Business

Foreign industrial enterprises operating in Bangladesh will not require taking prior approval from Bangladesh Bank to bring interest-free short-term loan with up to one year tenure from their parent companies and shareholders abroad, said the BB. To this end, the BB issued a circular to the authorised dealers of all banks on Wednesday saying that the ... Read more

Almost all house owners and businessmen detected as suspected tax dodgers have ignored the order of the National Board of Revenue for paying income tax while only less than 1,000 of them submitted income tax returns till date, NBR chairman Ghulam Hussain said on Wednesday. He said that the revenue board through its door-to-door survey-2012 detected

Ramadan Market TCB to intervene thru 3,000 dealers Essential food items at prices cheaper than those in the market would be sold throughout the country before and during the holy month of Ramadan through 3,000 dealers of TCB, commerce minister Tofail Ahmed said on Wednesday. The items are—lentil, edible oil, peas, dates and onions. ‘We are committed ... Read more

Bangladesh Bank is going to start online monitoring of the foreign exchange transaction with international credit and debit cards issued by the local banks in a bid to stop anomalies in the process of outward remittance, said officials of the central bank. A BB official told New Age on Tuesday that the central bank was now ... Read more

Country’s leading mobile phone operator Grameenphone has got 20 per cent new users among its 86,574 3G customers, showed a latest data of the company. GP recently submitted the October-December 3G performance report to the Bangladesh Telecommunication Regulatory Commission which showed that

Bangladesh Bank on Wednesday warned the scheduled banks that it would impose fine against them if they fail to settle their inland and foreign bills of letters of credit timely. To this end, the BB issued a circular to all banks saying that the country’s banking sector has been facing an image crisis as some ... Read more

The country’s jute production fell for third year to 74.36 lakh bales in 2013-14 season as sliding export hit the price of jute, discouraging farmers to cultivate the cash crop. In 2010-11 season jute production had hit a record high of 84.60 lakh bales as the export of jute and jute products was recorded worth ... Read more

The platform of European retailers, Accord on Fire and Building Safety in Bangladesh, on Tuesday said that it had found faults in all 10 garment units it inspected in a pilot basis late last year. Officials of the Accord said that they found mismatch between structural designs and constructed structures, uncontrolled heavy storage load on floor, ... Read more

Bangladesh Bank on Tuesday allowed foreign companies in Bangladesh to receive term loans in local currency from scheduled banks and non-bank financial institutions. BB officials told New Age that the central bank had relaxed the foreign exchange regulations in accordance with the International Monetary Fund’s recommendations.

4 more border markets The commerce ministry has selected locations along the Bangladesh-India border for setting up four more border haats (markets) to create new economic opportunities and increase business in the products produced in the two countries, officials of the ministry said. They said that the locations are situated along

The two-day trade talks between Dhaka and New Delhi begin today (Wednesday) at the commerce ministry to strengthen trade ties between the two neighboring countries, commerce ministry officials said. A high level Indian delegation led by Arvind Mehta, joint secretary, foreign trade (South Asia), Department of Commerce of India, arrived in Dhaka on Tuesday to attend ... Read more

The country’s export earning growth declined for the third month in February of the current financial year 2013-14 due to sluggish readymade garment export growth caused by the affect of political unrest in previous few months. The export earning in February stood at $2.38 billion growing by 6.36 per cent compared with the same month of ... Read more

The country’s credit growth in the private sector increased slightly in January compared with that of the previous month as businesspeople have taken initiative to expand their business after the general elections which was held on January 5, said officials of Bangladesh Bank. According to Bangladesh Bank data released on Monday,

Bangladesh Bank on Monday decided to double the foreign exchange quota for business travel to $ 10,000 per year. The BB enhanced the amount by $ 5,000 to $ 10,000 per year from the previous $ 5,000 for traveling to foreign countries. To this end, the BB issued a circular to authorised dealer branches of all scheduled ... Read more

The country’s trade deficit narrowed by 35.01 per cent in the first seven months of the current financial year compared with that of the same period of the FY 2012-13 due to a rise in exports against a poor growth in imports. According to the latest BB data, the deficit decreased to $2.78 billion in July-January ... Read more

Clients of 2 banks to get benefit initially The National Board of Revenue is going to launch online tax payment system in early next month facilitating corporate taxpayers to pay taxes direct from their bank accounts, officials of the NBR said. After inauguration of the system, large taxpayers will be able to pay taxes — income ... Read more

The ministry of agriculture has drastically slashed the incentives for marginal aus farmers in the current season. The agriculture ministry has approved Tk 30.68 core for the current aus season down from 43.09 crore in the previous season in 2013, shows official documents. The aus season begins in March and ends in August.

The National Board of Revenue and the Department of Immigration and Passports are at loggerheads over payment of 15 per cent value-added tax on passport and visa fees, officials of the revenue board and DIP said. They said that the dispute began after the NBR had asked the immigration and passports department to pay VAT on ... Read more

Garment Village Owners yet to arrange money for land acquisition The progress of establishment of a garment village at Bausia in Munshiganj is hanging in the balance as the factory owners concerned are yet to provide money for land acquisition. The government has already completed the process of land acquisition and asked the garment owners ... Read more

T+2 Settlement Cycle Launch More delay likely due to foreign portfolio managers’ objection The introduction of the T+2 trading cycle at the Dhaka Stock Exchange will be delayed further because of objections of some foreign portfolio managers to the launch of the system with two-trading session maturity period, DSE officials said. A DSE senior official said, ... Read more