kicks off on March 17
Bangladesh Jewellery Expo-2022, the first of its kind in Bangladesh, will be held from March 17 to 19 at Bashundhara Convention Centre in the capital.
Bangladesh Jewller’s Samity (Bajus) will organize the expo from to celebrate the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the Golden Jubilee of Bangladesh.
Uttam Banik, chairman, standing committee exhibition, trade and event management ,disclosed the information at a press conference at Bajus office in Bashundhara City Shopping Complex, Dhaka, on Wednesday.
Read: BAJUS honours 3 leading women of jewellery industry
Seventy stalls will display different types of gold jewellery in the expo.
Basuj hopes around 2 lakh local visitors, businesses and entrepreneurs will come to visit the expo.
Besides, a number of foreign buyers from the UEA, Kuwait and Canada will also join, the organizers said.
Bajus vice-presidents Gulzer Ahmed, Anwar Hossain, Dr. Dewan Aminul Islam Shahin, join secretary Narayan Chandra Dey, treasuer Uttam Banik, Uttam Ghosh, among others, spoke at the press conference.
Read: Bangladesh can achieve fame in global market exporting gold jewellery: Tipu Munshi