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Dr Yunus's Tk666cr Tax Payment Verdict Revoked
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03 Oct 2024, 12:17
Photo: Collected
The court revoked the order to pay Tk666 crore demanded by the National Board of Revenue (NBR) from Yunus-owned Grameen Kalyan.
On Thursday (October 3), the relevant bench sources informed this. Justice Mohammad Khurshid Alam Sarkar and Justice Sardar Rashed Jahangir's High Court bench have withdrawn the verdict.
It is known that a judge of the High Court felt embarrassed while writing the judgment that the National Board of Revenue (NBR) should pay Tk 666 crore for the rural welfare of Muhammad Yunus. Later, the High Court revoked the judgment given on August 4. The document was then sent to the Chief Justice.
On August 4, Justice Mohammad Khurshid Alam Sarkar and Justice Sardar dismissed the petition challenging the legality of NBR's tax claim of 666 crore rupees. Rashed Jahangir High Court Bench. As a result, Dr. Yunus was required to pay Rs 666 crore to the government.
Incidentally, on March 11, the Appellate Division directed the High Court to settle the tax claim of Tk666 crore from Grameen Kalyan within 3 months.
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A lot of garment manufacturing may move to India from Bangladesh
Raymond CMD Gautam Singhania expects a large chunk of garment manufacturing to move India in the coming years due to the political turmoil in Bangladesh and believes his company is ready to tap into the opportunity with the investment it had made to supply to global players.
"We sell fabrics to Bangladesh, all that business is coming back here after the crisis. Once the business shifts here, it won't go back.
They don't have a fabric base. You will succeed when you are integrated - we have fabric base and garment base (in India). Today, the ball has been thrown, we have to catch it," he said.
Raymond had invested around Rs 200 crore to expand its garment manufacturing capacity, which Singhania expects will come handy given that the company is already supplying to large buyers. "We are the third largest garment manufacturer in the world; we do 10 million pieces a year. Two Chinese players are bigger; they have higher volumes, but they sell cheaper stuff. Today, all the marquee customers are with us. For example, Hugo Boss, CK, Macy's, JCPenney. Out of Rs 7,000 crore (revenue), Rs 1,200 crore will come from there, 95% of that is exported," he said.
While Raymond is seeking to expand its portfolio with sleepwear, inner-wear, and bolstering Ethinix, Singhania ruled out a re-entry into womenswear. "It's as different for me (as it is) to make cement and steel. We did a market survey and it showed that the male took very strong objection to Raymond extending it to womenswear," he said.
Source: TOI
10 Banks Face Provision Shortfall of Over Tk 31,000cr
Ten banks, including six private commercial ones, had faced a provision shortfall of around Taka 31,549 crore in total at the end of June this year, as per the latest data of Bangladesh Bank (BB).
The banks are National Bank, BASIC Bank, Agrani Bank, Rupali Bank, Bangladesh Commerce Bank, Dhaka Bank, Standard Bank, Bangladesh Development Bank, IFIC Bank and Southeast Bank.
According to the policy, banks are required to maintain a provision of 0.50% to 5% of their deposits. However, provisioning requirements can range from 20% to 100% depending on the classification of default loans.
Central Bank data shows that the provision shortfall in the banking sector has risen by Tk 4,963 crore between April and June. As of the end of March this year, the sector's provision shortfall stood at Tk 26,586 crore.
According to the Bangladesh Bank report, default loans in the banking sector reached Tk 2,11,391 crore, or 12.56% of the total loans, by the end of June.
During the June quarter (April-June), classified loans rose by Tk 29,096 crore from Tk 182,295 crore as of March 30.
The BB data shows that state-owned commercial banks hold the largest share of the classified loans (Tk 1,02,483 crore or 32.77 percent) followed by specialized banks (Tk 5,756 crore or 13.11 percent), private commercial banks (Tk 99,921 crore or 7.94 percent), and foreign commercial banks (Tk 3,229 crore or 4.74 percent).
Source: BSS
Public Notice to Be Issued in Search of Victims of Enforced Disappearances
A decision has been made to issue a public notice to help trace missing persons. This resolution was reached during the inaugural meeting of the commission formed to investigate disappearances, held on Sunday, September 8. The meeting took place at the commission's office on Gulshan Avenue in the capital, presided over by Commission President Justice Moinul Islam Chowdhury.
According to the release, a five-member Commission of Inquiry has been formed to trace individuals who have been forcibly disappeared by any law enforcement or security agencies, including the Coast Guard. The commission, which includes representatives from various government agencies such as Bangladesh Police, Rapid Action Battalion (RAB), Border Guard Bangladesh, Criminal Investigation Department (CID), Special Branch, Intelligence Branch, Ansar Battalion, National Intelligence Agency (NSI), Defense Force, and the Directorate General of Defense Intelligence (DGFI), convened for its first meeting at 11 am on September 8 at the commission's office in Gulshan. The meeting was chaired by Justice Moinul Islam Chowdhury, the commission's president.
During the meeting, it was decided that a public notice would be issued to aid in the search for the missing persons. The commission will operate daily from 10 am to 6 pm, excluding public holidays.
The commission was established on August 27 by the Cabinet Division under the President's directive, with former High Court Judge Moinul Islam Chowdhury appointed as its head.
No Harm to Depositors as Deposit Insurance Doubles: Governor Mansur
Bangladesh Bank Governor Dr. Ahsan H. Mansur has assured depositors that their savings are secure, even as several banks struggle with financial challenges.
During a press conference on Sunday, September 8, the governor acknowledged that approximately 10 banks in the country are facing serious difficulties but stressed the need to restore customer confidence by protecting 95% of depositors.
Highlights:
Deposit Insurance Increase: The deposit insurance has been doubled from Tk 1 lakh to Tk 2 lakh.
Depositor Protection: The new insurance scheme ensures protection for 95% of depositors.
Banks Facing Challenges: Approximately 10 banks in the country are facing serious financial difficulties.
Available Fund: Bangladesh Bank has a fund of Tk 25,000 crore, mainly to support the SME sector.
"No matter the condition of the banking sector, depositors will not be harmed," Dr. Mansur said. "To safeguard them, the deposit insurance has been doubled from Tk 1 lakh to Tk 2 lakh, ensuring the protection of 95% of customers. No country offers 100% protection for deposits, but we are providing 95%."
He further noted that Bangladesh Bank has a Tk 25,000 crore fund available for banks, primarily to support the SME sector. Banks have been asked to submit written requests to access these funds.
Additionally, Dr. Mansur clarified that no bank accounts belonging to Beximco or S Alam Group have been seized, and the operations of these companies will continue as usual.
ACC Teams Up with FBI to Recover Smuggled Billions
The Anti-Corruption Commission (ACC) has intensified efforts to recover nearly one lakh crore taka smuggled abroad during Sheikh Hasina’s regime. Both domestic and international agencies are assisting in the investigation, including the United States' Federal Bureau of Investigation (FBI).
As part of this collaboration, an FBI team, led by Legal Attache Robert Cameron and Supervisory Special Agents, will visit Bangladesh on Monday (September 9) to meet ACC officials, including the Director General of the Money Laundering and Legal Branch.
An unnamed ACC Director General shared that the ACC has long been committed to combating money laundering, with notable success in recovering smuggled funds. During the meeting with the FBI, the ACC plans to discuss potential collaboration and the formation of a joint task force to expedite the recovery process.
The ACC remains in regular contact with international law enforcement, including the FBI, to enhance its efforts.
On Sunday (September 8), after a meeting at the Ministry of Commerce, Interim Government Finance and Trade Advisor Saleh Uddin Ahmed announced plans to form a special task force dedicated to recovering smuggled funds.
The task force will include representatives from key institutions such as Bangladesh Bank, the Bangladesh Financial Intelligence Unit (BFIU), the Finance Department, the Attorney General’s Office, and the National Board of Revenue (NBR).
Additionally, separate task forces will address reforms in the banking sector and other areas.
Govt Decides to Scrap Unnecessary Projects to Cut Costs
Wahiduddin Mahmud, Planning Advisor to the interim government, has stated that unnecessary projects may be cut to help address the country’s economic crisis, which could impact megaprojects as well. He noted that the Awami League government prioritized development projects as a key tool for visible progress, despite repeated warnings from economists to reduce emphasis on such projects.
Over the past decade, the Sheikh Hasina government invested heavily in infrastructure development, with large-scale projects becoming prominent and delivering some benefits to the public. However, many of these projects have raised concerns over excessive costs. In some cases, Bangladesh’s megaprojects are not only among the costliest in Asia but also globally. The interim government now seeks to bring attention to these overlooked issues.
According to Planning Commission sources, the Rooppur Nuclear Power Project has been given more importance in the Annual Development Program (ADP) of the current financial year 2024-25. The allocation of this project is Tk10,502 crore. Russia's foreign debt is included here.
Projects that have been given importance in the Annual Development Program (ADP) of the current financial year 2024-25:
Rooppur Nuclear Power Project
Metro Rail Line-6 project
Metro Rail Line-1 project
Metro Rail Line-5 Northern Route Project
Bangabandhu Sheikh Mujib Rail Bridge
Allocation and expenditure highlights:
Rooppur Nuclear Power Project: The allocation of this project is Tk10,502 crore. Tk64,925 crore has been spent on this project till June 2023.
Metro Rail Line-6 project: The allocation of this project is Tk1,975 crore. Tk20,757 crore has been spent so far.
Metro Rail Line-1 project: The allocation of this project is Tk1,942 crore. Tk1,585 crore has been spent so far.
Metro Rail Line-5 Northern Route Project: The allocation of this project is Tk41,239 crore. Tk1,812 crore has been spent so far.
Bangabandhu Sheikh Mujib Rail Bridge: The allocation of this project is Tk2,560 crore. Tk500 crore has been spent so far.
These projects have loans from various organizations including Japan. Tk3,544 crore allocated for rail connection project at Padma Bridge. China is lending to implement it. Tk1,453 crore was allocated for the Dohazari-Ramu-Ghumdhum railway project. So far the expenditure is Tk7,172 crore. Its implementation includes loans from China and the Asian Development Bank (ADB).
Some of the other notable projects are:
Matarbari Port Development
Payra Port Infrastructure Development
Support to Dhaka Elevated Expressway
Construction of Dhaka-Ashulia Elevated Expressway
SASEC Link Road Project: Elenga-Hatikumrul-Rangpur Highway Project Upgradation to Four Lanes.
The interim government has already started the effort to rein in spending. The planning ministry has started reining spending money in the name of development projects. 13 proposals of some ministries have already been sent back. Due to the dissolution of the Parliament, almost a thousand crore of bulk allocation for MPs has already been saved. Alternative financing of mega infrastructure is also being considered. The development budget may be cut due to rational reasons to save money.
It is reported that the projects sent back by the Ministry of Planning include:
Chilmari river port
Matarbari port development
Kalurghat rail and road bridge
Rangpur City Corporation road development
Faridpur-Barishal-Kuakata highway
Besides remittances, the cost of Chattogram-Cox's Bazar Highway Improvement Project, Chattogram-Dohazari Dual Gauge Railway, and Metrorail Line 1 and Line 5 projects are being scrutinized.
The interim government is also going to reduce the national budget. It will cut many allocations of luxury development imagination. Research director of CPD Khondaker Golam Moazzem thinks that this policy of cost reduction is supportable. He said that planning expenses and the purchase of vehicles and equipment should be reduced. A huge amount of money is kept for projects in the name of investment.
The Executive Committee of the National Economic Council (ECNEC) has already been reconstituted with the chief advisor as chairperson.
Dr Wahiduddin Mahmud, planning advisor recently said that numerous projects were taken up for constituencies. Many of those are still ongoing. A lot of people are waiting to go. They are being evaluated whether they have priority or not and how much benefit they will bring. Low-priority projects are being cut on project cost reduction.
Emdad Ullah Mian, Member (Secretary) of the Physical and Infrastructure Department of the Planning Commission, stated that project approvals and funding allocations will be made considering the current economic conditions. He mentioned that a meeting will be held with the Interim Government's Planning and Finance Advisor to discuss mega projects and other initiatives. All actions will follow the policies set by the current government. As of now, there has been no decision on whether any projects will be canceled. The Commission will proceed based on the advisor’s directives.
90pc Area of Cox's Bazar City Submerged
90 percent area of the tourist city of Cox's Bazar has been submerged due to 12 hours of continuous heavy rain. The goods of many shops have been damaged due to water entering the shop. Many people have suffered greatly as hundreds of houses have been submerged in water.
On Friday (September 13) afternoon, it was seen that there was waterlogging in most areas including Kolatali, Bazarghata, Tekpara, Bus Terminal, Kalur Dokan, Buddho Mondir road in the tourist zone of Cox's Bazar city. This is disrupting the traffic in the city. As a result, many people are suffering.
Local public representatives and residents said that the rain started at 9 am on Thursday, but the heavy rain started at 12:30 pm. After that, heavy rain for 12 hours till 12:30 am stopped the work of eight lakh people in the entire city. No one has seen such heavy rainfall in the last 50 years.
President of Cox's Bazar Citizen Forum Helal Uddin said that he had never seen such heavy rain in his life. About 90 percent of the town has been flooded due to rains. As a result, people have suffered greatly.
Babul Barua, a resident of the Pahartali Bailla neighborhood of the city, said that due to continuous rains, three roads of Pahartali have sunk and water has entered hundreds of houses and five educational institutions. As a result, women and children are suffering.
Akhtar Kamal, councilor of ward number 1 of the municipality, said that hundreds of houses in ward number 1, Samiti Para, Kutubdia Para, Fadnardale, Mostaika Para, Bandar Para, North Nuniachhata have been submerged in rainwater. As a result, thousands of people are facing a shortage of food and drinking water as cooking is stopped.
Abul Kashem Sikder, President of Cox's Bazar Hotel-Motel, Guest House Owners Association, said that waterlogging occurs in the hotel-motel zone only when it rains heavily. Then the tourists suffered a lot. There is a slowdown in business. Due to the cutting of the hill, the rainwater has flowed down and filled the water channel. As a result, water cannot be drained quickly causing waterlogging. Heavy rains in July last year also led to waterlogging across the city.
Additional District Magistrate Ataul Gani Osmani said that hundreds of villages of Cox's Bazar are submerged in water due to continuous rain. The district administration is working to evacuate those who are living at risk at the lower part of the hill.
Meanwhile, the Meteorological Department informed that under the influence of active monsoon winds, deep circulating clouds have formed in the coastal areas of the North Bay of Bengal and Bangladesh. Due to its effect, gale-force winds may blow in the coastal areas and seaports of Bangladesh. Local warning signal number 3 has been asked to be displayed at four sea ports including Cox's Bazar.
Abdul Hannan, the assistant meteorologist of Cox's Bazar Meteorological Office, said, Cox's Bazar Meteorological Office has reported that 501 mm of rainfall has been recorded from Thursday 3 pm to Friday 3 pm, which is the highest rainfall record in the current season.
On the other hand, the risk of landslides has increased due to heavy rains. Meanwhile, 6 members of two families died in separate incidents of landslides in South Dikkul of Cox's Bazar Sadar and Hakimpara Camp No. 14 of Ukhiya on Friday morning.
