United News of Bangladesh

Finance and Commerce Adviser Dr Salehuddin Ahmed on Tuesday asked the National Board of Revenue (NBR) not to collect taxes forcefully from the taxpayers. “There should not be any force on the existing taxpayer. All are not equal, every person cannot pay taxes, that do not mean you will collect tax forcibly,” he said while speaking at the meet the press at NBR on the occasion of introducing online income tax return submission facility. He also put emphasis on bring all eligible persons under the tax net as many people have the capacity to pay tax. “All eligible have to be put under the tax net. If you bring those people under the tax net it would be better,” he said. The adviser said that it is a tough job to provide government services when people don't pay taxes. He also said that taxpayers feel easy while not seeing the face of any tax officials. “…and you know the various meanings of seeing the face of tax officials.” He put emphasis on deposit the taxes in the national exchequer without any leakage. “From now on we will avoid any leakage in tax payment and for that purpose we have introduced the online tax payment system,” he said. The Finance Adviser said that the government can not run the country through borrowing from savings certificates and taking loans from abroad. Narrating the benefits of online submission, Dr Salehuddin hoped that this year some 15 lakhs individual taxpayers would submit their income tax return through the online system. “We will be able to get rid of them from the dependency on others.” NBR Chairman Md Abdur Rahman Khan said that this year the online income tax return submission started on September 9, but from the next fiscal it will start from July 1, the first day of the fiscal year. “We are taking preparations towards that. Our main goal is to introduce a taxpayers friendly culture, especially reducing the compliance cost.” He said that the NBR will gradually incorporate all related sectors in this system to make the income tax submission more hassle free. “We want to go for comprehensive automation,” he said. In 2021-22 fiscal the income tax submission through online was 61,000, in 2022-23 it was 244,000 and in 2023-24 it was 526,000. “This year we hope that the lion share of the individual tax return submission will be done through online,” he added. The NBR Chairman said that from Thursday a call center will be introduced from 9am to 5pm for helping the taxpayers. “Although we have been able to do a little thing so far, but our dream is very big,” he added.

Bangladesh Bank (BB) governor Dr. Ahsan H Mansur on Tuesday reshuffled the duties of deputy governors after joining two new deputy governors. The central bank in an office order stated that this change will increase the scope of the work of deputy governors and make a mark in the financial sector. Nurun Nahar is the Deputy Governor-1. The departments under her supervision are- Human Resources Department 1, Human Resources Department 2, Banking Regulations and Policy Department, SME and Special Programs Department, Credit Guarantee Department, Agricultural Credit Department, Bangladesh Bank Training Academy, Expenditure Management Department 1, Expenditure Management Department 2, Bankers Selection Committee Secretariat, Department of Currency Management, Currency Museum Department, Sustainable Finance Department, and Security Management Department. Deputy Governor-2 Dr. Md. Habibur Rahman, departments under his supervision are- Chief Economist's Unit, Accounts & Budgeting Department, Credit Information Bureau, Debt Management Department, Department of Communications and Publications, Deposit Insurance Department, Financial Inclusion Department, Financial Sector Support and Strategic Planning Department, Information & Communication Technology Department, Monetary Policy Department, NFIS Administrative Unit, Research Department and Statistics Department. Deputy Governor-3 Md. Zakir Hossain Chowdhury, departments under his supervision-Common Services Department-1, Common Services Department-2, Department of Financial Institutions and Markets, Department of Off-Site Supervision, Financial Integrity and Customer Services Department, Foreign Exchange Investment Department, Foreign Exchange Operation Department, Foreign Exchange Policy Department, Integrated Supervision Management Department, Law Department, Payment Systems Department and Special Studies Cell. Deputy Governor-3 Dr. Md. Kabir Ahmed, departments under his supervision are- Department of Banking Inspection 1-8, Department of Foreign Exchange Inspection, Financial Institutions Inspection Department, Financial Stability Department, Forex Reserve & Treasury Management Department.

Bangladesh Bank has once again clarified that no company’s bank accounts have been blocked or interfered with, regardless of political affiliations. “We are not affecting any industry. Every sector is allowed to operate freely, without interference or blocking of funds," said Governor Dr. Ahsan H Mansur in a discussion meeting on Monday. On the other hand, the central bank on Monday issued a circular clarifying that the Bangladesh Financial Intelligence Unit (BFIU), a wing of BB did not direct banks to block any company accounts related to the individual account seized by the BB. The circular states, “It is observed that banks and financial institutions outside the BB guidelines of the company accounts related to individuals suspended the transactions on some accounts; As a result, the day-to-day activities of the institutions are being disrupted, the salaries of employees of the institutions' payment and import-export related transactions are being hampered.” According to the BB instruction, banks cannot block any company accounts despite seizing the accounts maintained in the name of individuals and sole proprietorships.

Walton CSM (Customer Service Management) will provide free service to repair its electronics, home and electrical appliances that were damaged due to recent flood in several southeastern districts of the country. SM Mahbubul Alam, managing director of Walton Hi-Tech Industries, directed the CSM department to provide free service to the flood affected customers in repairing their damaged products in a special meeting held recently at Walton Corporate Office in the capital, said a press release. Following his instructions, the CSM department made the announcement of providing free service. Shibdash Roy, head of Walton CSM Department, said that the houses of lakhs of families in several districts in the south-eastern part of the country were submerged in water recently due to sudden floods. In the flood affected areas, Walton’s wide range of electronics, home and electrical appliances are used by majority of the households. All those products will require servicing. He noted that the customers in the flood affected areas will get free service in repairing their electronics and electrical products of Walton brand. If new spare parts are needed for product repair, customers will also get a special discount on the price of those parts. At the beginning of the flood, the members of Walton family came forward to help the flood victims. Walton’s local distributors, dealers, Plaza sales team and CSM department’s representatives distributed relief in the flood affected areas. Besides, Walton Corporate Office also provided financial donations and relief to various organizations and institutions approved by the government. To tackle the the post- flood situation, Walton took the initiative of providing free service to the flood victims in repairing their damaged electronics and electrical products.

Bangladesh Bank (BB) Governor Dr. Ahsan H. Mansur has once again warned against taking ownership, through transfer, purchase or any other means, of any assets of the S. Alam Group, which has become a symbol of rampant crony capitalism under the 15-year rule of the previous Awami League-led government.   Anyone found to have bought S Alam Group companies, assets or anything else will have to forfeit them, the governor said at a press conference at the central bank headquarters this evening (Sunday). He said the foreign exchange reserves have increased by USD $300 million as the central bank stopped selling dollars in the market, in perhaps the most significant departure from the previous administration's policies. Prior to Dr Mansur's appointment as governor on August 14, Bangladesh Bank was leaking about $1.1 billion each month through dollar sales from the reserves.  At present, the foreign exchange reserves amount to $21 billion as per IMF formula, i.e. the universally accepted definition of forex reserves. Dr. Mansur said that the foreign exchange market has become stable now, and gradually it will be normal as the flow of remittances and foreign aid increase, side-by-side with the checks on money laundering. The central bank has also fully secured 95 percent of deposits in the banking system by doubling the scope of the deposit insurance scheme. Now if any bank goes bankrupt, 94.6 percent of depositors of the bank will be refunded immediately from this scheme. So depositors have nothing to worry about regarding their deposits in even so-called weak banks, assured the governor. He urged depositors to be patient and trust in the banking sector reform program being implemented by his team at the central bank. Dr Mansur said, "We do not expect any bank to go bankrupt, but at least 10 banks have gone into a state of near-bankruptcy. The government is trying to save them." Regarding the freezing of bank accounts, the governor said, "So far we have not seized the account of any organization. Be it S Alam's or Salman F Rahman's. No organization's bank account has been seized. All individual accounts whose accounts have been frozen."  "We do not want to join any business. We don't want job loss and production disruption of institutions and companies," he pointed out. Dr. Mansur also said, "The central bank has money for SME loans. But I can't give to small entrepreneurs. Not only that, the World Bank and the IMF want to invest in small entrepreneurs. But due to some problem these loans are not being distributed through the banks." Therefore, Bangladesh Bank has asked these banks to explain the cause and propose solutions in writing.  The governor is hopeful that the flow of microcredit will increase very soon, and confirmed that a special taskforce on banking sector reforms will start their work within the next ten days.  He said that through the course they have envisioned, the banking sector's problems will be resolved and the previous policies will be reviewed.  "If any policy is found to be made only for a few businesses then it is void," he said, adding: "And if needed, it will remain."  He also assured that the directors from the same family dominating bank boards will be removed.  

Daraz Bangladesh is set to commemorate its anniversary with a grand celebration, inviting shoppers nationwide to participate in an exclusive shopping event. The 9.9 Anniversary Sale, from September 9 to September 15, transforms the online marketplace into a virtual party venue where shoppers can enjoy significant savings, free Delivery, and exclusive discounts on Flash Sale products, said a press release. As a gesture of appreciation to its valued customers, Daraz offers vouchers worth Tk. 1 crore for this 9.9. These can be collected directly from the Daraz app by clicking on the designated banner. The sale features over 1 crore products eligible for free delivery on orders above Tk. 299. Customers can unwrap further savings by collecting vouchers by clicking the "Free Delivery" banner on the Daraz app's homepage on a first-come, first-serve basis. The vouchers can be stacked with other discounts. An exciting "Any 3" offer will allow customers to purchase three items for as low as Tk. 70, applicable to a wide range of 30,000 products. This bundle deal provides exceptional value during the Sale. Flash Sale has been positioned as an exciting feature of the anniversary celebration. It offers discounts of up to 75% on selected 1,000 products daily across various categories. These limited-time deals, refreshed daily, are expected to offer even more significant savings than the standard campaign discounts. To enhance the shopping experience, Daraz has partnered with top brands such as Marico, Unilever, Lotto, Reckitt Benckiser, ORAIMO, BATA, Apex, RFL Appliances, Haier, Baseus, Sony Smart, and Beauty Orchestra, ensuring great discounts across a broad range of products. Customers can explore deals across various categories, including Electronics, Home Appliances, Fashion, Home Décor, Mother and Baby Items, Beauty Products, and more. Whether upgrading home essentials or shopping for personal care, Daraz offers something for every shopper. For additional savings, Daraz has partnered with payment providers such as bKash, Southeast Bank, Eastern Bank, City Bank, NCC Bank, Dhaka Bank, and EBL ZIP (EMI) to offer shoppers further discounts and flexible payment options, ensuring a seamless and rewarding shopping experience. With Best-Price offers, a Flash Sale, Free Delivery, and bank discounts, Daraz Bangladesh's 9.9 Anniversary Sale guarantees an exciting and value-packed shopping experience for customers across the country.

Bangladesh Bank has appointed its executive directors Md Zakir Hossain Chowdhury and Md Kabir Ahmed as the deputy governors on a contractual basis for three years from the date of joining. The Financial Institutions Division of the Finance Ministry issued a notification to this end on Sunday. The order was issued in the public interest, reads the notification. Earlier, two deputy governors of the central bank -Kazi Saidur Rahman and Khurshid Alam-stepped down following the fall of Hasina government in a  mass uprising on August 5.

Bangladesh Bank (BB) has instructed banks to keep a 100 percent cash margin for importing 14 luxury goods including gold, cosmetics, processed food, soft drinks, and leather goods to overcome foreign exchange. On Thursday, BB's Banking Regulations and Policy Department (BRPD) issued instructions in this regard. This directive will be effective from Thursday. According to the Central Bank instructions, in the context of the global economic instability situation, to keep the currency and debt management of the country more coherent, instructions are given regarding the determination of the cash margin rate for the establishment of import credit. A cash margin of 100 percent shall be maintained in respect of the establishment of import credit for luxury goods and domestically manufactured import substitutes. The 100 percent cash margin for import of products, motorcars, electronics home or Office Appliances, Gold and Jewellery, Precious Metals and Pearls, Ready Made Garments, Leather Goods, Jute Goods, Furniture and Decorative Items, Fruits and Flowers, non-cereal foods, processed foods and beverages or canned (cans) food, chocolate, biscuits, juice, coffee, soft drinks, etc., alcoholic beverages and tobacco, tobacco products or substitute products.

Bangladesh Bank (BB) Governor Dr. Ahsan H Mansur said that there will be no more restrictions on the business operations and opening Letter of Credits (LCs) in Islami Bank from now on. The governor in a meeting with the newly formed Board of Directors of Islami Bank on Thursday expressed his satisfaction on the daily positive balance of Islami Bank’s current account maintained with the central bank. “The necessary instructions will be issued soon in this regard,” he added. “Customers' deposits are safe in Islami Bank. Islami Bank's own funds are sufficient to meet the needs of customers. However, Bangladesh Bank will actively consider liquidity support if required,” said the governor. Md. Obayed Ullah Al Masud, Chairman of Islami Bank, told media after the meeting that the regular business activities of Islami Bank are being conducted smoothly with the existing facilities of the central bank. He said that Islami Bank has presented a specific roadmap to the governor. Through the bank's performance and business achievements, Islami Bank will turn around within the fastest time due to the trust of crores of customers.

Bangladesh Bank's financial intelligence agency  has sought the bank accounts information of former Speaker of the Jatiya Sangsad Shirin Sharmin Chaudhury, her husband and children. Bangladesh Financial Intelligence Unit (BFIU), a wing of the central bank, sent letters in this regard to banks and financial institutions of the country on Thursday. The BFIU letter sought account details of Shirin Sharmin Chowdhury, her husband Syed Ishtiaq Hossain, their son Syed Ebtesham Rafiq and daughter Lamisa Shirin Hossain. The BFIU letter mentions names of the parents of these five persons and in particular names of the husband and wife, their national identity card number and date of birth. It also sought bank account details of Md. Shafiul Islam. His occupation is mentioned as a government job and 'Proprietor of ‘Subhana Traders'. Shirin Sharmin Chowdhury was last elected Member of Parliament (MP) from a constituency of Rangpur. After the Awami League came to power in the 2008 election, Abdul Hamid was elected speaker. When he was elected as the President, Shirin Sharmin was made speaker on 30th April in 2013. She had been in the position continuously since then. Shirin Sharmin Chaudhury was elected Speaker again after Awami League won the election on January 7 and formed the government. Sheikh Hasina left the country after resigning on August 5, in the face of the student uprising. The President then dissolved Parliament and on 8 August the interim government was sworn in. She resigned as Speaker on September 2, 27 days after the fall of Sheikh Hasina's government.