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VAT Adjustments Planned in Upcoming Budget: Economic Advisor
Rtv News
21 Jan 2025, 14:32
Economic Advisor Dr Salehuddin Ahmed has announced that the recently increased VAT and taxes on various goods and services will be revised in the upcoming budget.
Speaking on Tuesday (January 21) after a meeting of the Advisory Committee on Government Procurement at the Secretariat, he shared that the prices of several products remain stable, and the overall market impact of the VAT hike has been minimal.
He highlighted the government's efforts to bolster fertilizer stocks by increasing imports, aiming to prevent potential future shortages. Ahmed also addressed issues in the rice supply chain, attributing disruptions to manipulative practices by retail and wholesale traders, although rice prices currently remain stable.
Additionally, the Economic Advisor confirmed the temporary suspension of the special OMS (Open Market Sales) program, which offered low-cost goods via trucks to low-income populations. He explained that this measure was no longer necessary for certain items, such as vegetables, due to adequate supply.
However, he assured that the regular OMS program, which provides essential goods at subsidized rates through a card system, will continue uninterrupted.
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Dollar Market Faces Instability Again
The upcoming Ramadan has driven up the demand for imported goods, while pending LC (Letter of Credit) payments have also increased. At the same time, outbound travel has risen, leading to a sharp surge in dollar demand, which has not been met with an adequate supply.
To address this demand, banks are purchasing remittances at prices at least 8 BDT higher than the declared rate of 120 BDT per dollar, creating ripple effects in the open market.
Bank officials report that the pressure to settle import liabilities has intensified suddenly, causing the dollar's price to rise. Economists are concerned that this situation might further fuel price inflation.
Investigations reveal that banks are purchasing remittances at up to 128 BDT per dollar, while the official rate set by the central bank is 120 BDT. In the curb market, the dollar price has surged to 129 BDT, compared to 123-124 BDT just a week ago.
On Sunday, December 22, this information was confirmed by visiting various banks and money changer houses in Motijheel and Dilkusha in Dhaka.
The sudden spike in demand has allowed unscrupulous groups to exploit the situation, further destabilizing the dollar market. In response, the central bank has sought dollar transaction records from at least 13 suspicious banks and intensified monitoring efforts to stabilize the foreign currency market.
Unnamed banking officials stated that Bangladesh Bank has instructed banks to settle old import liabilities within this month, prompting banks to buy dollars at higher rates. This has resulted in increased remittance inflows, with over $2 billion received in the first 21 days of the current month.
Consequently, the total reserve now stands at $24.95 billion. Based on BPM (Balance of Payments Manual) calculations advised by the IMF, this equates to $19.95 billion, while the usable reserve is approximately $15.14 billion.
Data from Bangladesh Bank indicates that the maximum dollar rate for banks is currently capped at 120 BDT, up from 118 BDT in June and 110 BDT in December 2023—a rise of 10 BDT within a year. Comparing this to market realities, the increase amounts to 18 BDT.
According to Ansari, a sales representative at a currency exchange house in Motijheel, dollars are being bought at 127.50 BDT and sold at 128.30 BDT, with evening rates reaching 129 BDT. Just 10 days ago, dollars were traded in the open market for 123-124 BDT. The December holiday season has contributed to this surge in demand, as many people are traveling abroad.
Bangladesh Bank's spokesperson and Executive Director, Husne Ara Shikha, stated that a special team has been formed to investigate the instability in the dollar market. Monitoring has been intensified, and suspicious banks have been asked to submit transaction details. Some banks have already submitted their reports, and further actions will be determined based on the findings.
Jahanabad Express Launches on Dhaka-Khulna Route via Padma Bridge
The new train service, Jahanabad Express, officially commenced its journey on the Dhaka-Khulna route via the Padma Bridge. On Tuesday, December 24, at 6:00 AM, the train departed from Khulna heading towards Dhaka.
Reports indicate that on its inaugural day, the train carried 553 passengers from Khulna. However, no formal inauguration ceremony was held at the Khulna station. If all goes as planned, the train will arrive in Dhaka at 9:45 AM, where an inauguration ceremony will be held at the Kamalapur Railway Station. The event will be officiated by Muhammad Fawzul Kabir Khan, Advisor to the Interim Government's Ministry of Railways, and chaired by the Secretary of the Ministry of Railways, Md. Fahimul Islam.
Passengers expressed joy at the launch of the new train service. They shared their excitement, stating that the reduced travel distance on the new route would save both time and cost. However, some suggested rescheduling the departure time from 6:00 AM to 7:00 AM during the winter months, as the darkness at 6:00 AM poses safety risks, including potential encounters with muggers when leaving home early for the station.
Regarding this concern, Bangladesh Railway's Director General, Md. Afzal Hossain, told the media that new engines and coaches are being procured from abroad. He also mentioned plans to introduce additional trains on this route within the next six months.
It is noteworthy that the train will operate six days a week, excluding Mondays. On its journey, the train will stop at several stations, including Nawapara, Singia Junction, Narail, Lohagara, Kashiani Junction, and Bhanga Junction.
A Glimpse of Bangladesh's Significant Events in 2024
As Bangladesh prepares to bid farewell to 2024 and welcome 2025, the nation reflects on a year marked by significant events and political upheaval. This was the 53rd year of Bangladesh's independence and a pivotal one due to various political, social, and cultural developments. The most striking among them was the student-led uprising that resulted in the removal of long-time ruler Sheikh Hasina. Here, we shed light on the most notable events of 2024.
Imprisonment of Dr Yunus
On January 1, 2024, Nobel Laureate Dr Muhammad Yunus was convicted of violating labour laws. He, along with three others from Grameen Telecom, was sentenced to six months of non-custodial imprisonment by Dhaka's labour court. They were granted a one-month bail pending appeal.
12th National Parliamentary Election
The 12th National Parliamentary Election was held on January 7, 2024. Amid a boycott by opposition parties, the Sheikh Hasina-led Awami League achieved victory for the fourth consecutive term. Voting took place from 8 AM to 4 PM on January 7. Out of 299 seats, the Bangladesh Awami League secured an absolute majority by winning 223 seats. The Jatiya Party and several independent candidates raised allegations of electoral fraud. The Election Commission published the official gazette of the election results on January 9, and finally, the victorious members of parliament took their oaths on January 10.
Fire at Bailey Road, Dhaka
A fire broke out in a high-rise building on Dhaka's Bailey Road, claiming the lives of 46 people. Additionally, 75 others were rescued with various injuries. The incident occurred on the night of February 29, 2024, at the Green Cozy high-rise building. The building housed multiple restaurants and shops, including notable ones such as Kachchi Bhai Restaurant, Samsung's showroom, Gadget and Gear, Illiyeen, Khana's, and Pizza Inn.
Seizure of MV Abdullah
On March 12, 2024, MV Abdullah, a Bangladeshi-flagged ship was hijacked by Somali pirates. The ship departed from Mozambique for United Arab Emirates. Onboard were 23 Bangladeshi sailors who were taken hostage by the Somali pirates. The sailors were released on April 15, following a month-long ordeal.
Nine Bangladeshis in Forbes's '30 Under 30 Asia'
On May 16, 2024, nine Bangladeshis were featured in Forbes magazine's "Forbes 30 Under 30 Asia" list. This list highlights 300 individuals under the age of 30 from across Asia. Among them, nine Bangladeshis have made their mark as young entrepreneurs, journalists, leaders, and innovators.
Anwarul Azim's Tragic Death
On May 22, 2024, the dead body of Awami League Member of Parliament (MP) Anwarul Azim was discovered in Kolkata, India. He had been missing since May 13 after travelling to India for medical treatment. Following this incident, three individuals were arrested. Until May 20, he remained untraceable. On the morning of May 22, parts of his body were found in an upscale residential complex, Sanjeeva Gardens in New Town, Kolkata. According to investigating officers, he was suffocated to death in that house on May 13.
Cyclone Remal
Cyclone Remal stuck Bangladesh from May 26 evening to May 27 morning, causing seven fatalities. It was the first depression and the first cyclonic storm of the 2024 North Indian Ocean cyclone season.
Controversy Around Ex-IGP Benazir Ahmed
Former police chief Benazir Ahmed served as the 24th Inspector General of Police of Bangladesh. In April 2024, he came under discussion following reports published in two media outlets titled "Aladdin's Lamp in Benazir's Home" and "Benazir's Resort on Forest Land." The Anti-Corruption Commission (ACC) of Bangladesh formed a committee to investigate Benazir Ahmed's assets. The ACC stated that evidence of corruption had been found against Benazir. Based on this, a case was filed against Benazir Ahmed and his family. On June 12, the court ordered the confiscation of the assets belonging to Benazir Ahmed and his family.
Goat Scandal and Matiur Rahman
During the Eid-ul-Adha, Matiur Rahman, a member of the National Board of Revenue (NBR), became the centre of attention due to a Facebook post by a young man named Ifat, who bought a goat for 12 lakh BDT from Sadeeq Agro in Mohammadpur, Dhaka. The news of a government official's son purchasing a goat for 12 lahks BDT raised a stir. Netizens began questioning the source of Matiur Rahman's wealth, and as a result of this incident, he was dismissed from his position.
Landslide Tragedy in Cox's Bazar
On June 9 this year, nine people, including eight Rohingyas, were killed in a landslide at the Ukhiya Rohingya camp in Cox's Bazar due to heavy rainfall. According to the Refugee, Relief, and Repatriation Commissioner, among the deceased were two local residents.
Quota Reform Movement
The Quota Reform Movement, also known as the July-August Movement or the Student-People's Uprising, became one of the most discussed topics in Bangladesh in 2024. The movement regained momentum following a High Court ruling on June 5, 2024, which declared the circular issued by the government on October 4, 2018, as invalid. Initially limited to meetings and demonstrations, the movement intensified after Prime Minister Sheikh Hasina, in a speech on July 14, indirectly referred to the quota reform activists as "descendants of collaborators (Razakars)."
This comment led to a surge in protests, during which thousands of students and activists were injured (approximately 21,000), and over 673 individuals, including Abu Sayed and Mir Mughdo, lost their lives. Ultimately, on July 21, the Bangladesh Supreme Court overturned the High Court's ruling and directed that 93% of government jobs be allocated based on merit. The government issued a notification on this matter on July 22.
Killing of Abu Sayed and Mir Mugdho
Abu Sayed, a student of Begum Rokeya University in Rangpur, was the first to be killed by police gunfire during the quota reform movement. At one point in the protest, an unarmed Sayed stood with his chest facing the aggressive police. He was shot and killed, and it was this incident that significantly spread the student movement against inequality across the country. Another historic moment in the ongoing protest was the image of Mir Mahfuzur Rahman Mugdho distributing water. He too became a victim of this violence. On July 16, 2024, Sayed was shot and killed by the police at the main gate of Begum Rokeya University. On the evening of July 18, 2024, during the clashes in Dhaka over the quota reform movement, Mugdho was shot and died.
Complete Shutdown and Internet Disconnection
On July 18, the Anti-Discrimination Student Movement organized a 'Complete Shutdown' (Total Lockdown) across the country. On this day, the government disconnected internet services nationwide from 9 pm. From midnight on July 19, the government imposed an indefinite curfew across the country. On July 24, the police arrested 1,758 people nationwide in connection with various cases.
On July 28, the government lifted the curfew. Six coordinators, who were in police custody, announced the withdrawal of the movement. However, other coordinators declared that the movement would continue.
"March to Dhaka" Program
On August 1, the government banned Jamaat-e-Islami and Islami Chhatra Shibir, accusing them of being involved in violence. On August 3, coordinator Nahid Islam announced a non-cooperation movement with a one-point demand at the Central Shaheed Minar. On August 4, coordinator Asif Mahmud announced the "March to Dhaka" program. As a result, the "March to Dhaka" program was observed across the country on August 5.
Fall of Hasina Government
On August 5, under intense pressure from protests, Prime Minister Sheikh Hasina resigned and fled to India. The protesters entered her residence during this time. At this moment, the Army Chief, General Walker-uz-Zaman, announced the formation of an interim government.
Dissolution of Parliament and Release of Khaleda Zia
On August 5, former Prime Minister and BNP Chairperson Khaleda Zia, who was imprisoned, was ordered to be released by President Mohammad Shahabuddin, and on August 6, the president dissolved the National Parliament.
Interim Government Led by Dr Yunus
Dr Muhammad Yunus was appointed Chief Adviser to the interim government on August 8, 2024. The UN announced an investigation into human rights violations during the quota protests.
Mob Lynching at Dhaka University
On September 1, 2024, a youth named Tofazzal Hossain was lynched at Dhaka University over allegations of theft, sparking nationwide outrage.
Cricket Coach Dismissal
On October 15, 2024, Bangladesh Cricket Board dismissed head coach Chandika Hathurusingha over allegations of physical harassment against cricketer Nasum Ahmed. Phil Simmons was appointed as the new coach.
Arrest Warrant for Sheikh Hasina
On October 17, the International Crimes Tribunal issued an arrest warrant against Sheikh Hasina for alleged crimes against humanity.
Chinmoy Krishna Das and the ISKCON Context
On November 25, 2024, former ISKCON leader Chinmoy Krishna Das was arrested by the Dhaka Metropolitan Police at Dhaka Airport. He was charged with sedition for allegedly hoisting a saffron flag over the national flag. The following day, November 26, he was presented at the Sixth Metropolitan Magistrate's Court in Chattogram, where Magistrate Qazi Shariful Islam rejected his bail plea and ordered him to be sent to jail.
On the same day, during a remand hearing for Chinmoy Krishna Das in Chattogram, his supporters allegedly attacked and killed lawyer Saiful Islam Alif.
Asia Cup Victory
Bangladesh U-19 cricket team clinched the ACC U-19 Asia Cup title on December 8, 2024, defeating India in the final.
As the nation steps into a new year, the echoes of challenges and triumphs from 2024 linger, marking a transformative chapter in the history of Bangladesh.
Ex-BGB Director General Detained at Airport
Former Director General (DG) of Border Guard Bangladesh (BGB), Lieutenant General (Retd.) Md Mainul Islam has been detained by immigration police.
He was detained on Tuesday evening (December 24) at Hazrat Shahjalal International Airport while attempting to leave for Canada with his wife.
On February 25, 2009, following the BDR mutiny and the brutal massacre at Pilkhana that claimed the lives of 57 army officers and 74 people in total, Mainul Islam was appointed as the Director General of the force within 48 hours of that time.
ACC Probes Hasina Family's Purbachal Plot Scandal
Former Prime Minister Sheikh Hasina and her family members allegedly secured six 10-katha plots in the Purbachal New Town project through irregularities, abuse of power, and corruption. Based on these allegations, the Anti-Corruption Commission (ACC) has initiated an inquiry against Sheikh Hasina, her sister Sheikh Rehana, and four other members of the Hasina family.
At a briefing on Thursday (December 26), ACC Director General Akhtar Hossain shared this information.
The six individuals under investigation are former Prime Minister Sheikh Hasina; her son Sajeeb Wazed Joy; daughter Saima Wazed Putul; younger sister Sheikh Rehana; Rehana's son Radwan Mujib Siddiq Bobby; and her daughter Azmyna Siddiq.
The ACC director general stated that the investigation was prompted by allegations of acquiring Purbachal plots under illegal ownership.
This investigation follows a series of legal and corruption cases against Sheikh Hasina after she was ousted from power on August 5 through a student and public uprising. Since then, over 250 cases have been filed against her, including murder charges, some of which have been submitted to the International Crimes Tribunal.
Allegations of Financial Misconduct
Sources indicate that the FBI conducted a preliminary investigation into Sheikh Hasina and her son Sajeeb Wazed Joy. In the 2014 U.S. case United States vs. Rizvi Ahmed, Joy's name surfaced, leading to revelations of serious financial misconduct. The FBI uncovered evidence of significant financial irregularities and money laundering, involving funds transferred from Hong Kong and Cayman Islands accounts to banks in Washington, D.C., New York, and London. The Department of Justice (DOJ) and senior trial attorney Linda Samuels confirmed these findings in collaboration with FBI Special Agent La Prévotte, revealing $300 million had been transferred from Bangladesh to U.S. banks.
Broader Corruption Allegations
The ACC also disclosed other significant cases:
Former State Minister for Power Nasrul Hamid Bipu faces allegations of irregular financial transactions totaling BDT 6,000 crore.
Naogaon’s Atrai Upazila Nirbahi Officer (UNO) Kamal Hossain has been charged with fraudulently obtaining a civil service position.
The ACC noted that under government directive 13/A, Sheikh Hasina, her son Sajeeb Wazed Joy, daughter Saima Wazed Putul, sister Sheikh Rehana, and Rehana’s children secured six 10-katha plots in the diplomatic zone of Sector 27 in the Purbachal New Town project. These allocations were exposed through media reports, prompting the ACC to take action.
High Court Intervention
On December 15, the High Court issued a rule questioning the ACC’s inaction regarding allegations of embezzlement involving $5 billion (approximately BDT 60,000 crore) from the Rooppur Nuclear Power Plant (RNPP) project. This rule followed a writ petition filed on September 3 by Bobby Hajjaj, chairman of the National Democratic Movement (NDM), seeking an inquiry.
Earlier, on December 22, the ACC had decided to investigate allegations of laundering $300 million by Sheikh Hasina and Sajeeb Wazed Joy. The ACC had previously formed a five-member team to probe allegations of BDT 80,000 crore corruption involving Sheikh Hasina, Sheikh Rehana, and their family in various projects. Both allegations are being investigated by the same team.
Private Car Hit by Bus on Expressway, 5 Dead
A road accident on the Dhaka-Mawa Expressway has left 5 people dead and at least 10 others injured.
The incident occurred on Friday morning (December 27) near the Dhaleshwari Toll Plaza.
Reports indicate that a bus lost control and collided with a private car at the Dhaleshwari Toll Plaza in the morning. The accident claimed the lives of 5 individuals, including pedestrians, and left at least 10 others injured. The injured have been rescued and sent to the hospital.
Dewan Azad, Station Officer of the Srinagar Upazila Fire Service, stated that the injured were sent to Dhaka Mitford Hospital. Among them, five people died on the way to the hospital.
SSC Syllabus and Mark Distribution for 2026 Published
The National Curriculum and Textbook Board (NCTB) has published the revised syllabus and mark distribution for the SSC and equivalent examinations of 2026, reintroducing the division of streams for grades 9 and 10.
On Saturday (December 28), the NCTB announced the syllabus and mark distribution through a notice on its website. The syllabus includes a total of 32 subjects based on Science, Business Studies, and Humanities streams.
According to the announcement, for subjects without practical exams, questions will be distributed into 70 marks for written (essay-type) and 30 marks for multiple-choice questions (MCQs). Within the written section, 50 marks will be allocated for creative questions and 20 marks for short-answer questions.
For subjects with practical exams, the theoretical portion will carry 75 marks, and the practical portion will carry 25 marks. Within the theoretical section, 40 marks will be allocated for creative questions, 10 marks for short-answer questions, and 25 marks for MCQs.
Each creative question will carry 10 marks, each short-answer question will carry 2 marks, and each MCQ will carry 1 mark.
The division of streams for grades 9 and 10 had been abolished under the "New Curriculum" introduced by the Awami League government. However, following a change in government after mass movements, the interim government has reinstated the stream division.
