Bangladesh: BB for ACC action against BASIC’s ex-board members
Dhaka, July 14, 2014 (New Age): Bangladesh Bank on Sunday said it will send the detailed inspection report on the BASIC Bank loan scam to Anti-Corruption Commission so that the corrupt board members of the state-owned bank could be charged for criminal offence. The BB asked the newly constituted board of BASIC Bank to take punitive measures against its officials who were involved with the loan scam in collaboration with the former bank chairman Sheikh Abdul Hye Bacchu and managing director Kazi Fakhrul Islam. The newly appointed BASIC Bank chairman Alauddin A Majid on Sunday met with BB governor Atiur Rahman while the central bank asked to take measures to restore good governance so that the clients would regain their confidence in the bank. After the meeting, the central bank arranged a press briefing over the latest situation of BASIC Bank when BB executive director SM Moniruzzaman said that the new board would have to bring credit discipline in the bank in the shortest possible time to regain good governance. ‘The central bank has no scope to take action under the criminal laws against the corrupt officials and board members, and hence it will send its detailed inspection report to the ACC. The ACC may detect the involvement of the board members with the scam if it (ACC) conducts an in-depth investigation, he said. The BB asked the bank chairman not to approve any loan proposal according to the wish of any single director, he said. According to the central bank report, BASIC Bank disbursed more than Tk 4,500 crore in loans in the last few years violating rules and regulations. The BB report unearthed that the recently dissolved BASIC Bank board along with its management were involved with the irregularities. The BB asked the new BASIC Bank chairman to step up its default loan recovery programme and the board would have to review the latest situation of the non-performing loans at its next meetings, he said. ‘The bank board will have to ensure transparency and responsibility. The board earlier did not streamline its audit. From now on, the board will have to oragnise the meetings in accordance with the central bank direction,’ he said. BB inspection team found that the Shantinagar, Dilkusha, Gulshan, Agrabad and Jubilee Road branches of the state-owned bank had perpetrated huge anomalies in recent years, he said. The central bank earlier gave directions to the bank to reestablish governance at the branches, but it (BASIC Bank) did not comply with the direction of the central bank, Moniruzzaman said. The BB asked the bank to collect the real situation of the branches through field survey which would help to recover the defaulted loans, he said. ‘The BB will not intervene into the human resource system of BASIC Bank. But the bank will have to take action against its unskilled and corrupt officials’, he said. The new BASIC Bank board will hold its first meeting today. The BB governor asked the BASIC Bank chairman to restrict the bank’s spending, he said. The central bank also asked BASIC Bank to appoint a managing director and chief executive officer in the quickest possible time so that the management of the bank can function smoothly and efficiently, he said. In June, the BB fired BASIC Bank managing director Kazi Faqurul Islam for his involvement in the loan scam. The government also dissolved the board of directors of the BASIC Bank after the resignation of its controversial chairman Sheikh Abdul Hai Bachchu and replaced him with Alauddin A Majid.
Bangladesh: BSEC warns Agrani over raising capital without approval
Dhaka, July 14, 2014 (New Age): Bangladesh Securities and Exchange Commission has warned Agrani Bank Limited, a state-owned entity, over raising capital for three years without getting the approval of the capital market regulator. The BSEC sent a warning letter to the bank in June after holding a hearing from the Agrani Bank on April 28 this year. Agrani Bank is a non-listed public limited company. BSEC warned Agrani Bank as it had increased its paid up capital to Tk 991 crore in 2012 from Tk 547 crore in 2010, a BSEC senior official said. As per the securities rules each and every company is bound to get approval from the BSEC before increasing paid up capital, he said. A BSEC letter issued to the managing director, directors and company secretary of Agrani Bank said, ‘The commission, considering the explanation (of the bank) has decided to dispose of the proceedings against Agrani Bank by placing on record the Commission’s dissatisfaction on the default/contravention made by you (Agrani Bank) with a warning to ensure compliance of all securities related laws in future.’ The letter also said that disposal does not absolve the bank from its lawful responsibilities/obligations to any person, if affected, as a result of the stated default. As per the BSEC’s finding, the paid up capital of Agrani Bank was Tk 248 crore in 2008 which increased to Tk 497 crore in 2009 as the company issued 100 per cent stock dividends for its share holders. The paid up capital of the company increased by another 10 per cent to Tk 547 crore in 2010 after the Bank declared 10 per cent dividend. The capital of the company increased to Tk 901 crore in 2011 as it had declared 10 per cent dividend for its investors. The paid up capital of Agrani Bank increased by Tk 90 crore to Tk 991 crore in 2012, the audited financial statement of the bank showed. During the hearing, Agrani Bank confessed its unwilling mistake.
Bangladesh: Stocks fall for ninth day, turnover hits fresh 9-month low
Dhaka, July 14, 2014 (New Age): Dhaka stocks declined for the ninth trading session on Sunday with the turnover hitting fresh nine-month low due to low participation of institutional invests since the June 30 half-yearly closing. The key index of Dhaka Stock Exchange, DSEX, lost 0.42 per cent, or 18.72 points, to close at 4,344.36 points on the day. The DSEX shed142.71 points in the last nine trading sessions. Frustrated by the continues fall in the share prices, a section of retail investors formed human chain in front of the Bangladesh Securities and Exchange Commission’s office at Motijheel in the city during the trading hour on Sunday. They demanded that the government should intervene into the market to save it from further fall and to rescue the investors who have been suffering from huge losses since the market crash in 2010-2011. Market operators said that the market was suffering from lack of intuitional investors’ participation on the trading floor which was the main reason for the continuous fall in the share prices. Institutional investors are waiting to buy shares at cheaper prices, they said. Operators said amid the downward trend retail investors were suffering from lack of confidence. Unless the institutional investors increase their participation on the trading floor, the market will not get a positive momentum, they said. Turnover of the bourse declined to Tk 149.96 crore on Sunday from that of Tk 177.21 crore in the previous trading session. Sunday’s turnover was the lowest after Tk 110.43 crore on October 20 last year. Turnover of the bourse had declined to Tk 157.49 crore on Wednesday last week. DS30, blue-chip index of the bourse, finished at 1,595.27 points, shedding 0.56 per cent or 9.12 points. The Shariah index of the DSE, DSES, fell by 0.66 per cent, or 6.63 points, to close at 990.26 points. Of the 291 shares and mutual funds traded on Sunday, 63 advanced, 179 declined and 49 remained unchanged. BEXIMCO led the turnover leaders with it shares worth Tk 12.08 crore changing hands on the day. The company gained the most with an 8.50-per cent increase in its share price. Grameenphone, Lafarge Surma Cement, Far Chemical Industries, Olympic Industries, Square Pharmaceuticals, United Airways, Square Textile, Generation Next Fashions and Padma Oil were among the other turnover leaders. MIDAS Financing lost the most, shedding 10 per cent. The share prices of the company had advanced significantly after the BSEC had approved its rights offering.
Bangladesh: bKash offers 15pc cash back on shopping during Ramadan
Dhaka, July 14, 2014 (New Age): Mobile financial service provider bKash Limited has offered 15 per cent cash back to its customers if they pay for their shopping at selected places through bKash. The offer is available at Aarong, Yellow, Cats Eye, O2, Kay Kraft, Anjan’s and Monson Rain, said a news release. Started from the first day of Ramadan, the customers can avail the offer till the Eid-ul-Fitr day. Making payment through bKash is free of charge. Once the transaction is done, customer will receive the eligible cash back amount in his or her bKash wallet within next working day, said the release.
Bangladesh: RMG workers rally for arrears and festival allowance before Eid
Dhaka, July 14, 2014 (New Age): Leaders of National Garments Workers Federation on Sunday at a human chain in Dhaka demanded paying the wages and festival allowance of the garment workers within Ramadan 20. The federation formed a one hour human chain in front of the National Press Club at 11:00am to press their demands. Amirul Haque Amin, the president of the organisation called on the Awami League-led government to take steps to pay the wages and bonus of the apparel workers within Ramadan 20. He also called on the government to take steps for holding meetings between the management and the workers’ leaders to avoid labour unrests in the factories before Eid-ul-Fitr. In past years, Amirul said, the factory owners did not pay the wages and the festival allowance properly in due time resulting the labour unrests before Eid.
Bangladesh: Petrobangla to float int’l tenders this year
Dhaka, July 12, 2014 (New Age): The state-run Petrobangla is planning to float international tenders by this year for oil and gas exploration in eight offshore blocks, the boundaries of which have been settled by the Permanent Court of Arbitration, officials have said. They said that Petrobangla, under model production sharing contract, would offer more stakes to the international oil companies than the model PSC 2012 had done for exploring the area. Petrobangla chairman Hossain Monsur said that the conditions for the tenders would be set in a way so that the international oil companies were attracted. He said that Petrobangla was also weighing the idea of engaging its subsidiary Bapex in joint venture with competent foreign firms for oil and gas exploration in the eight offshore blocks. Besides, he said that the government would itself invest in a section of the blocks by employing foreign firms. Prime minister Sheikh Hasina, who also holds the ministry of power, energy and mineral resources, asked the authorities to rearrange the boundaries of the eight offshore blocks based on the maritime boundary demarcated between Bangladesh and India by the Hague-based Arbitration Court, secretary to the PMO Abul Kalam Azad told New Age. The Arbitration Court verdict enabled Bangladesh to explore two shallow sea blocks – 1 and 5 – and six deep sea blocks – 9, 14, 15, 19, 24 and 25 – leaving a total of about 6,000 square kilometres area of the Bay of Bengal to the Indian side, officials said. In 2008, Bangladesh suspended a bidding process in the eight offshore blocks as India claimed its ownership over the sea area. Myanmar also claimed its ownership over a number of offshore blocks in the western area of the Bay forcing Bangladesh to conduct offshore bidding for eight blocks out of 20. In 2012, International Tribunal for the Law of the Sea settled the maritime boundary between Bangladesh and Myanmar. In February 2014, Petrobangla completed the process for international tenders for oil and gas exploration in 12 offshore blocks – nine in the shallow sea and three in the deep sea – under Model Production Sharing Contract 2012. The shallow sea blocks are 2, 3, 4, and 6 to 11 and deep sea blocks are 12, 16 and 21. In the model PSC 2012, Petrobangla had already increased the IOCs’ share of gas to $4.5 from $2.9 per 1,000 cubic feet extracted from the shallow sea, while the price for deep sea gas was increased to $6 from $4.5 in 2008. Among other benefits, Petrobangla, in the model PSC 2012, increased the margin of cost recovery to 70 per cent from 55 per cent of the oil and gas extracted from deep sea blocks.
Bangladesh: Many MPs cannot use e-mail
Dhaka, July 12, 2014 (New Age): The parliament secretariat’s e-mail notice programme proved futile as less than half a dozen out of the 350 lawmakers regularly open e-mail and many of them cannot use e-mail. The system was introduced in 2012 to digitalise the notification as there were widespread allegations of missing or unusual delay in reaching important notices and letters send by the parliament secretariat to the lawmakers, said the Jatiya Sangsad Secretariat information technology director, Abdur Razzaque. He said that a short message service was also introduced simultaneously to send notifications to the lawmakers. Parliament secretariat sources said that usually they sent all notifications like notices on summoning parliament, standing committee meetings, order of the day and working papers. Voters from any constituency can also contact their lawmakers on any issue. The sources, however, said that not more than half a dozen of the 350 lawmakers regularly opened e-mails sent from the parliament secretariat and most of the lawmakers could not use e-mail. They said that although the SMS service had some impact, but it was hard to send all the notices in through SMS because of limit of text message sizes. Some of the lawmakers, however, told New Age that they were not getting e-mail or SMS timely. Amatul Kibria Keya Chowdhury (women seat 328, Sylhet) said that she received neither SMS nor e-mail timely and that was why she missed some programmes arranged by the parliament secretariat. Imran Ahmed (Sylhet-4), one of the few lawmakers habituated with e-mail notice system, however, said that he regularly received the notices and letters issued by the secretariat through e-mail. He said that his colleagues should be accustomed to the system and help materialising the digitisation. The chief whip of the opposition in parliament, Tajul Islam Choudhury, said that he was not habituated to the use of e-mail. ‘My private secretary sometimes opens it and he informs me about the notices,’ he said. Awami League lawmaker Md Manzurul Islam Liton (Gaibandha-1) said that he was not aware of the matter. The speaker, Shirin Sharimin Chaudhury, said that she would take initiative so that lawmakers could become accustomed to the system.
Bangladesh: Govt stages drama over maritime boundary: Fakhrul
Dhaka, July 12, 2014 (New Age): The acting Bangladesh Nationalist Party secretary general, Mirza Fakhrul Islam Alamgir, on Friday said that the government started staging drama over the demarcation of sea boundary with India. Addressing a function at Dhaka Reporters’ Unity, he said that Bangladesh lost 6,000 square kilometres of sea area and South Talpatti island, but the Awami League-led government was claiming that it was a big victory. He said that the people of Bangladesh understood whether it was a victory or defeat. Referring to a write up of former US ambassador in Dhaka William Mailam, he said that Bangladesh was now again moving towards one party rule to establish dictatorship. Fakhrul said that the government should not be allowed anyway to continue in power. The government is destroying all institutions, he added.
Bangladesh: Govt stages drama over maritime boundary: Fakhrul
Dhaka, July 12, 2014 (New Age): The acting Bangladesh Nationalist Party secretary general, Mirza Fakhrul Islam Alamgir, on Friday said that the government started staging drama over the demarcation of sea boundary with India. Addressing a function at Dhaka Reporters’ Unity, he said that Bangladesh lost 6,000 square kilometres of sea area and South Talpatti island, but the Awami League-led government was claiming that it was a big victory. He said that the people of Bangladesh understood whether it was a victory or defeat. Referring to a write up of former US ambassador in Dhaka William Mailam, he said that Bangladesh was now again moving towards one party rule to establish dictatorship. Fakhrul said that the government should not be allowed anyway to continue in power. The government is destroying all institutions, he added.
Bangladesh: Vermicelli not on BSTI list of consumer products
Dhaka, July 12, 2014 (New Age): Vermicelli except the oil-fried ones (lachchha semai) is not on the list of mandatory certification marks of the Bangladesh Standards and Testing Institution despite its huge demand not only in Ramadan but throughout the year.
Dishonest businessmen taking advantage of the loophole have set up hundreds of manually operated machines in different parts of the country, mainly in the slums and remote areas, for producing the food item ignoring its quality.
Lachchha semai, though it is on the list of BSTI consumer items, are also being produced in the unauthorised factories using low quality and harmful raw materials.
The producers are sending low-quality vermicelli in colourful packs similar to popular brands for exploiting the customers. Sometimes they are using the fake BSTI sticker on the packets.
Former director general of the institution Golam Mowlah told New Age on Friday that vermicelli was a popular and widely consumed food item in the country, but there was no constant monitoring on its production.
‘The authorities including the BSTI cannot avoid the responsibility. They must ensure quality of vermicelli as an important food item,’ he said adding that the institution should bring all sorts of vermicelli on the list of its consumer products.
Golam Mowlah, also professor of Institute of Nutrition and Food Science at Dhaka University, said that consumption of substandard vermicelli could cause serious health hazards including acidity, vomiting, diarrhoea and many other diseases as low grades raw materials including expired flour and substandard oil were being used for producing the food item.
The law enforcing agencies on Thursday busted an unauthorised factory at Kamrangir Char in the capital where adulterated and low quality vermicelli was being packaged using the label of ‘Pure ACI Vermicelli’.
ACI Limited authorities, however, told the law enforcers that they had no such vermicelli factory there.
In Rangpur, a section of unauthorised factory owners are reportedly manufacturing substandard lachchha semai, Ghee Bhaja Semai and Sada Semai at places in the district including station area, Babupara, Alamnagar, Shalbon, Mulatol and CO Bazar areas in the city.
In Nilphamari, several hundred makeshift factories have been set at places at Syedpur upazila to produce substandard vermicelli.
In Rajshahi, many businessmen usually set up factories before every Eid at Rajshahi BISIC industrial zone and its adjacent areas to produce substandard vermicelli for extra benefit.
New Age correspondent in Chittagong correspondent reported that dishonest businessmen were producing and marketing substandard vermicelli setting up makeshift factories at places in the city including Khatunganj, Asadganj, Bakolia, Badurtala and Madarbari.
The Institute of Public Health tested vermicelli in the last two years and found that many of the tested vermicelli were adulterated.
Bangladesh Standards and Testing Institution assistant director Reazul Haque said that he had already directed the field officers to make a list of the manufacturers of substandard and adulterated vermicelli considering public health.
Dishonest businessmen taking advantage of the loophole have set up hundreds of manually operated machines in different parts of the country, mainly in the slums and remote areas, for producing the food item ignoring its quality.
Lachchha semai, though it is on the list of BSTI consumer items, are also being produced in the unauthorised factories using low quality and harmful raw materials.
The producers are sending low-quality vermicelli in colourful packs similar to popular brands for exploiting the customers. Sometimes they are using the fake BSTI sticker on the packets.
Former director general of the institution Golam Mowlah told New Age on Friday that vermicelli was a popular and widely consumed food item in the country, but there was no constant monitoring on its production.
‘The authorities including the BSTI cannot avoid the responsibility. They must ensure quality of vermicelli as an important food item,’ he said adding that the institution should bring all sorts of vermicelli on the list of its consumer products.
Golam Mowlah, also professor of Institute of Nutrition and Food Science at Dhaka University, said that consumption of substandard vermicelli could cause serious health hazards including acidity, vomiting, diarrhoea and many other diseases as low grades raw materials including expired flour and substandard oil were being used for producing the food item.
The law enforcing agencies on Thursday busted an unauthorised factory at Kamrangir Char in the capital where adulterated and low quality vermicelli was being packaged using the label of ‘Pure ACI Vermicelli’.
ACI Limited authorities, however, told the law enforcers that they had no such vermicelli factory there.
In Rangpur, a section of unauthorised factory owners are reportedly manufacturing substandard lachchha semai, Ghee Bhaja Semai and Sada Semai at places in the district including station area, Babupara, Alamnagar, Shalbon, Mulatol and CO Bazar areas in the city.
In Nilphamari, several hundred makeshift factories have been set at places at Syedpur upazila to produce substandard vermicelli.
In Rajshahi, many businessmen usually set up factories before every Eid at Rajshahi BISIC industrial zone and its adjacent areas to produce substandard vermicelli for extra benefit.
New Age correspondent in Chittagong correspondent reported that dishonest businessmen were producing and marketing substandard vermicelli setting up makeshift factories at places in the city including Khatunganj, Asadganj, Bakolia, Badurtala and Madarbari.
The Institute of Public Health tested vermicelli in the last two years and found that many of the tested vermicelli were adulterated.
Bangladesh Standards and Testing Institution assistant director Reazul Haque said that he had already directed the field officers to make a list of the manufacturers of substandard and adulterated vermicelli considering public health.
Bangladesh: ADP implementation rate dips to 5-year low in early estimate
Dhaka, July 11 (New Age): The government’s development expenditure in the immediate past financial year 2013-2014 dropped to 86 per cent, which was lowest in past five years, showed initial official estimates. The implementation of downsized-revised annual development programme was 96 per cent in the FY 2012-2013. The ADP implementation was 85.5 per cent in FY 2008-2009 which was lowest since last year. The planning minister, AHM Mustafa Kamal, on Thursday told reporters that the initial estimate showed that the implementation of downsized-revised ADP in the immediate past FY14 was 86 per cent. ‘The rate might increase as the spending of some ministries is yet to be included in the calculation,’ he told reporters at a briefing at the NEC conference room in the capital. Planning ministry officials said the political instability in the first half of the fiscal year and slow disbursement of local and foreign funds were the main reasons for such low ADP implementation rate. They said the government tried to speed up the implantation in the last few months which somewhat lifted the progress as the rate was 67 per cent in May. The National Economic Council in April downsized the ADP to Tk 60,000 crore from the original outlay of Tk 65,870 crore following the sluggish implementation. The ADP implementation rate was on upward trend between FY 2009-10 and FY 2012-13 before coming down the last fiscal year. The data showed the overall implementation progress rate was 93 per cent in FY2011-12, 92 per cent in 2010-11, 91 per cent in 2009-10 and 86 per cent in 2008-09. Bangladesh Institute of Development Studies research director Zaid Bakht also said that political instability affected the implantation in 2013-14. He said that although the implementation rate declined the value of spending might had increased in the year.
Bangladesh: Export earnings cross b in FY14 riding on RMG
Dhaka, July 11 (New Age): Country’s export earnings in the just concluded financial year 2013-14 stood at $30.17 billion, $323.2 million short of the government-set target, showed the Export Promotion Bureau data released on Thursday.
The year on year export earnings growth registered an 11.65-per cent riding on the moderate growth of readymade garment export by 13.83 per cent.
Experts said that the export earnings in the just concluded financial year fell by 1.06 per cent from the target of $30.50 billion as the earnings in June registered a poor growth of 3.50 per cent.
Terming the export earnings growth in June as uncomfortable, Policy Research Institute executive director Ahsan H Mansur told New Age that the overall export earnings growth was satisfactory.
‘The growth rate in June is uncomfortable but its not deep concern. We will have to find out the reason of poor growth in the month and to take step for next months,’ he said.
The export earnings in June totalled $2.70 billion which is 8.65 per cent lower than the government-set target of $3.06 billion.
‘Though the country fail to achieve its target of export earnings, the 11.65 per cent growth amid political unrest and tragic incident in the garment sector is satisfactory,’ Bangladesh Institute of Development Studies research director Zaid Bakth told New Age.
He said that the export growth in the last two months of the FY14 witnessed a slowdown compared with that in the first 10 months of the fiscal year as the export earnings growth in non-RMG products was continuing to show a decreasing trend.
Zaid said that the export earnings fell 1.06 cent short of target due to political instability.
According to the EPB data the earnings from RMG that included woven and knitwear increased by 13.83 per cent to $24.49 billion in the FY14 from $21.51 billion in the FY13.
Knitwear export grew by 15.02 per cent in the FY14 to $12.04 billion from 10.47 billion in the FY13.
The export of woven garments grew by 12.70 per cent to $12.44 billion in the FY14 from $11.03 billion in the FY13.
The export of woven garments surpassed its target by 1.03 per cent as the export target was $10.92 billion in the FY13.
Frozen foods export grew by 17.35 per cent to $638.19 million in the FY14 from $543.84 million in the FY13.
Leather export grew by 26.47 per cent to $505.54 million in the FY14 from $399.73 million in the FY13 while the footwear export totalled $550.11 million with a growth of 31.19 per cent.
The export earnings from agricultural products totalled $615.08 million with a 14.81-per cent growth.
Home textile export grew by 0.13 per cent to $792.53 million in the FY14 from $791.52 million in the FY13.
The export earnings from leather product amounted to $240.09 million with a 48.55-per cent growth.
The export of jute and jute products fell by 20.00 per cent to $824.49 million in the FY14 from $1.03 billion in the FY13.
The export earnings from engineering products including iron steel, copper wire, stainless steel ware, engineering equipment, electric products and bicycle amounted to $366.63 million with a 0.23-per cent negative growth.
The year on year export earnings growth registered an 11.65-per cent riding on the moderate growth of readymade garment export by 13.83 per cent.
Experts said that the export earnings in the just concluded financial year fell by 1.06 per cent from the target of $30.50 billion as the earnings in June registered a poor growth of 3.50 per cent.
Terming the export earnings growth in June as uncomfortable, Policy Research Institute executive director Ahsan H Mansur told New Age that the overall export earnings growth was satisfactory.
‘The growth rate in June is uncomfortable but its not deep concern. We will have to find out the reason of poor growth in the month and to take step for next months,’ he said.
The export earnings in June totalled $2.70 billion which is 8.65 per cent lower than the government-set target of $3.06 billion.
‘Though the country fail to achieve its target of export earnings, the 11.65 per cent growth amid political unrest and tragic incident in the garment sector is satisfactory,’ Bangladesh Institute of Development Studies research director Zaid Bakth told New Age.
He said that the export growth in the last two months of the FY14 witnessed a slowdown compared with that in the first 10 months of the fiscal year as the export earnings growth in non-RMG products was continuing to show a decreasing trend.
Zaid said that the export earnings fell 1.06 cent short of target due to political instability.
According to the EPB data the earnings from RMG that included woven and knitwear increased by 13.83 per cent to $24.49 billion in the FY14 from $21.51 billion in the FY13.
Knitwear export grew by 15.02 per cent in the FY14 to $12.04 billion from 10.47 billion in the FY13.
The export of woven garments grew by 12.70 per cent to $12.44 billion in the FY14 from $11.03 billion in the FY13.
The export of woven garments surpassed its target by 1.03 per cent as the export target was $10.92 billion in the FY13.
Frozen foods export grew by 17.35 per cent to $638.19 million in the FY14 from $543.84 million in the FY13.
Leather export grew by 26.47 per cent to $505.54 million in the FY14 from $399.73 million in the FY13 while the footwear export totalled $550.11 million with a growth of 31.19 per cent.
The export earnings from agricultural products totalled $615.08 million with a 14.81-per cent growth.
Home textile export grew by 0.13 per cent to $792.53 million in the FY14 from $791.52 million in the FY13.
The export earnings from leather product amounted to $240.09 million with a 48.55-per cent growth.
The export of jute and jute products fell by 20.00 per cent to $824.49 million in the FY14 from $1.03 billion in the FY13.
The export earnings from engineering products including iron steel, copper wire, stainless steel ware, engineering equipment, electric products and bicycle amounted to $366.63 million with a 0.23-per cent negative growth.
Bangladesh: NBR gives awards to 122 top VAT payers
Dhaka, July 11 (New Age): The National Board of Revenue on Thursday awarded 122 business organisations for paying highest value-added tax to the government exchequer at the national level and at the districts level in the financial year 2012-2013.
Of them, nine firms and businesses got national VAT award while 113 companies and businesses received district VAT award under three categories — production, services and business.
The revenue board and its field offices on the day at different programmes across the country honoured the firms and businesses with crests and certificates for collecting VAT from the consumers and depositing to the government exchequer in the highest amount in the year at the national and district level.
A VAT Week organised by the tax administration also began on the day and will continue till July 16.
The NBR introduced the award three years ago to encourage industrialists and businesses to deposit more VAT to the government exchequer.
Commerce minister Tofail Ahmed handed over the crests and certificates to the nine highest VAT payers at national level and 27 VAT payers at district levels from Dhaka division at a programme organised by the NBR at the RAOWA Convention Hall in the city.
NBR commissioners’ offices across the country handed over the awards to the remaining 86 recipients.
Rashidpur Condensate Fractionation Plant (Habiganj), RFL Plastics Limited (Narsingdi) and Huawei Technologies BD Ltd (Dhaka) secured the top positions at the national level under production, services and business categories respectively.
The other six business organisations which have got the awards as the highest VAT payers at the national level are Fenchuganj Gas
Field Project Ltd (Moulvibazar), Bangladesh Petroleum Exploration and Production Ltd (Dhaka), TUV SUD Bangladesh Pvt Ltd (Dhaka), National Television Ltd (Dhaka), MM Ispahani (sales and marketing division-Chittagong) and BRAC Aarong (Dhaka).
At the award giving programme, business leaders brought allegations against VAT officials for harassing them during the VAT collection process.
‘VAT officials increase the number of their visits to the business houses in the month of Ramadan when businessmen see an increased volume of business. At that time VAT officials seize business-related documents of the houses,’ Dhaka Mohanagar Dokan Malik Samity president Tawfique Hasan said.
He said that tax officials harassed small traders more.
Bangladesh Restaurant Owners’ Association secretary general Mezaul Karim Sarker Robin said that most of the time consumers denied to pay VAT with bills at restaurants.
He sought remedy from the NBR saying that such kind of harassment hampered the regular business activities of business houses.
ASM Mainuddin Monem of award receiving AM Auto Bricks from Munshiganj said that there was lack of transparency and honesty of NBR officials in tax collecting process.
So the NBR should make the VAT payment procedures easy, he said.
Akhil Dutta, general manager of Techno Drugs Ltd that received the award in production category in Narshindi, said that basically firms and businesses did not pay VAT rather they collect it from the consumers and deposit to the government exchequer.
So, there is nothing to face harassment unless firms and businesses evade collected VAT, he said.
Tofail Ahmed asked the revenue officials to be more careful in dealing with the businesses so that they remain satisfied and not become the victims of excessive power exercise by taxmen.
Economic affairs adviser to the prime minister Mashiur Rahman asked the businessmen to keep business records properly for paying tax accurately.
He requested the businessmen for paying VAT in increased amount as the government needs more fund for infrastructural and socio-economic development of the country.
NBR acting chairman Farid Uddin assured that he would instruct the taxmen for not harassing taxpayers.
State minister for finance MA Mannan, NBR member Jahangir Hossain, FBCCI first vice-president Monowara Hakim Ali, director Abdur Razzaque, spoke at the programme, among others.
Of them, nine firms and businesses got national VAT award while 113 companies and businesses received district VAT award under three categories — production, services and business.
The revenue board and its field offices on the day at different programmes across the country honoured the firms and businesses with crests and certificates for collecting VAT from the consumers and depositing to the government exchequer in the highest amount in the year at the national and district level.
A VAT Week organised by the tax administration also began on the day and will continue till July 16.
The NBR introduced the award three years ago to encourage industrialists and businesses to deposit more VAT to the government exchequer.
Commerce minister Tofail Ahmed handed over the crests and certificates to the nine highest VAT payers at national level and 27 VAT payers at district levels from Dhaka division at a programme organised by the NBR at the RAOWA Convention Hall in the city.
NBR commissioners’ offices across the country handed over the awards to the remaining 86 recipients.
Rashidpur Condensate Fractionation Plant (Habiganj), RFL Plastics Limited (Narsingdi) and Huawei Technologies BD Ltd (Dhaka) secured the top positions at the national level under production, services and business categories respectively.
The other six business organisations which have got the awards as the highest VAT payers at the national level are Fenchuganj Gas
Field Project Ltd (Moulvibazar), Bangladesh Petroleum Exploration and Production Ltd (Dhaka), TUV SUD Bangladesh Pvt Ltd (Dhaka), National Television Ltd (Dhaka), MM Ispahani (sales and marketing division-Chittagong) and BRAC Aarong (Dhaka).
At the award giving programme, business leaders brought allegations against VAT officials for harassing them during the VAT collection process.
‘VAT officials increase the number of their visits to the business houses in the month of Ramadan when businessmen see an increased volume of business. At that time VAT officials seize business-related documents of the houses,’ Dhaka Mohanagar Dokan Malik Samity president Tawfique Hasan said.
He said that tax officials harassed small traders more.
Bangladesh Restaurant Owners’ Association secretary general Mezaul Karim Sarker Robin said that most of the time consumers denied to pay VAT with bills at restaurants.
He sought remedy from the NBR saying that such kind of harassment hampered the regular business activities of business houses.
ASM Mainuddin Monem of award receiving AM Auto Bricks from Munshiganj said that there was lack of transparency and honesty of NBR officials in tax collecting process.
So the NBR should make the VAT payment procedures easy, he said.
Akhil Dutta, general manager of Techno Drugs Ltd that received the award in production category in Narshindi, said that basically firms and businesses did not pay VAT rather they collect it from the consumers and deposit to the government exchequer.
So, there is nothing to face harassment unless firms and businesses evade collected VAT, he said.
Tofail Ahmed asked the revenue officials to be more careful in dealing with the businesses so that they remain satisfied and not become the victims of excessive power exercise by taxmen.
Economic affairs adviser to the prime minister Mashiur Rahman asked the businessmen to keep business records properly for paying tax accurately.
He requested the businessmen for paying VAT in increased amount as the government needs more fund for infrastructural and socio-economic development of the country.
NBR acting chairman Farid Uddin assured that he would instruct the taxmen for not harassing taxpayers.
State minister for finance MA Mannan, NBR member Jahangir Hossain, FBCCI first vice-president Monowara Hakim Ali, director Abdur Razzaque, spoke at the programme, among others.
Full list of VAT award winners at district level
Highest VAT payers at districts level under production, services and business categories are:
Kazi Enterprises Ltd (Savar), Persona Hair and Beauty Ltd (Dhanmondi) and Aarong (Uttara) in Dhaka, A M Auto Bricks, Padma Resort and City Corner in Munshiganj, Partex Paper Mills Ltd, Partex Furniture Industry Ltd and RH Trading in Narayanganj, Techno Drugs Ltd, Dream Holiday Ltd and Kalachand Das in Narsingdi, Radiant Pharma Ltd, BRAC Centre for Development Management and Gallery Apex in Gazipur, Akij Ceramics Ltd and Hotel Amir International in Mymensingh, Raz Hotel & Restaurant and Penta Trading Ltd in Manikganj, Masafi Bread and Biscuit Industries Ltd, Elenga Resorts and Jamuna Traders in Tangail, Hemas Consumer Brands Ltd and Natun Kuri Coaching Centre in Jamalpur, Hira Soap Factory, Goyanath Mistanna Bhandar and Shilpee Enterprise in Netrokona, The Consolidated Tea and Lands Co. Bangladesh Ltd, K C J and Associated Ltd and A M Channel Ltd in Chittagong, BFIDC Lumber Processing Complex in Rangamati, A M Channel Ltd in Comilla, Abul Khair Match Factory Ltd, Banoful and Co. and Hazi Enterprise in Feni, Globe Biscuit and Dairy Milk Ltd, Amania Hotel and Restaurant and Shulov Bitan in Noakhali, Nahar Trading in Chandpur, Ashuganj Fertilizer and Chemical Company Ltd and Café Abdullah in Brahmanbaria.
Nitol Motors Ltd and Paradise Cables Ltd in Rangpur, Akij Bidi Factory Ltd in Lalmonirhat, Mirza Oven Bag Pvt Ltd and Moni Enterprise in Dinajpur, Glory Ceramics Ltd in Nilphamari, Imroze Traders in Thakurgaon, SM Cable Network in Panchagarh, Nibaron Chandra Saha in Gaibandha, Resco Biscuit and Bread Factory, Green Line Paribahan and Lafarge Surma Cement Ltd in Jessore, BRB Cables Industry Ltd in Kushtia, Bagat Raj Kumar Mistanna Bhandar in Faridpur, Shahabaz Tourism in Narail, Islam Store in Meherpur, Messers Kazi Sayed Ali in Gopalganj, Khadim Ceramics Ltd, Perfetti Van Melle and Green Line Paribahan in Sylhet, RAK Paints Pvt Ltd, Adi Gopal Mistanna Bhandar and D M Traders in Habiganj, Hingajiyo Plywood and Hotel Tea Town in Moulvibazar, Shah Kabir Lime, Latifa Community Centre and Abul Lais and Sons in Sunamganj, Sopura Silk Mills Ltd, Rajshahi Mistanna Bhandar and Omar Ali in Rajshahi, Azad Palp and Paper Mills, Parjatan Motel and The Consolidated Tea and Lands Co. BD Ltd in Bogra, Square Pharmaceuticals Ltd (PET Bottle Division), Banalata Sweets and Bakery and Akia Corporation in Pabna, Bangladesh Milk Producing Samabaya Samity, Dhanshiri Doi Ghar and Mama Bhagne Banijalaya in Sirajganj, Hossain Foods Industry, Student Coaching Home and Alfa Impex in Naogaon, Joypurhat Sugar Mills Ltd and Karatoa Courier Service in Joypurhat, Igloo Foods Ltd (mango pulp), Alauddin Hotel and Restaurant and Anyman Stores Distributor in Chapainawabganj, Kishowan Agro Products Ltd and Natore Town Press in Natore, Abdullah Battery Co. Pvt Ltd, Green Line Paribahan and A M Channel Ltd in Khulna, Dubai Bangladesh Cement Mills Ltd and Hotel Pashur in Bagerhat, Yeakin Polymer, Sonargaon Hotel and Restaurant and R K Trading in Satkhira, Mohammadi Electric Wares and Multi Products Ltd, Garden Inn Restaurant and Uttara Motors in Barisal, Hasan Rabbi Enterprise, Dulal Mistanna Bhandar and Akon Trading in Pirojpur, Aziz Gazi in Jhalakathi, AG Traders in Shariatpur, Messers Parjatan Holiday and Shafin Enterprise in Patuakhali, Haque Chemical Works, Hotel Taj and Restaurant in Barguna and A Rahman and Sons in Bhola.
Highest VAT payers at districts level under production, services and business categories are:
Kazi Enterprises Ltd (Savar), Persona Hair and Beauty Ltd (Dhanmondi) and Aarong (Uttara) in Dhaka, A M Auto Bricks, Padma Resort and City Corner in Munshiganj, Partex Paper Mills Ltd, Partex Furniture Industry Ltd and RH Trading in Narayanganj, Techno Drugs Ltd, Dream Holiday Ltd and Kalachand Das in Narsingdi, Radiant Pharma Ltd, BRAC Centre for Development Management and Gallery Apex in Gazipur, Akij Ceramics Ltd and Hotel Amir International in Mymensingh, Raz Hotel & Restaurant and Penta Trading Ltd in Manikganj, Masafi Bread and Biscuit Industries Ltd, Elenga Resorts and Jamuna Traders in Tangail, Hemas Consumer Brands Ltd and Natun Kuri Coaching Centre in Jamalpur, Hira Soap Factory, Goyanath Mistanna Bhandar and Shilpee Enterprise in Netrokona, The Consolidated Tea and Lands Co. Bangladesh Ltd, K C J and Associated Ltd and A M Channel Ltd in Chittagong, BFIDC Lumber Processing Complex in Rangamati, A M Channel Ltd in Comilla, Abul Khair Match Factory Ltd, Banoful and Co. and Hazi Enterprise in Feni, Globe Biscuit and Dairy Milk Ltd, Amania Hotel and Restaurant and Shulov Bitan in Noakhali, Nahar Trading in Chandpur, Ashuganj Fertilizer and Chemical Company Ltd and Café Abdullah in Brahmanbaria.
Nitol Motors Ltd and Paradise Cables Ltd in Rangpur, Akij Bidi Factory Ltd in Lalmonirhat, Mirza Oven Bag Pvt Ltd and Moni Enterprise in Dinajpur, Glory Ceramics Ltd in Nilphamari, Imroze Traders in Thakurgaon, SM Cable Network in Panchagarh, Nibaron Chandra Saha in Gaibandha, Resco Biscuit and Bread Factory, Green Line Paribahan and Lafarge Surma Cement Ltd in Jessore, BRB Cables Industry Ltd in Kushtia, Bagat Raj Kumar Mistanna Bhandar in Faridpur, Shahabaz Tourism in Narail, Islam Store in Meherpur, Messers Kazi Sayed Ali in Gopalganj, Khadim Ceramics Ltd, Perfetti Van Melle and Green Line Paribahan in Sylhet, RAK Paints Pvt Ltd, Adi Gopal Mistanna Bhandar and D M Traders in Habiganj, Hingajiyo Plywood and Hotel Tea Town in Moulvibazar, Shah Kabir Lime, Latifa Community Centre and Abul Lais and Sons in Sunamganj, Sopura Silk Mills Ltd, Rajshahi Mistanna Bhandar and Omar Ali in Rajshahi, Azad Palp and Paper Mills, Parjatan Motel and The Consolidated Tea and Lands Co. BD Ltd in Bogra, Square Pharmaceuticals Ltd (PET Bottle Division), Banalata Sweets and Bakery and Akia Corporation in Pabna, Bangladesh Milk Producing Samabaya Samity, Dhanshiri Doi Ghar and Mama Bhagne Banijalaya in Sirajganj, Hossain Foods Industry, Student Coaching Home and Alfa Impex in Naogaon, Joypurhat Sugar Mills Ltd and Karatoa Courier Service in Joypurhat, Igloo Foods Ltd (mango pulp), Alauddin Hotel and Restaurant and Anyman Stores Distributor in Chapainawabganj, Kishowan Agro Products Ltd and Natore Town Press in Natore, Abdullah Battery Co. Pvt Ltd, Green Line Paribahan and A M Channel Ltd in Khulna, Dubai Bangladesh Cement Mills Ltd and Hotel Pashur in Bagerhat, Yeakin Polymer, Sonargaon Hotel and Restaurant and R K Trading in Satkhira, Mohammadi Electric Wares and Multi Products Ltd, Garden Inn Restaurant and Uttara Motors in Barisal, Hasan Rabbi Enterprise, Dulal Mistanna Bhandar and Akon Trading in Pirojpur, Aziz Gazi in Jhalakathi, AG Traders in Shariatpur, Messers Parjatan Holiday and Shafin Enterprise in Patuakhali, Haque Chemical Works, Hotel Taj and Restaurant in Barguna and A Rahman and Sons in Bhola.
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