Business

Asks errant NBFIs to classify the defaulted loan Bangladesh Bank on Wednesday asked non-bank financial institutions to classify their defaulted loan in line with the earlier directions of the central bank as some NBFIs have recently violated the regulations by showing the defaulted loan as their regular credit. The BB issued a circular to managing ... Read more

Parliament on Wednesday passed the Palli Sanchay Bank Bill – 2014 that aims at encouraging rural people to save their money for their future needs. Though the bank is expected to be established like the Grameen Bank, the basic difference of the proposed bank is that no individual would be

The net overseas investment at the Dhaka Stock Exchange increased by 181.91 per cent or Tk 234 crore in June compared with that in the previous month as low prices of stocks lured foreign investors. The key index of the DSE, DSEX, on June 17 declined to five and a half months low at 4,338.87 points ... Read more

A cartel of the international gateway operators is planning to gain control over pricing of international incoming call termination industry by forming a two-tier clearing exchange. BTRC officials said a consortium of some IGW operators recently proposed BTRC to from an International Clearing House in two tiers where one tier will bring

Japanese investment mission due this month The government has undertaken steps to facilitate Japanese investment in the potential sectors and deepen the bilateral trade relations while a high-powered Japanese investment mission is due to visit the country later this month, sources said. The two countries took initiatives to boost bilateral

The government has failed to complete the recruitment of additional 200 factory inspectors within the extended timeframe until June 30 due to some procedural complexity. A labour ministry official said that all the complicities including amendment of a relevant rule have been completed and the recruitment process

The government will face some major challenges including boosting private investment, bringing momentum in economic activities, achieving GDP growth at higher rate and containing inflation in the new fiscal year 2014-2015 that begins today amid looming risk of political instability, economists and business leaders said on Monday. Achieving the targets

Bangladesh Bank has made a decision to reduce the limit of mortgage-free loan for 28 crops at different rates from the new financial year 2014-15. A BB official told New Age that the central bank had made the decision to reduce the mortgage-free loan of the crops to contain the scheduled banks’ credit risk.

Technological inefficiency, environmental concern, lack of skilled manpower and weakness of infrastructure are key barriers to the development of the country’s prospective plastic sector, said experts and exporters on Monday. In a seminar on ‘Export-oriented plastic industry of Bangladesh: challenges and opportunities,’ they said that Bangladesh had not yet able

Bangladesh Bank has slapped a fine of Tk 10,000 on The Farmers Bank managing director Choudhury Moshtaq Ahmed on charge of illegal payment of Tk 1.92 crore as office rent. The newly-launched Farmers Bank paid one of the directors of the bank, who is also the owner of the building that housed the headquarters of ... Read more

Information minister Hasanul Haque Inu at a regular cabinet meeting on Monday recommended that the government lowers the international call termination rate for IGWs to 1.5 US cents from existing 3 cents which will cause the government to lose Tk 1,073 crore. Inu raised the issue when prime minister Sheikh Hasina,

Export earnings from India are set to hit four-year low in the outgoing financial year 2013-14 despite Bangladesh’s call to its neighbouring country to reduce trade barriers. Earnings from India in first 11months of the FY14 accounted for $396.82 million which is 26 per cent lower than the earnings of $536.09 million in

The National Board of Revenue is going to finalise by today rules for the house owners having income more than Tk 25,000 from their house property to deposit house rent through banks, officials said. The rules will describe the procedure how the house owners will maintain bank accounts for receiving house rent through banks, they said. The ... Read more

Rate Cut For Igws BTRC to submit same plan to fin min for 3rd time Even after the finance ministry rejected twice, the telecom regulator is set to send the same proposal again to lower international call termination charges to 1.5 US cents from the existing 3 cents for the operators, ignoring the ministry suggestion ... Read more

Green Tax Collection NBR preparing list of polluting industries The National Board of Revenue has taken an initiative to prepare a list of polluting industries for imposing and collecting newly introduced green tax, officials said. The list will be prepared with the help of Department of Environment of the environment and forest ministry, they said. DoE ... Read more

The country needs a rapid development of its transport and energy sectors, said economists on Sunday. Otherwise, it will fail to become a developed country by 2041 as targeted by the government, they said. The government should take initiative to make vibrant the private sector as a significant number of industries have recently been closed in ... Read more

Audit Of Govt Cash Incentives, Subsidies Banks need not to pay VAT on fees Bangladesh Bank on Sunday said scheduled banks would not have to pay value-added tax on fee for audit of cash incentive and subsidy offered by the government to the export items. The BB issued a circular to authorised dealer branches of all ... Read more

Govt backtracks from hiking SD on tobacco import The government on Saturday passed the Finance Bill-2014 reinstating the existing supplementary duty on some products on import to protect local manufacturing industries. In the approved finance bill, finance minister AMA Muhith reinstated the SD at import stage of some products including toothpaste, soap, detergent

Withdraws AIT, reduces customs duty The government on Saturday passed the Finance Bill-2014, imposing one per cent surcharge on the prices of imported and locally-manufactured mobile phone sets and reducing taxes on the items at import stage. The surcharge is titled ‘information and telecommunication development surcharge’. The government withdrew 5 per cent advance income tax and reduced

Inter-Bank Transaction Thru Bb Npsb 8 banks asked not to overcharge clients for ATM use Bangladesh Bank has recently asked eight scheduled banks, attached to the National Payment Switch Bangladesh, not to charge clients more than the stipulated Tk 10 for each inter-bank transaction through automated teller machines. The central bank has recently found allegations against ... Read more