Bangladesh: ECNEC clears tier-IV national data center project

The Bangladesh government has launched a project to set up Tier-IV level national data centre aimed at ensuring secure and safe data storage as well as optimum uses of ICT for the “digital Bangladesh”.

Once the data centre is installed on seven acres of land at Kaliakoir Hi-Tech Park, the hosting capacity of the shared data center of the government would be enhanced. Besides, the government would also be able to run its official activities without basing on paper.

Bangladesh Computer Council (BCC) is entrusted to implement the project by June 2018.

The Executive Committee of the National Economic Council (ECNEC) today approved the “Establishment of Four Tier National Data Center” with Taka 1516 crore at its 9^th meeting in the current fiscal.

ECNEC Chairperson and Prime Minister Sheikh Hasina chaired the meeting held at the NEC conference room in the city’s Sher-e-Bangla Nagar.

Planning Minister A H M Mustafa Kamal, after the meeting, briefed the newsmen about the outcome. He said the ECNEC cleared a total of four development projects with an outlay of Taka 2,474 crore.

“Of the total project cost, the government will provide Taka 1,089 crore from the national exchequer while the remaining Taka 1,385 crore would come as project assistance,” he added.

State Minster for Finance and Planning M A Mannan was present at the briefing.

Planning minister said the capacity of the existing data center is

insufficient against the demand of NBR, Land Ministry, DLRS, banking and financial institutions, educational institutions and power division as well as other government organizations.

Besides, there is a need for an exclusive high security building for ensuring security of the data center, he added. Against the cost of Taka 1516.91 crore for the proposed data center, the government will contribute Taka 317.55 crore while China EXIM Bank would provide the remaining Taka 1199.36 crore.

Meeting sources said Prime Minister Sheikh Hasina in the meeting thanked all the members and officials of the Planning Commission for their efforts saying Bangladesh received the highest UN accolade “Champions of the Earth” award and “ICT Sustainable Development Award” from ITU due to the all-out support from the country’s people.

Commenting on the growth projections made by various international

organizations, the Prime Minister said now the international organizations have started to make upward growth projection of 6.5 to 6.7 for Bangladesh.

She said her government’s target is to attain 7 percent GDP growth rate in the current fiscal, adding “Bangladesh would be able to attain the target although it would be a bit tough”.

The other projects approved in the meeting are: WFP Assisted Enhancing Resilience to Disasters and the effects of climate change project with Taka 715.37 crore (1^st revised), re-excavation of River Titas (upper) under Brahmanbaria district with Taka 155.88 crore and Protecting Rajshahi Cadet College and adjacent important structures from Padma River Erosion with Taka 86.79 crore.

Ministers and State Ministers attended the meeting while Planning

Commission members and secretaries concerned were present. (Source: BSS, October 06, 2015)

Deposition against 147 persons including Rizvi, Aman Oct 7

A Dhaka court on September 7 set October 7 for recording deposition in connection with a case of subversive act filed against 147 persons including BNP leaders Ruhul Kabir Rizvi and Aman Ullah Aman.

Dhaka Metropolitan Magistrate Atiqur Rahman set the date upon a time petition of the defence.

Sub Inspector (SI) Jahangir Hossain filed the case with Paltan Police Station in connection with exploding crude bombs and damaging vehicles in front of the BNP office at Naya Paltan in the capital city on March 11 in 2013.

The court indicted Rizvi, Aman and others on 25 August in 2014.

Rizvi and Aman are now in jail as they were wanted in different criminal cases. (Source: BSS, September 7, 2015)

Bangladesh High Court issues rule over gang-rape of Garo woman

The High Court on Monday issued a rule asking the authorities to explain by two weeks as to why the delay of lodging a complaint of the Garo rape victim would not be declared illegal.

A division bench of Justice Farah Mahbub and Justice Kazi Md. Ejarul Haque Akondo passed the rule upon a writ petition.

Five human rights organizations Nari Paksha, Bangladesh Mahila Parishad, Jatiya Adivasi Parishad, Bangladesh Legal Aid and Services Trust (BLAST) and Ain O Shalish Kendra filed the petition.

The court also wanted an explanation from the authorities concerned on what reason action will not be taken against the policemen for making delay in taking the complaint and for negligence of duties.

It also wanted to know as to why the rape victim will not be compensated.

The HC also asked the government to confirm lodging complaints and giving services to the rape victims.

The court also sought a compliance report from Home Secretary, Inspector General of Police and Dhaka Metropolitan Police (DMP) commissioner within a month. It also asked the Home Secretary to issue a gazette notification by one week asking all the police stations to lodge complaints of any rape victim irrespective of caste, creed and religion.

It also sought a list of retired judges, lawyers and women human rights activists to review the existing laws and procedures to stop sexual harassment and sexual violence from the rights bodies that filed the petition by May 31.

Earlier on May 21, a Garo woman was gang-raped on a moving microbus after she was forcibly taken into the vehicle from near Jamuna Future Park in Dhaka city and later dropped her at Jashimuddin road.

(Source: BSS)

Dhaka court adjourns hearing on Khaleda’s graft cases till June 18

A court in Dhaka on Monday adjourned till June 18 the hearing of Zia Orphanage and Zia Charitable Trust graft cases against BNP Chairperson, Begum Khaleda Zia and others.

Judge Abu Ahmed Jamadar the Special Judges’ Court-3 temporarily set up at Dhaka Alia Madrasa premises passed the order.

Khaleda Zia appeared before the court around 10-55 in the morning amid stringent security measures and left with the completion of the court proceedings around 12noon.

The court also rejected the defence petition seeking cancellation of the statements given by the plaintiff and the first prosecution witness after hearing arguments from both the prosecution and defence.

However, the court accepted the time petition filed by defence counsel Advocate Khandoker Mahbub Hossain on the plea of taking preparation for hearing.

Stringent security measures were taken in and around the court with the deployment of additional law enforcers including Rapid Action Battalion (RAB), Detective Branch (DB)of police, Border Guard Bangladesh (BGB) to maintain law and order.

Earlier on April 5, the court gave Khaleda Zia bail in the two graft cases on condition of her appearance positively before the court on every date.

Anti-Corruption Commission (ACC) filed the Zia Orphanage Trust graft case on July 3 in 2008 with Ramna Police Station while the Zia Charitable Trust graft case was lodged with Tejgaon Police Station on August 8, 2011, on charges of misappropriating money in the name of the trusts.

The commission filed a charge sheet in the Zia Orphanage Trust graft case on August 5 in 2009 against Khaleda Zia, her elder son Tarique Rahman and four others on charges of embezzling Tk 2.1 crore by forming the Trust which exists only on paper.

In accordance with the charge sheet of the Zia Charitable Trust graft case submitted on January 16, 2012, Khaleda Zia and three others have allegedly misappropriated Tk 6.19 crore after forming Zia Charitable Trust.

The Special Judges Court-3 framed charges against Khaleda Zia, her son Tarique Rahman and others in the two graft cases on March 19 last.

(Source: BSS)

Dhaka Stock Exchange suffers major technical glitch to open week

Trading at Dhaka Stock Exchange (DSE) was halted by nearly four hours on Sunday as a major technical glitch made the market operator unable to begin trading at its usual 10:30 am opening time.

Bangladesh Securities and Exchange Commission (BSEC) Executive Director Mohammad Saifur Rahman told BSS that the commission was aware about the technical problem and was expecting a full report from the DSE authorities about the matter in due course.

“Due to a technical issue DSE delayed commencement of trade by 3 hours 50 minutes on 24^th May 2015. This delayed start resulted in a shorter trading period of 1 hour 40 minutes compared to 4 hours of normal trading,” DSE said in a press statement later on the day.

The stock exchange also regretted the disruption of trading that caused inconvenience to all market participants.

DSE said that the technical issue caused delay in disseminating trade related information to some brokers beyond acceptable limits, and thus the brokers were put at a disadvantaged position compared to its peer group.

“In order to prevent this situation arising, DSE took the decision to delay trading till all market participants had equal opportunities to trade”, the statement said.

It further said that DSE and its international technology partners worked in three jurisdictions to resolve this issue and to open trading facility as soon as possible.

The combined effort of all those involved has resulted in market opening at 2:20 pm for all brokers, albeit for a truncated trading session of 1 hour and 40 minutes till 4pm.

The shorter than usual trading session recorded transaction volume of 8.58 crore shares worth Taka 343.17 crore, which was more than 50 percent lower than the volume and value of a normal trading session.

The decline in daily transaction caused fall in the two selective indices, but the broader DSEX index managed to finish the day marginally up at 4484.62, with DS30 and DSES closing down at 1682.44 and 1081.40 respectively.

Prices of 108 stocks advanced on the day against 164 declining stocks, while 28 remained unchanged. Power Grid, SA Port, Rupali Bank, ICB Sonali 1stMF and Saif Power were the day’s major gainers.

The major gaining sectors were bank, fuel and power, engineering and miscellaneous when the major losing sectors were textile, telecom, mutual fund and ceramic. Among the major lagging securities were Family Tex, Beximco, Zaheen Spin, 7^th ICB and Republic Insurance.

UPGDCL topped the turnover list followed by KPCL, Saif Power, SA Port, BSCCL, UPGDCL and Ifad Autos.

Normal trading DSE will resume tomorrow (Monday) on schedule time at 10:30 am.

Chittagong Stock Exchange (CSE) began the week at its normal scheduled and closed the session positive. The general CSCX index finished the day up at 8458.35 though most of issues traded closed lower. Prices of 128 securities declined on the day against 80 advancing and 27 static issues.

Some 2.35 crore shares worth Taka 81.32 crore changed hands on the day. (Source: BSS)

Pubali Bank Ltd signs corporate agreement with Robi Axiata Ltd

Pubali Bank Limited signed Corporate agreement with Robi Axiata Ltd. at Pubali Bank Head Office recently. Sk.Golam Mohammad, General Manager of Establishment Division of Pubali Bank Ltd. and Mahtab Uddin Ahmed, Chief Operating Officer of Robi Axiata Ltd. signed the agreement on behalf of their respective organizations.

Managing Director of Pubali Bank Limited Md. Abdul Halim Chowdhury was present as Chief Guest at the agreement signing ceremony. Deputy Managing Director of the Bank Safiul Alam Khan Chowdhury, General Managers of Head Office of Pubali Bank Ltd. and senior officials of both the organizations were also present.

Pubali Bank Limited and all the officers and employees of the bank will enjoy fastest sevices. Under this agreement they will get modern facilities along with Special Call Rate, Call Conferencing, Voice Communication, FnF, High speed 3.5G Internet, Data Connectivity at a cheaper rate. (Source: press release)

Prime Bank Limited arranges lenders' visit programme in Cox’s Bazar

Prime Bank Limited, Lead Arranger & Agent of the Syndicated Finance of Sea Pearl Beach Resort & Spa Ltd. arranged a lenders' visit programme to the project site at Inani Beach, Cox’s Bazar on 17 May 2015.

During the visit Md. Touhidul Alam Khan, Deputy Managing Director and Chief Business Officer of Prime Bank Limited and Brig. Gen. (Retd.) A H M Mokbul Hossain, Chief Executive Officer of Sea Pearl Beach Resort & Spa Ltd. as well as senior officials of syndicated lenders were also present. The participating lenders are: Prime Bank Limited, Standard Bank Limited, Pubali Bank Limited, Trust Bank Limited, Mutual Trust Bank Limited, ONE Bank Limited, Modhumoti Bank Limited, National Credit & Commerce Bank Limited and Bangladesh Commerce Bank Limited. (Source: press release)

Mercantile Bank Limited opens 101st Branch at Donia

Mr. Morshed Alam, M.P., Honorable Chairman of Mercantile Bank Limited inaugurates 101st  Branch “Donia Branch” as Chief Guest of the opening ceremony at “Holding#661, Donia Road, Jatrabari, Ward-03, South City Corporation, Dhaka on 25th May 2015. Mr. Alhaj Habibur Rahman Molla, M.P was present as a Special Guest Mr. Syed Abu Hossain Babla, MP was present as honorable guest on the occasion.

Mr. Al-Haj Akram Hussain (Humayun) –Chairman- Executive Committee, Directors- Mr. M. Amanullah, Mr. A.K.M. Shaheed Reza and Al-Haj Mosharref Hossain, Bank’s Managing Director & CEO Mr. M Ehsanul Haque, Additional Managing Director Mr. Monindra Kumar Nath were present. (Source: press release)

Seven detained with 5 lakh Yaba tablets in Chittagong

Rapid Action Battalion (RAB)-7 recovered 500,000 Yaba tablets worth about TK 20 crore and detained seven drug traders from a fishing trawler ‘MV Hena’ at the outer anchorage of the port early Thursday.

RAB claimed this is the largest seizure of Yaba tablets in recent time.

The arrested drug traders were identified as Mohammad Hannan, 40, Mohammad Osman, 23, Mohammad Rasel, 33, Mohammad Waliullah, 21, Mohammad Ilias, 18, Mohammad Reaj, 19, and Mohammad Lockman, 33.

RAB-7 commander Lt Col Mifta Uddin in a press briefing said that based on information a team of RAB halted the fishing trawler, ‘MV Hena’, at 12.30 am on Thursday.

“After searching the trawler we found 500,000 contraband Yaba tablets, concealed in water barrels which were smuggled from Myanmar,” he added.

Mifta said Yaba tablets are loaded on to the trawlers near Sitar Matha of St. Martins Island and the consignment was to be passed on to another trawler in Chittagong.

But the RAB team caught them before transferring Yaba tablets, he added.

Mifta said the detained are being interrogated to find out others of the gang , especially the ring leader.

The approximate value of the tablets is TK 20 crore, he added. (Source: BSS)

Bangladesh signs CEP agreement with Iran

Cultural Exchange Programme (CEP) agreement has been signed between Bangladesh and Iran for the period of 2015-2018 at the Iranian cultural affairs minister’s office in Tehran recently.

Cultural Affairs Minister of Bangladesh Asaduzzaman Noor and his Iranian counterpart Ali Jannati signed the agreement on behalf of their respective countries, a press release of Cultural Affairs Ministry said here today.

Bangladeshi High Commissioner to Iran Khandkar Abdus Sattar was present on the occasion.

Under the agreement, the two countries will work together in different cultural related issues like organising book fair, meeting, seminars, exhibition and sending delegation. (Source: BSS)

Bangladesh Bank suggests focusing more on financial discipline

Bangladesh Bank (BB) required focusing more on regulatory framework, articulated strategy and greater integration of financial inclusion (FI) initiatives for ensuring better financial discipline and investment climate.

The suggestions came at an international seminar where financial market experts and economists from local and international organisations discussed on a keynote paper on ‘Challenges of price stability, growth and employment in Bangladesh: Role of Bangladesh Bank’.

The major recommendations also included streamlining of current policy with increasing attention to greater competition and confidence in banking and financial sector, strengthening transmission mechanisms for a dependable policy rate, integrating FI initiatives and developing secondary market for enhanced role of interbank rates and transactions.

Bangladesh Bank (BB) in association with International Labour Organisation (ILO) organised the seminar at the central bank’s headquarters in the capital city. ILO analyst Dr. Muhammed Muqtada presented the keynote.

In the keynote paper Dr. Muqtada noted that Bangladesh is among very few countries where commercial banks have an explicit development objective with major focus on price stability and inclusive growth.

But, there were some areas and issues those warrant further attention so BB could play its role effectively in pursuing developmental objectives besides carrying out its traditional functions.

Addressing the inaugural session of the seminar, BB Governor Atiur Rahman said like some other developing economies BB had been trying to address the risks of instabilities and imbalances at sources, by promoting socially responsible inclusive and environmentally sustainable institutional ethos in financing.

ILO Country Director Srinivas Reddy, Employment and Labour Market Policies Chief at the ILO headquarters Iyanatul Islam and BB chief economist Biru Paksha Paul also spoke at the inaugural session.

Dr Rahman said BB’s sustained motivation and policy support in promoting inclusive and green financing are paying off well for the economy, in terms of sustained stable six-plus percent real annual GDP growth, with downtrend in inflation.

He said BB’s focus on financing for crops, vegetables, dairy, poultry, fishery have yielded substantial output gains in these areas, including self sufficiency in rice and exportable surplus in many agricultural produces.

“BB’s monetary and financial policy stances for stimulation of output and employment have helped the economy attain a stable growth with strong gains in price stability, macroeconomic strength and external sector viability”, the governor said.

Srinivas Reddy said that safety and standard of 75 percent of the garment factories improved against the backdrop of tragic Rana Plaza building collapse.

But, he pointed out that skill development of young workforces and garment workers still remained a major challenge to development and economic progress. (Source: BSS)

Bangladesh: Banks' lending rates dip to a record low

Dhaka, June 30 (The Daily Star): Commercial banks' lending rates have gone down to a three-year low due to a poor demand for money and a decline in their cost of funds, bankers said.

The trend is also evident in the money market, which has been in a high degree of liquidity.

“Our lending rates fell drastically and are still on a declining trend,” said Helal Ahmed Chowdhury, managing director of Pubali Bank.

Pubali's lending rate went down 1-1.5 percentage points on average in one year and stands at 13 percent now.

“Businesses are still shy of making investments; their confidence should be restored,” said Anis A Khan, managing director of Mutual Trust Bank.

Khan said lending rates for commercial loans of Mutual Trust Bank fell to 13.5 percent now, from 16.5 percent a year ago.

The weighted average lending rates of private commercial banks stood at 13.87 percent in April this year, which was 14.42 percent and 14.66 percent in April 2013 and April 2012 respectively, according to Bangladesh Bank data.

Foreign commercial banks' weighted average lending rates fell to 13 percent in April this year from 14.31 percent in the same month a year ago. Similarly, state-owned commercial banks' lending rates also declined and stood at 11.12 percent in April 2014, down from 11.19 percent a year ago.

Some banks are now offering as low as 8 percent interest for fixed deposit receipts of different tenures, a decline from 12.5 percent a year ago.

Overall, the banks' lending rates declined to 13-14 percent now from 15-16 percent a year ago. Premium borrowers are offered 11-13 percent.

The demand for loans has started to decline since the beginning of 2013, due to a wait-and-see approach of investors centring the national elections.

However, investor confidence is yet to return even after six months of the elections. As a result, the banking sector is now sitting on an excess liquidity of around Tk 110,000 crore.

Bankers said a scarcity of gas and electricity and poor infrastructure, including roads, are some of the reasons behind the declining demand for loans.

“The government's policies are not bad and the new budget looks relatively positive. Yet, businesses are not coming up with investments due to a lack of energy and infrastructure,” said Khan of Mutual Trust Bank.

Jamuna Bank's average lending rates fell to 13-14 percent now from 15-16 percent last year.

“Amid the sluggish demand, the banks are competing with each other for good clients,” said Shafiqul Alam, managing director of Jamuna Bank.

“Borrowers are cashing in on the situation and negotiating rates with a number of banks at a time,” he said.

Non-bank financial institutions (NBFIs) are also feeling the pinch of the sluggish investment demand. On an average, their lending rates fell 1-2 percentage points between 2013 and 2014, market players said.

“Corporate borrowing has witnessed a drastic fall in recent months,” said Selim RF Hussain, managing director of IDLC Finance.

He said massive investments are required in infrastructure, gas and electricity to boost investor confidence.

Bangladesh: Budget passed without opposition

Dhaka, June 30 (The Daily Star): The parliament yesterday passed the national budget for fiscal 2014-15 without any opposition from the Jatiya Party and independent members, a rare occurrence in the nation's history.

The budget outlines a gross expenditure of Tk 382,340 crore and net expenditure of Tk 250,506 crore. Like every year, the defence ministry received the highest allocation, of Tk 16,492 crore, among the 56 ministries and divisions.

The education ministry received the second highest allocation of Tk 15,550 crore, followed by the local government division at Tk 15,468 crore and the primary and mass education ministry Tk 13,676 crore.

Some Tk 12,396 crore has been allocated to the agriculture ministry, Tk 11,370 crore to the home ministry and Tk 11,176 crore to the health and family welfare ministry.

The GDP growth target has been fixed at 7.3 percent, and Finance Minister AMA Muhith said he is hopeful of achieving the figure as the political situation has returned to normal after the January 5 polls and credit to the private sector is rising.

Muhith said the country's budget has consistently been the smallest among its South Asian peers. In the last several years, the size of the budget has been increased gradually, with the upcoming fiscal year's budget coming to 18.7 percent of GDP.

“With such a small-sized budget, a hunger- and poverty-free middle-income country cannot be built by 2021.”

Bangladesh: United Airways free to operate flights after HC rule

Dhaka, June 30 (The Daily Star): The High Court yesterday cleared the way for United Airways to operate flights for the next one month, after the civil aviation authority allegedly refused to renew the private airline's licence.

In a letter on June 26, the Civil Aviation Authority of Bangladesh (Caab) said it would not renew United Airways' Air Operator's Licence (AOC), due to expire on June 29, due to arrears of Tk 84.19 crore and detection of safety flaws during inspections.

In response, Tasbirul Ahmed Chowdhury, the airline's managing director, filed a writ petition with the court challenging the legality of Caab's decision.

The court directed Caab not to create any obstacle in operating flights of the airline and ordered the renewal of its AOC and Approved Maintenance Organisation (AMO), two licences required for flight operation.

Justice Quazi Reza-Ul Hoque and Justice Akram Hossain Chowdhury also issued a rule upon the government to explain in four weeks why Caab's decision should not be declared illegal.

The civil aviation secretary, Caab chairman and its director (flight safety) have been made respondents to the rule, the petitioner's lawyer Ragib Rouf Chowdhury told The Daily Star. 

Caab at a meeting on April 6 instructed the carrier to pay Tk 5 crore outstanding charges in three instalments along with all current dues by June 15.

The regulator had also ordered United to submit a plan with payment dates and amounts to pay the rest of the dues by June next year.

The airline did not fully comply with the conditions, according to Caab.

United on different occasions, however, disagreed the amount of outstanding arrears.

The petitioner's lawyer said the airport charge and interest imposed by Caab in its June 26 letter is “unreasonable”, since the airline has been requesting Caab to wave the interest rate.

“United Airways operates 11 aircrafts to 18 destinations and the passengers of the flights have already bought tickets for their journey. If the flights are suspended, the passengers will suffer,” he added in the petition.

Bangladesh: BTRC to submit same plan to fin min for 3rd time for rate cut for IGWs

Dhaka, June 30 (New Age): 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 for a baseline study.

The ministry last week rejected the BTRC proposal for the second time for lowering the call charge for the international gateway operators and reducing the government revenue sharing to 40 per cent from the existing 51.75 per cent.

Bangladesh Telecommunication Regulatory Commission officials said the finance ministry had asked the BTRC to send a comprehensive report after conducting a baseline study considering the impact on stakeholders.

‘Our previous proposal covered position of all the stakeholders except VSP operators. This time we have prepared a proposal including the impact of rate cut on VSP operators,’ a senior BTRC official told New Age on Sunday.

He said nothing else will be changed in the previous proposal but with this inclusion the proposal will be a comprehensive one.

He said that the proposal will be sent again to the finance ministry within this week.

The BTRC took the move in July last by sending a proposal to the telecom ministry apparently to give benefits to the new IGW operators who got licences on political backing.

The BTRC in the proposal admitted that the proposed plan would slash the government revenue to Tk 777 crore from Tk 1,851 crore – the government’s annual income from IGW and ICX operators in 2012 for an average of 35 million calls per day.

After the finance ministry rejected the proposal in March 2014, the BTRC sent a second proposal twisting the first proposal, said sources in the telecom ministry.

This time, the regulator said that the government revenue after the tariff cut would be Tk 1,778 crore considering total international call at 80 million

minutes per day instead of 35 million minutes per day, they said.

‘We hope if the tariff cut comes into effect then it will stop illegal call termination and the average call per day will increase to 80 million minutes,’ said the second proposal of BTRC.

BTRC’s projected calculation, however, would also cause a government loss of Tk 73 crore.

The BTRC second proposal also said the government should approve the proposal on a test basis for one year period.

The proposal said the market turned dull because too many IGW licences had been issued and lowering the rates would make new IGWs sustainable.

Only four companies were given licences through an auction when IGW service was introduced in Bangladesh in 2008.

The Awami League-led government in 2012 awarded 25 more licences – mostly to people linked to the ruling party.

The regulator had proposed at best 10 more licences, but the government awarded 25 IGW and 23 ICX licences.

The BTRC is already facing trouble to realise the revenue share form the IGW operators because of their strong political links.

The telecom regulator has also initiated legal proceedings to realise the dues from the IGW operators.

Bangladesh: NBR preparing list of polluting industries

Dhaka, June 30 (New Age): 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 has already been asked to provide such list, if it has any.

The government in the finance bill approved by the parliament on June 28 included a provision of imposing one per cent environment protection surcharge or green tax on the prices of products manufactured by the industries which pollute environment.

Green tax, first of its kind in the country, will be effective from July 1.

NBR has already started preliminary work to implement the new budgetary initiative to protect the country’s environment.

But the response from the environment department is not satisfactory at all, NBR officials blamed.

‘Till now, we have requested the DoE to provide the list of polluting industries, but we are yet to get any response,’ a high official of the NBR told New Age on Saturday.

In last week, DoE informed us that they have some confusion about the issue, he said.

Now, value-added tax wing of the NBR has taken an initiative to sit with the DoE officials to prepare the list, he said, adding that the meeting might be held in a day or two.

The revenue board has already requested the Internal Resources Division of the finance ministry for creating a separate code to deposit the collected green tax in the government exchequer.

It will also prepare a rule describing the procedures of imposing and collecting green tax which will be collected with VAT.

The tax has been imposed to encourage the owners of the industries which cause pollution to set up effluent treatment plants in their industries.

Many industries from leather, dying, printing, chemical, and textile sectors pollute air, soil and water through discharging untreated industrial wastage.

Bangladesh needs rapid transport, energy sector development: economists

Dhaka, June 30 (New Age): 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 different parts of the country due to absence of adequate support from the policy makers, they said at a post news briefing of the newly-established Bangladesh Economists’ Forum’s first conference.

The government should also take measures to increase the skilfulness of the country’s human resource to boost up the production, they said at the briefing held at the central bank headquarters in the capital.

Former Bangladesh Economic Association president Mohiuddin Alamgir said the Padma Multipurpose Bridge should have been constructed earlier, but the authorities concerned failed to do it.

The Mongla Port is still neglected, although the country could generate huge benefit from the port, he said. The government should take immediate measure to develop the port in the interest of the economy, Alamgir said.

‘Some local and foreign contractors have recently secured the country’s large infrastructure-related projects. Some of them failed to complete the projects like Dhaka-Chittagong four-lane highway in due time’, he said.

The companies, which won the bids by placing lower amount, proved that they are not capable of availing the construction work, Alamgir said. The government should select the proper contractors to complete its large projects, he said.

Alamgir said fresh investment in the country virtually stalled while the existing investors were withdrawing their investment. The government should take measures to save the investors from a loss-making situation, he said.

Policy Research Institute vice-chairman Sadiq Ahmed said that the country needed political stability along with good public institutions in a bid to ensure long-term development.

The country needs good governance for its public institutions if it wants consecutive GDP growth in the coming years, he said.

Bangladesh Institute of Development Studies director general Mustafa K Mujeri said it was important to make a roadmap of democratic values if the country wanted to achieve its desirable goal.

He said the Bangladesh Economists’ Forum would try to make the roadmap in the interest of the nation and the country.

When asked why the BEF received sponsorship only from

scheduled banks to organise its conference, Bangladesh Bank deputy governor SK Sur Chowdhury said the banks usually provided 90 per cent fund of corporate social responsibility in the private sector. For this reason, the BEF took the sponsorship from the banks, he said.

The BEF will take fund from other corners in the coming days when it will organise the next programmes, Sur said.

The BEF organised its first conference between June 21 and June 22 at a city hotel in the capital while economists, experts and politicians attended.

Bangladesh: Banks need not to pay VAT on fees for audit of govt cash incentives, subsidies

Dhaka, June 30 (New Age): 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 banks saying that the VAT on audit fee would be paid from the government’s account from July 1, 2014.

A BB official told New Age on Sunday that the banks were now paying the VAT on the audit fee, but it was not logical as the banks conducted the audit against the government’s cash incentive and subsidy for export items.

The government pays around 5-20 per cent cash incentives for exports of various products like garments, jute, frozen fish and potatoes.

Bangladesh: Aid disbursement up, commitment down

Dhaka, June 30 (New Age): External aid management showed a mixed picture amid a fair rise in the foreign aid disbursement but significant fall in aid commitment, indicating a slow development outlook for the country.

The aid disbursement during the first 11 months of the outgoing fiscal year saw nearly 14 per cent rise year on year, while the commitments made by the multilateral and bilateral lenders dipped by around 38 per cent during the period, according to the latest data of the finance ministry.

The officials at the Economic Relations Division of the finance ministry said higher disbursement means the government ministries and divisions have enhanced their aid utilising capacity.

On the other hand, they said a drastic fall in the commitment suggests the country might receive lower than expected foreign aid in coming years as lenders and donors remained shy in signing loan agreements with the government.

The foreign aid made available during July-May period of the outgoing 2013-14 fiscal year was US$ 2.61 billion, while the commitment fell to US$ 3.46 billion, reveals the ERD figure.

The situation during the same period of the previous fiscal year was positive on aid commitment as loan agreements for US$ 5.56 billion between lenders and the government were signed during the period.

However, foreign aid to the tune of only US$ 2.29 billion was disbursed during the first 11 months of the previous financial year, reveals the data of the ERD.

An additional secretary of ERD said they concentrated more on aid commitments from the lenders as enhanced amount of commitments boosts hope for the government to get more aid disbursed.

‘The picture of aid commitment has been discouraging till May… but it will improve once the in the current month,’ the additional secretary told New Age on Sunday.

He said a sort aid-fatigue among a number of major lenders acted negatively on the country’s development efforts.

Bangladesh: Latifur Rahman elected executive member of ICC

Dhaka, June 30 (New Age): Latifur Rahman, vice-president of the International Chamber of Commerce-Bangladesh and chairman and chief executive officer Transcom Group, has been elected member of the executive board of the Paris-based ICC for a three-year term starting from July 2014.

ICC, the global business organisation, during its 202nd council held in Geneva on June 27 unanimously elected Latifur and five others as executive board members, said a news release on Sunday.

Latifur has served in many national bodies in various capacities including president of the Metropolitan Chamber of Commerce and Industry, Dhaka for several terms, president of the Bangladesh Employers’ Federation for two terms and member of executive committee of the Federation of Bangladesh Chambers of Commerce and Industry, the Bangladesh Jute Mills Association and the Bangladesh Tea Association.

He was member of the executive board of Bangladesh Bank. He has been closely involved with fiscal and trade policy making bodies of the government as chairman of Trade Body Reforms Committee, Advisory Committee on WTO, and National Committee on Export Promotion and Consultative Committee on Jute.

Latifur is also the chairman of Nestlé Bangladesh, Holcim Cement Bangladesh and National Housing Finance and Investments, director of Linde Bangladesh (formerly British Oxygen) and member of governing body of BRAC.