United News of Bangladesh

No Indian freight trains have entered the Darshana Rail Port in Chuadanga district over the past 20 days as of Tuesday (August 13). This has left port workers, C&F employees, and truck drivers and their assistants from across the country unemployed and idle. According to sources at Darshana Rail Port, the import of all goods through the Darshana rail route from India has been halted since July 24 due to the current situation in the country and concerns from Indian rail authorities about the safety of imported goods and other issues. Atiar Rahman Habu, the General Secretary of the C&F Association and Mayor of Darshana Municipality, along with other concerned parties, expressed concern that if this situation continues, it could lead to a significant reduction in revenue for both countries. The Bangladesh Railway authorities decided to resume freight and local train operations from Tuesday (August 13) under normal circumstances. However, Indian freight trains have yet to enter Darshana International Rail Port, according to station authorities. Mirza Kamrul Islam, Manager of Darshana International Rail Station, stated that despite repeated requests through importers, Indian authorities have not sent any wagons. They have not provided any explanation for the delay. A truck driver named Jamal commented, "We are sitting idle and unemployed. We have no idea when the situation will return to normal." Sushant Chowdhury, Revenue Officer at Darshana Customs, reported that the revenue collection target for the 2023-24 fiscal year was set at BDT 178 crore, but only BDT 34.04 crore has been collected so far, which is significantly below the target. Atiar Rahman Habu emphasized the urgent need for Indian freight wagons to enter Darshana Port for the benefit of revenue collection in both countries. He added that this would allow port workers, drivers, and others to return to work.

Bangladesh Financial Intelligence Unit (BFIU) has ordered the suspension of all bank account transactions linked to former State Minister for Posts, Telecommunications, and Information Technology, Zunaid Ahmed Palak, along with those of his wife, family members, and businesses they own. BFIU’s directive has been sent to all banks and financial institutions, instructing them to halt any transactions from accounts in the names of Zunaid Ahmed Palak, his wife Arifa Jasmin Kanika, their family members, and associated businesses for the next 30 days. This suspension has been enforced under the provisions of the Prevention of Money Laundering Act 2012. BFIU has also instructed banks and financial institutions to provide detailed account information, including the account opening forms, KYC documents, and transaction statements, within three working days from the issuance of the directive.

The government has appointed Dr Sheikh Abdur Rashid, an additional secretary, as the new chairman of the Palli Karma-Sahayak Foundation (PKSF) for the next three years. The Financial Institute Division (FID) issued an office order in this regard on Tuesday (Aug 13). The notification has been sent to relevant government offices, including the Ministry of Public Administration and the Ministry of Finance.

The handling of import-export cargo via courier at Dhaka Customs House has returned to normal after withdrawal of strike by courier service workers at Dhaka Airport . The handling of import-export cargo via courier at Dhaka Customs House had been disrupted due to a work abstention by courier service staff at Dhaka Airport. Their work strike was withdrawn after efforts by BGMEA's Acting President Khondkar Rafiqul Islam, BGMEA's Board of Directors, BGMEA Director Mohiuddin Rubel told UNB.      

Finance and Planning Adviser Dr. Salehuddin Ahmed on Tuesday urged government officials to expedite the completion of ongoing development projects, stressing their critical impact on the country’s economy and its people. “We have talked about the Annual Development Programme (ADP) and its implementation. We asked the concerned authorities to complete the ongoing projects, considering their outcome for the people and economy of the country,” the adviser told reporters following his first meeting with senior officials at the Planning Ministry. Regarding allocation of funds for the ongoing mega projects, he said that he has instructed to place the matters to the appropriate authority. “We will review these accordingly,” he said, adding that wasteful spending must be curtailed, whether it be administrative costs or other expenses. “We must ensure the proper use of funds, whether they come from domestic sources, loans, or grants,” he emphasized, calling for transparency and accountability in procurement processes. Reflecting on the current status of ADP implementation, Dr. Salehuddin acknowledged weaknesses and called for an accelerated approach. “Our ADP implementation is lagging. We have instructed the officials to quicken the process.” He also discouraged assigning multiple projects to a single project director, urging officials to adopt a more efficient and focused work ethic. “We have asked the officials to change their orientation, attitude, and to enhance their efficiency,” he added. Dr. Salehuddin further stressed the need for better coordination in project implementation to avoid delays and financial waste. He announced plans to address supply chain issues in upcoming meetings with concerned officials. On data management, he instructed officials to collect and publish data accurately and promptly. Addressing potential reforms in the financial sector, the adviser said, “We will initiate necessary reforms immediately, including in the banking sector.” He said he will consult with experts to determine the best way forward. Responding to a question about the leadership at Bangladesh Bank, Dr. Salehuddin assured that a new governor would be appointed soon. He dismissed concerns over the central bank’s operations, noting that the economy is not in bad shape; it has merely slowed down due to recent challenges. “Decisions have been taken to accelerate the economy, and there is no vacuum in Bangladesh Bank. The central bank operates under established rules and regulations,” said the former Bangladesh Bank governor. He acknowledged that the country is navigating an extraordinary situation, with the economy having experienced a slowdown, but expressed confidence that the situation is improving. “The economy is already picking up, and essential decisions have been made. I’ve provided directives and engaged with business leaders and commercial bank managing directors,” the adviser said, underscoring that the Bangladesh Bank operates smoothly with or without the governor’s direct involvement. “Operations like RTGS and LC payment don’t need governor’s decision,” the Finance Adviser said.    

Bangladesh Financial Intelligence Unit (BFIU) instructed banks to freeze the accounts of former land minister Saifuzzaman Chowdhury Javed and his wife Rukmila Zaman. The BFIU has also ordered the suspension of transactions, and freezing of the bank account of former state minister for Information and Broadcasting Mohammad Ali Arafat, his wife, and the businesses they own. Separate instructions in this regard have been sent to all banks on Monday (August 12). The BFIU directives stated that if any bank account is operated in the name of Ali Arafat and his wife Sharmin Mushtari and their owned businesses, it is ordered to suspend their transactions for the next 30 days. After former Prime Minister Sheikh Hasina resigned on August 5 and left Bangladesh for India, various measures are being taken against the people holding important positions in her government. Earlier, BFIU froze the accounts of former foreign minister Hasan Mahmud, his wife, and daughter on Sunday.  

Mobile financial service provider Nagad Ltd has long been the target of various conspiracies and smear campaigns, the company stated in a press release on Monday. According to Nagad, certain vested interests are deliberately spreading misleading and false information about the company. They believe these actions are attempts to disrupt and destabilize the country’s financial sector. "If such activities continue, Nagad will be compelled to take legal action," the release warned. Financial inclusion in Bangladesh has now surpassed 52%, with Nagad playing a crucial role in this achievement. Prior to Nagad's launch in 2019, mobile banking was limited to a small segment of urban residents and was a costly, time-consuming process—even opening an account was cumbersome. Nagad revolutionized the account opening process by introducing e-KYC, a system now adopted by nearly all financial institutions in the country. After bringing about a financial revolution in the MFS sector, Nagad is now working on launching Bangladesh’s first digital bank. Nagad Digital Bank has already received a license from Bangladesh Bank and is on the verge of a successful launch. Renowned global IT and security firms have partnered with Nagad on this project, setting the stage for another financial revolution, the release added. However, at this crucial juncture, a group envious of Nagad’s consistent success has begun spreading falsehoods and slander against the company. Some have expressed jealousy towards Nagad for breaking market monopolies and saving people’s money. Currently, false and misleading information is being spread through Facebook pages created under various names, with some even boosting their anti-Nagad propaganda. Market experts believe this is not the work of an individual customer. A particular group, fearing the loss of excessive profits, has initiated this smear campaign against Nagad. There have been incidents of leaflets being distributed against the company, vandalism of Nagad’s promotional materials, and attacks on its agents. Nagad has taken legal action multiple times in response to these incidents, which have also involved unethical individuals from competing companies. Nagad notes with concern that this same group has once again become active, spreading various unjust, false, and fake information about the company. Nagad is closely monitoring these activities and strongly condemns them. The company emphasized that it will take legal action against those responsible for spreading unethical and false information, the release concluded.

The Centre for Policy Dialogue (CPD) has urged the interim government to form an independent 'Banking Commission' for the sector to bring transparency and regain people’s trust through measures for improving the situation sustainably. The CPD said this at a press conference on the banking sector held CPD's office in Dhanmondhi on Monday. Executive Director of CPD Dr Fahmida Khatun said  about Tk 92,261 crore was embezzled in 24 major banking scams in a period between 2008 to 2023. She gave a presentation on default loan in banking sector along with suggestions for remedy as an interim government led by Nobel Prof Muhammad Yunus sworn in following the fall of Sheikh Hasina government. Several banks are clinically dead but have been kept alive through bailout, she said and recommended giving go-ahead to close down banks that are on the verge of collapse. "Several previously good banks have experienced a misfortune decline in their performance after hostile takeovers by crony capitalists," said Dr Fahmida. The embezzled  amount is equivalent to 12 percent of Bangladesh's national budget of 2023-24 fiscal year or 2 percent of the country's gross domestic product (GDP) for the FY2022-23, said CPD. The CPD said the banking sector, a vital pillar of the economy, suffers from vulnerability over time manifested through high loan defaults. Regrettably, the previous government did not keep its commitments to safeguard the banking sector expressed in various policy documents and election manifesto. There has been an erosion of public trust in the banking sector due to the continuous deterioration of the health of the sector and inadequate measures taken by the policymakers of the former government, said CPD. Sporadic measures were not successful since the nature and depth of the problemrequire comprehensive due diligence and structural reforms, it observed.

 Businessmen representing the garment industry have sought security for goods-carrying vehicles on roads and highways, citing unnecessary delays in the loading and unloading of goods at Chittagong port, which impacts industry competitiveness. They also highlighted delays in clearing goods at Dhaka Airport and requested that the Army step in to expedite these processes. The traders urged the Army-led Joint Task Force to visit recently vandalized factories to restore confidence among entrepreneurs and workers. A meeting was organized on Sunday under the initiative of BGMEA to address the issue of ensuring the smooth operation of all industrial factories in Bangladesh, including the garment sector. Bangladesh Army's GOC 9th Infantry Division and Area Commander, Savar area held the meeting with the representatives of BGMEA, FBCCI, BTMA, and other business organizations and representatives of law enforcement agencies, according to BGMEA. The meeting took place at the BGMEA Complex in Uttara, Dhaka. Khandoker Rafiqul Islam, acting President of BGMEA, represented the trade associations while GOC Major General Md. Moin Khan, NDC, PSC represented the the 9th Infantry Division. Attendees from BGMEA included First Vice President Syed Nazrul Islam, Vice Presidents Md. Nasir Uddin, Abdullah Hill Rakib, and Rakibul Alam Chowdhury, as well as other directors. The FBCCI was represented by President Mahbubul Alam, while Javed Akhtar, President of the Foreign Investors Chamber of Commerce and Industry (FICI), and Md. Fazlul Haque, President (In charge) of BTMA, were also present. Additionally, Helal Uddin, President of the Bangladesh Shop Owners Association, along with representatives from various trade organizations and business leaders, participated in the meeting. The meeting also included Industrial Police Additional IGP Md. Mahbubur Rahman, BPM-Bar, PPM, Army Task Force Commander Colonel Abu Mohammad Mohiuddin, BGBM (Bar), PBGM, MPhil, and representatives from BGB and RAB. Khandoker Rafiqul Islam praised the Bangladesh Army for its patience and effective support during recent national crises and its role in the country’s economic recovery. He noted that with the Army's direct cooperation, 99.89% of factories in Gazipur, 99.51% in Savar-Ashulia and Dhamrai, 100% in Narayanganj, 100% in DMP areas, and 100% of garment factories in Chittagong have resumed operations. The meeting also addressed various law and order issues affecting industrial factories. Concerns were raised about criminal activities regarding establishing dominance over jhut trade in garment-dominated industrial areas. These groups, which are involved in the "Jhut" sector, have created young gangs that disrupt the working environment, harass factory owners and workers, and hold the garment industry hostage. The garment traders called for the Army’s assistance in overcoming these challenges. Major General Md. Moin Khan assured that the Army's priority is to support the industry's recovery as it is the backbone of the economy. He mentioned that the task force has already been deployed to ensure security in Savar and Ashulia and is responding quickly to incidents. Through the deployment of a "quick reaction force," teams are able to reach incidents swiftly and provide assistance as needed. As a result, the number of complaints in these areas decreased on the second day compared to the first. Major General Moin Khan requested BGMEA leaders to provide information on active criminals involved in jhut business operations. He assured the business leaders of addressing issues at Chittagong Port and Dhaka Airport to improve cargo handling efficiency. WhatsApp groups will be created to facilitate rapid problem resolution in industrial areas. He assured that the Bangladesh Army stands ready to support the industry against any threats that may damage factories.    

 Dhaka Chamber of Commerce & Industry (DCCI) on Sunday urged for immediate restoration of law and order, and revival of economic activities. DCCI is deeply saddened by the loss of lives and human sufferings over the past few weeks, and offered its prayers and condolences towards the victims and their families. Congratulating the interim government, the trade body wished the government all out success in quick restoration of the law and order situation, return to normal economic conditions and restoration of democratic political environment. DCCI requested the government to take necessary steps to end the vandalism and anarchy as soon as possible, said a press release. Addressing the law and order situation and economic stability should be immediate and utmost priorities in the current context, it said. The business chamber said the private sector requires prompt and substantial support to overcome the setbacks caused by recent disruptions. “We urge for collective efforts from all stakeholders including the interim Government, private sector and political parties to overcome the consequence of recent damages through a rigorous and sustainable economic recovery process,” it said. Taking into account the loss and damage to the economy, DCCI requested the new government to take steps to revive the image of the economy and reinstall positive growth trends. “In this regard, we urge the government to prioritize the necessary measures including financial sector stability, inflation control, stability in Forex reserve, reform in capital market, national revenue enhancement, reduce corruption through establishing rule of law and aid CMSMEs’ recovery,” said the DCCI expressing its optimism that the interim government would restore the rebuilding process of the economy.