local-business
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
AB Bank MD Afzal gets extension for 5 yrs
The service tenure of Tarique Afzal, incumbent president and managing director of AB Bank limited, has been extended by five years.
He took over as the President and Managing Director of AB Bank on July 7, 2019 and his reappointment will be effective from July 8, 2022 after the end of his current service tenure, said a press release.
During his tenure, AB bank has consistently increased its revenue, which has enabled the bank to double its operating profit in 2021, it said.
Read: Police arrest AB Bank DMD in fraud case
The bank's non-performing loans have been reduced and the quantity of assets has been enhanced through litigation against defaulters and taking appropriate action. It is mentioned that the ratio of income to expenditure of the bank has been reduced from 65 percent to 48 percent.
Afzal started his banking career in London, United Kingdom in the late 1970's and later worked for TD Bank (Canada), ANZ Grind ledge, Standard Chartered Bank Bangladesh. He also held senior positions at Bank Al-Falah and BRAC Bank.
Tarique Afzal holds an MBA in Finance and Marketing. He has also received two Certification Awards. He is the author of the book "Emergence of New Era" on SME and Women Entrepreneurship.
Read ACC files case against 17 people including 16 AB bank officials
Speakers want more financial access to women for their empowerment
Women in Bangladesh should be given greater role in making decisions on their own financial matters as part of their empowerment, a discussion was told on Wednesday. The discussion on a subject called ‘Break the Bias for a gender-equal world’ was organized by think-tank Centre for Policy Dialogue (CPD), to mark the International Women’s Day.
Read: Women’s entry into banks and NBFIs declines amid 10% quota withdrawal Speakers at the event said women sometimes lost their control on monthly salary even, as her male family members, including husbands, often operate their bank accounts. Old women can’t always take decision on how to spend the government assistance given to them as they are dominated by male relatives, they said. Dr Hossain Zillur Rahman, Chairperson of BRAC and a former advisor to the caretaker government spoke as the special guest. Alexandra BergVon Linde, Ambassador, Embassy of Sweden, Bangladesh; Winnie Estrup Petersen, Ambassador, Embassy of Denmark, Syed Nasim Manzur, Director, Metropolitan Chamber of Commerce and Industry (MCCI) and Managing Director, Apex Footwear Limited; Dr Firdausi Qadri, Emeritus Scientist, ICDDRB, Barrister Rashna Imam, Managing Partner, Akhtar Imam & Associates; Humaira Azam, Managing Director and CEO, Trust Bank; Taslima Akter Lima, President, Bangladesh Garments Sramik Sanghati and Ms Rizvana Hredita, also addressed the event.
Read:Google celebrates Int’l Women’s Day with doodle Professor Rounaq Jahan, Distinguished Fellow of CPD chaired the function. Dr Fahmida Khatun, Executive Director, CPD moderated the discussion. The programme were attended by a number female professionals and entrepreneurs, representatives of women’s organisations and media, heads of missions and embassies in Bangladesh and members of the civil society.
Diversified jute products fair witnesses huge footfall on closing day
The diversified jute products fair witnessed a huge footfall on the closing day, organisers said Wednesday.
The Jute Diversification Product Centre (JDPC), a concern of the Ministry of Textile and Jute, organised the three-day fair on its office premises in Dhaka's Monipuri para.
Read: Diversified jute products fair ends on Tuesday
Entrepreneurs of diversified jute products displayed as many as 282 products across 33 stalls at the fair. And three of the 33 entrepreneurs got the best display awards.
Md Kamrul Hossain, CEO of Holi Craft & Fashion, won the first prize, while Md Zakirul Islam Okul of Suansh Fashion and Ibrahim Khalil of ‘Craft Vision’ bagged the second and third prizes, respectively.
Mohammad Abul Kalam, executive director of JDPC and additional secretary, Ministry of Textile and Jute, handed over the prizes to the winners at the closing ceremony of the fair on Tuesday.
“This is just the beginning. More such fairs will be organised in different cities to encourage people to use jute diversified products,” he said at the event.
Kalam also urged entrepreneurs to improve the quality of products to attract foreign buyers as well.
The JDPC also organised an art competition on Tuesday evening, where artists painted different themes of development celebrating the golden jubilee of Bangladesh.
Read:Saudi willing to invest in closed jute mills
Artist Rashidul Islam won the first prize, Monirul Alam the second and SM Mizanur Rahman the third prize.
Moriam Nargis, proprietor of ‘Twinkle CraftCraft Moriam Nargis, told the UNB that there's a growing demand for diversified jute products in Europe. She urged young entrepreneurs to start manufacturing diversified jute products.
FBCCI urges govt to lift VAT on edible oil import
The FBCCI on Monday urged the government to withdraw VAT on the import of edible oil for next three months to bring stability in the edible oil market.
FBCCI President Md. Jashim Uddin made the call at the meeting with the importers, millers, refiners, wholesalers and leaders of different market committees to discuss the market situation of edible oil held at its office.
He said that India has adjusted VAT and duty on edible oil three times and Bangladesh should also go for the adjustment to bring back normalcy in the cooking oil market.
“The government should introduce bond on import of edible oil to stop the manipulation of the prices of the widely consumed soybean oil,” he said.
Also read: HC to hear writ seeking directions to rein in edible oil prices Monday
Jashim said a handful of dishonest businessmen have been selling the oil at higher prices than the price fixed by the government.
To prevent this practice, FBCCI will form a market monitoring cell, he announced.
He also urged the market committee to actively monitor the market.
According to him the edible oil should not be sold in loose form.
Earlier in the meeting, Taslim Shahriar, Senior AGM from Meghna group informed that, in the last one year, the price of the edible oil increased by 61 per cent in the global market, whereas, in Bangladesh the rate is 21 per cent.
City Group Director Biswajit Saha claimed that there is no supply shortage from millers. The city group supplies two and a half thousand metric ton oil daily, he informed.
Also read: Commerce ministry seeks BTTC report before raising edible oil price
To control the skyrocketing of the price of the edible oil, Kazi Salahuddin Ahammad, Senior General Manager of S. Alam Group demanded VAT withdrawal on the edible oil.
Echoing the same demand, TK group director Shafiul Taslim said, the government earns 25 to 27 taka as revenue from per liter soyabean oil. The revenue relief will end the crisis till Ramadan, he added.
During the meeting, Wholesale Edible Oil Traders Association President Haji Md. Golam Mawla called for a stabilising supply of the edible oil.
Bangladesh Shop Owners Association President Md. Halal Uddin suggested fixing the price every 15 days.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Habib Ullah Dawn, Director Rezaul Kariem Rejnu, Harun Or Rashid, Abu Hossain Bhuiyan (Ranu), Secretary General Mohammad Mahfuzul Hoque, Moulavibazar Babosayee Samity President Md. Bashir Uddin were also present at the discussion meeting.