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NBR chairman asks businesses to come directly with any complaints
The Chairman of National Board of Revenue (NBR) Abu Hena Md. Rahmatul Muneem on Tuesday asked businesses to complain to the revenue board directly on specific issues if there is any unethical dealing or anything untoward.
He said allegations have been made that goods are being withheld at the port for customs clearing, though the product is stuck for Atomic Energy Commission Certificate, Energy Regulatory Commission or BSTI Certificate for releasing the goods.
Read: NBR extends tax return submission deadline to January 2
“The revenue board would not do injustice to anyone, many officials are working for releasing goods, clearing customs duty and checking the documents honestly, few of them may create problems or delay releasing goods, but traders have to be honest to raise complaints,” he added.
The NBR chairman came up with remarks while addressing in a press conference at the NBR’s conference hall on Tuesday on the occasion of International Customs Day celebrated on Wednesday.
At a recent meeting of the FBCCI, the apex body of traders, district level traders brought various allegations of harassment against the NBR. The NBR chairman was asked about this at a press conference on Tuesday. He advised traders to come to NBR without complaining to FBCCI.
In the first six months of the current financial year, the NBR collected Tk41,194 crore, which is 22.44 percent more than the same period of last fiscal year.
During the entire period of the last financial year, Tk 77150 crore was collected in the customs sector. In this regard, the NBR chairman hoped that this year the target of revenue collection of the customs department would be achieved.
Read:NBR to award 9 companies for paying highest VAT
The NBR will organize a seminar tomorrow (Wednesday) at the Hotel Intercontinental on the occasion of International Customs Day. Agriculture Minister Abdur Razzak will be present as the chief guest.
This year Bangladesh is celebrating Customs Day in association with the Customs Departments of 183 countries of the World Customs Organization.
Padma bank to provide Nano loans online using AI
Padma Bank and Shadhin Fintech have signed a memorandum of understanding (MoU) to create a web and App- based platform where customers can apply for Nano loans online.
Under the system, the borrowers can submit NID and other supporting documents online which will be verified from respective organizations.
Padma Bank and Shadhin Fintech signed the MoU in this regard at an event held at Padma Bank’s Gulshan Corporate Head office.
Read: DCCI launches PGD courses on business development
Credit scoring and customer analysis will be done through Artificial Intelligence (AI) based models which would provide very quick decisions on all these applications.
The Nano loan product will be launched after regulatory approval of Bangladesh Bank.
The MoU was signed by Zabed Amin, Chief Operating Officer from Padma Bank and Kashfia Mahmud,CEO, Shadhin Fintech. Other senior officials of both organizations were also present on the occasion.
Read BB enhances working capital loans limit for export-import trading
The fourth generation Padma Bank Limited, which is owned by the government-owned Sonali, Janata, Agrani, Rupali Bank and ICB, has fallen in vulnerable condition due to bad loans. At present the bank has been providing modern banking services to its customers through 58 branches across the country.
Commonwealth to assist Bangladesh in post-graduation economic growth
Commonwealth Enterprise and Investment Council (CWEIC) will assist Bangladesh sustain its robust economic growth after LDC graduation.
Samantha Cohen, CEO of Commonwealth Enterprise and Investment Council (CWEIC) said this at the meeting with Md. Jashim Uddin, president of FBCCI, held it on Sunday at a city hotel.
Read: FBCCI calls for extension of loan moratorium till June
The FBCCI president said that the businesses around the world are still not well-aware of Bangladesh’s rapid transformation that took place in the recent years and also about the tremendous opportunities that the “New Bangladesh” offers.
FBCCI is keen to connect with the private sector of the Commonwealth countries to promote the government’s “Branding Bangladesh” initiative.
Ms. Samantha mentioned that CWEIC will organize a high-level business delegation to Bangladesh later this year.
She requested FBCCI to arrange B2B meetings and factory visits for the delegation to show them the compliance and competitive advantages of the growing sectors of the country.
During the meeting, they discussed various aspects of mutually beneficial cooperation as well as how the Commonwealth platform can be utilized to retain Bangladesh's economic pace in the post LDC period.
They talked on export diversification and exploring markets across Commonwealth states, collaboration to increase high-skilled workforce and innovation, investment in infrastructures with technology accessibility, streamlining trade facilitation and technical support to strengthen the potential sectors of the country etc.
Read:FBCCI concerned over move to hike gas price
CWEIC will also assist Bangladesh to enter the mainstream market of its major and highly potential trade partners including the UK, Canada and Australia as well as highlight Bangladesh's remarkable development accomplishments and innumerable potentials among its member states.
FBCCI is the strategic partner of Commonwealth Enterprise and Investment Council (CWEIC) and Jashim Uddin, President of FBCCI is one of the members of CWEIC's Advisory Board.
Mohammad Mahfuzul Hoque, secretary general of FBCCI was also present at the meeting.
Commerce ministry starts refunding money of Qcoom customers on Monday
The Central Digital Commerce Cell (CDCC), a wing of ministry of commerce to monitor the e-commerce sector, will start refunding the money of Qcoom customers stuck at the payment gateway from Monday. Initially, the money will be officially paid on the day to 20 customers who did not receive the product despite full payment in advance. The other customers of Qcoom would get refunded money later, the ministry sources said.
Read:Qcoom offers to refund Tk 59 crore to customers Commerce Secretary Tapan Kanti Ghosh will be present at the money repayment function scheduled to be held at the ministry’s conference hall. Earlier, e-commerce platform Qcoom and their payment gateway Foster Corporation jointly submitted a list of 6,621 transactions at the commerce ministry of their customers to refund Tk 59.05 crore. Sources said Tk398 crore of Qcoom was stuck at Foster Payment Gateway, of which purchase orders about half of the money has not been delivered to the customers. The commerce ministry asked them to find a way to refund customers if there were no legal complications.
BB introduces new credit guarantee facility to pace loans disbursement among marginal groups
Bangladesh Bank has introduced a new credit guarantee facility to speed up loan disbursement to landless farmers, low income professionals, school banking account holders and small traders.
The SME & Special Programmes Department of BB issued a circular on Sunday titled "Financial Services Credit Guarantee Scheme" in imitation of the existing Credit Guarantee Unit (CGU) unit to ensure repayment of loans under the Financial Inclusion Department (FID) circular.
Read:BB formulating new policy to tighten exposure to single owner of large loans
The marginal people can take a loan of Tk 25000 to Tk 5 lakh in a single name while Tk 20 lakh can be borrowed as a 5 member group under the new credit guarantee scheme.
Earlier, the central bank constructed a fund of Tk 500 crore from its own source for providing credit guarantee scheme to accelerate loan disbursement to the informal sector.
But the loan disbursement in this sector is not satisfactory despite enforcement of Bangladesh Bank. In order to vibrant rural economy, the central bank introduced the ‘Financial Services Credit Guarantee Scheme’ against the loans for marginal people.
The BB stated that the adverse effects of the second wave of Covid-19 are hampering the recovery of the economy. In this context, the existing refinancing scheme for marginal / landless farmers, low-income professionals and small traders.
Under the restructured, no security deposit can be taken in case of lending to marginal / landless farmers, low mother professionals, school banking account holders and small traders with accounts of Tk10/50/100, the circular said.
Read: BB extends foreign trade transaction policy support to June 30
On the other hand, lending banks can take personal guarantee from not more than two persons including the borrower to provide loan.
The lending bank will take advantage of the credit guarantee scheme against the loan payable / disbursed under the scheme. In this case, the BB will provide credit guarantee support to the banks.
The lending banks have to sign a participatory agreement with the Bangladesh Bank to avail the credit guarantee facility.
IBBL gets 'Strongest Islamic Retail Bank in Asia' award
Islami Bank Bangladesh Limited (IBBL) recently won the "Strongest Islamic Retail Bank in Asia" honour at the 7th Islamic Retail Banking Awards.
The Cambridge Institute of Islamic Finance awarded banks and retail financial institutions based on the global ranking of Islamic banks and retail financial institutions from Asia, Africa, and the US.
Read IBBL relocates its Rampura Branch
Mohammed Monirul Moula, managing director of IBBL, handed over the recently-received award to Professor Md Nazmul Hassan, chairman of the bank, says a media statement.
Vibrant to open flagship store at JFP
Footwear and lifestyle brand Vibrant, a sister concern of US-Bangla Group, will open a flagship store in the capital's Jamuna Future Park (JFP).
Ruhul Amin, chief executive officer (CEO) of US-Bangla Footwear Limited, and Alamgir Alam, director of Jamuna Group, signed a memorandum of understanding (MoU) recently.
Read: How to Open a Super Shop Business in Bangladesh?
The brand, which started its journey in 2018, already has 21 outlets across the country.
DCCI launches PGD courses on business development
Dhaka Chamber of Commerce & Industry (DCCI) has launched Postgraduate Diploma (PGD) courses for businesses in order to have proper knowledge of VAT and Income Tax for achieving long-term success in the competitive global market.
The PGD would cover ‘Customs, VAT and Income Tax Management (CVITM)’ and ‘International Trade (Export & Import) Management (ITM).
DCCI Acting President Arman Haque inaugurated the program as the chief guest.
Also read: DCCI urges NBR to simplify tax policy for business growth
Adequate knowledge about rules and procedures of VAT and Income Tax helps a businessman to run the business professionally, he said.
He also said the world is becoming more connected and competitive than ever. The relation between different countries is getting stronger by the increasing developments in export & import business and technology, he added.
Afsarul Arifeen, DCCI Secretary, Md. Joynal Abdin, Executive Secretary Farheen Hassan, head, department HRM, Course Coordinator Tamanna Sultana, Joint Executive Secretary of DBI, among others, were present at the function.
Also read: DCCI, IBA sign deal for business-oriented research and innovation
BB rejected LOI extension application of Shakib’s People's Bank
Bangladesh Bank has rejected the application seeking time extension to meet the conditions of letter of intent (LOI) issued in favour of proposed People's Bank Limited, which is awaiting final approval.
Star cricketer Shakib Al Hasan wanted to be the entrepreneurial director of the proposed bank.
The decision to reject the application was taken at a board meeting of Bangladesh Bank on Thursday.
Also read: BB likely to approve Shakib’s directorship at People’s Bank on Thursday
Bangladesh Bank spokesman and executive director Md. Serajul Islam confirmed the news to UNB.
He said the LOI of the proposed bank was valid till December 2021 and their application for extension of time has been rejected as they could not meet the conditions within the stipulated time.
People's Bank could not start operations due to lack of arrangement of paid up capital of Tk 500 crore.
Consequently, the bank is not getting the final license of Bangladesh Bank. Bangladesh cricket’s poster boy is going to own two director posts of People's Bank.
According to the rules of Bangladesh Bank, an aspiring director of a bank must hold a minimum of 2 per cent share. So, a minimum capital of Tk 10 crore has to be provided for each post of director for the People’s Bank.
However, it is learned that Shakib is providing more than Tk 25 crore worth of capital to obtain the fractional ownership of 4 per cent or more.
On February 17, 2019, the Bangladesh Bank issued letters of intent (LOI) to three new banks - People’s Bank, Bengal Commercial Bank and Citizen Bank.
Also read: BB formulating new policy to tighten exposure to single owner of large loans
Out of these three, Bengal and Citizen Banks have already started their operations. But People’s Bank failed to meet the regulatory requirements, including paid-up capital and prayed for more time.
CIP cards awarding: Businesses should prepare to compete in post-graduation period-Tipu Munshi
Commerce Minister Tipu Munshi on Thursday urged businesses to prepare to sustain in competition with global entrepreneurs after the country’s graduation to the developing economy.
The minister said this while addressing as the chief guest at the CIP (Export) and CIP (Trade) -2018 card distribution ceremony at a city hotel. The program was organized by the Export promotion Bureau (EPB), a wing of the commerce ministry.
He also emphasized product diversification along with improving high-end and high value products to enhance the country’s export volume at desired level.
The businesses have to be enriched with business-technical knowledge and skilled entrepreneurship handling in line with global markets opportunity.
To encourage businesses the government introduced commercially important person (CIP) status in 2013 for excellent export performance and domestic trade development as an acknowledgement of the contribution of business people.
The CIP honour will encourage businessmen’s new generation to remain in business and create new entrepreneurship, Tipu said.
Read: Increased capacity of Ctg Port to cut cost of doing business: FBCCI
Commerce secretary Tapan Kanti Ghosh presided over the function. FBCCI president Md. Jasim Uddin, vice chairman of EPB AHM Ahsan, ampong others, spoke at the event.
The ministry awarded cards to 176 businessmen as CIP for their extraordinary performance in the country’s trade sector and export business in 2018.
Among them, 138 persons have been nominated by the commerce ministry for CIPs card for excellence in exporting goods and the remaining 38 people’s nominated CIP cards for outstanding contribution in the trade sector of Bangladesh.
They were selected in 20 categories from 250 applications while none was applied from the melamine and furniture sector.
Among the categories 1 CIP card rewarded for raw jute, 3 for jute products, 5- leather goods, 7- frozen food, 23- readymade garments (oven), 6- agriculture good, 4- agro processing, 2- light engineering products, 2-pharmaceutical products, 5- handicraft products, 3-specialized home textile products, 41-readymade garments (net), 2-ceramic products, 2-plastic products, 5- textile (febrics), 2- computer software, 23-measeneous products,2- EPZs’ C category products, 38-business leader (trade).