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'Budget reprimands honest taxpayers and rewards those with black money'
Rtv news
07 Jun 2024, 15:50
Photo: Collected
Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), said the government has imposed 15 percent tax on black money and 30 percent on legitimate income in the budget. This is in no way acceptable. Budget reprimands honest taxpayers and rewards those with black money, she added.
Fahmida Khatun said this at a post-budget press conference at Bangabandhu International Conference Center in the capital on Friday (June 7).
Finance Minister Abul Hasan Mahmud Ali presented the national budget for 2024-25 fiscal year in the parliament on Thursday (June 6).
'It is not be possible to achieve the revenue targets, inflation and GDP growth targets announced in the budget,' Fahmida Khatun said.
The CPD executive director also said that the Awami League's election manifesto clearly states that the government will have zero tolerance against the corrupt. But in the budget, the tax rate has been reduced in an attempt to bring the mischievous including tax and loan defaulters into the economy. This is completely contradictory to the election manifesto of Awami League.
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Supplementary budget Tk 378.17b for FY 2023-24 passed
The Jatiya Sangsad has passed a supplementary budget of Tk 37,817 crore 40 lakh 57 thousand for the current fiscal year 2023-24.
Finance minister Abul Hasan Mahmood Ali placed the appropriation (Supplementary) Bill, 2024 in the parliament. The bill later passed by voice vote.
The supplementary bill was introduced to give the authority to allocate and specify more than the amount sanctioned from the Consolidated Fund for the execution of the activities of the fiscal year ending June 30.
The finance minister moved three bills to pass the supplementary budget in the House following a general discussion on it
on Monday (June 10).
A total of 51 demands for grants were placed in the House on Monday (June 10) to appropriate the allocations for different ministries, divisions and institutions around the country.
In the original budget of the current fiscal year, Tk 7,61,785 crore was allocated in favor of 62 ministries and divisions. In the revised budget, the allocation for 22 ministries and divisions has been increased by Tk 37,817 crore. The budgets of 40 ministries and divisions remained unchanged or decreased. Overall, the revised budget has been reduced by Tk 47,367 crore to Tk 7,14,418 crore.
Reason behind banks remain open today, tomorrow
Bangladesh Bank (BB) has decided to keep open the branches of scheduled banks for three days to facilitate payment of salaries, bonuses and other allowances and sale of export bills to garment workers, employees and officials. These branches in the industrial areas will remain open for the next three days including Friday (June 14).
Bangladesh Bank's Department of Offsite Supervision (DOS) said in a press release.
The central bank has issued a circular in this regard to the managing directors and chief executive officers of all scheduled banks operating in the country.
According to the directive, the branches of scheduled banks located in Dhaka metropolis, Ashulia, Tongi, Gazipur, Savar, Bhaluka, Narayanganj and Chattogram will remain open on June 14, 15 and 16 to facilitate the sale of export bills of different organizations related to the RMG industry and payment of salaries, bonuses and other allowances to the workers, employees and officials working in these industries. The branches concerned should be kept open with adequate security.
Besides, appropriate measures should be taken in consultation with the port or customs authorities, including the local administration, to keep the branches, sub-branches or booths located in the sea, land and airport areas open 24 hours a day, 7 days a week.
Areas where banks to open on Saturday & Sunday
Bangladesh Bank has decided to open a limited number of scheduled bank branches to facilitate the purchase of sacrificial animals along with salary and bonus for the workers, employees and officials working in the ready-made garment industry even during weekends and public holidays before Eid. Banking activities in these branches have been asked to be conducted till 10 pm.
The Central Bank asked to keep the branches and sub-branches of the banks adjacent to be open in the two cities of the capital and Chattogram City Corporation and near the Animal markets. Banking activities in these branches have been asked to be conducted till 10 pm. On Saturday and Sunday (June 15 and 16) from 10 am to 10 pm, bank branches and sub-branches adjacent beside the market will be open in designated areas.
Earlier, the central bank said that the sacrificial animal markets run under the supervision and management of Dhaka South City Corporation, Dhaka North City Corporation, Chattogram City Corporation and Singra Municipality of Natore have a large number of traders and a large amount of cash is transacted. As a result, security of financial transactions in markets is very important.
Various bank branches or sub-branches conduct their regular operations in close proximity to the sacrificial animal markets. By using these bank branches or sub-branches near the animal markets, the sacrificial animal traders can take the help of the bank for the payment of their animal sales. Moreover, if the temporary booth of the bank is opened in the animal market, the animal traders can take the help of the booth in the money transaction.
In this situation, normal banking activities will continue from June 14 to the day before Eid till 10 pm in the bank branches or sub-branches near the animal markets of Dhaka and Chattogram Metropolitans and Singra municipality of Natore. And the central bank has instructed to take measures to set up temporary booths in the animal market of Qurbani by ensuring adequate security and to give special allowance to the officers and employees who perform duties in extra hours in the branches, sub-branches and booths of the concerned banks.
This directive has been issued under the powers provided in Section 45 of the Bank Companies Act, 1991. Bangladesh Bank has sent instructions in this regard to the managing directors and chief executive officers of all scheduled banks operating in the country.
Expatriate income of $ 191 crore in 21 days
In the first 21 days of this month (June), the expatriates have sent 191 core 43 lakh 70 thousand US dollars to the country.
This information has been revealed in the updated report of Bangladesh Bank on Sunday (June 23).
Of the remittances sent by expatriates, 141 crore 53 lakh 50 thousand dollars came through private banks.
On the other hand, one crore 25 lakh dollars came through state-owned banks, one crore 24 lakh dollars came through specialized banks and one lakh 25 thousand dollars came through foreign banks.
The concerned say that the expatriates have sent a huge amount of money since the beginning of this month centering Eid ul-Adha. As a result, the country's remittance flow has increased. If this trend continues, a record amount of remittances may come this month.
Earlier, the expatriates sent $210cr in January, $216cr in February, $199cr in March, $204cr in April and $225cr in May.
IMF meeting today, Bangladesh getting 3rd tranche of loan
The meeting of the Executive Council of the International Monetary Fund (IMF) is being held today, Monday (June 24). The meeting will be held at the headquarters of the IMF in Washington, the capital of the United States, at 9:30 PM Bangladesh time.
The proposal to waive the third tranche of loan in favor of Bangladesh will be raised in the meeting. If it gets final approval, money can be released in next one-two days.
The IMF mission that visited Bangladesh had already informed the proposal could be approved in that meeting.
A mission of the organization arrived in Dhaka on April 24 to see the progress of economic reforms and the implementation of the conditions given by the IMF regarding the waiver of loan installments. They stayed till May 8 and held meetings with various agencies of the government. They want to know about the progress of implementation of conditions and future reform activities.
Before leaving Dhaka, the delegation conveyed that they were happy with the progress in implementing the conditions. They will recommend in the report regarding the waiver of the third installment of the loan. They expressed hope that the executive council would approve the loan waiver proposal.
If the meeting approves the proposal, the loan amount will be available on Tuesday or Wednesday. This time, it is proposed to pay 115 crore 20 million dollars for the third installment. The installment amount has also increased due to the large devaluation of the currency.
Earlier on January 31 last year, the IMF approved a loan proposal of 4.7 billion dollars in favor of Bangladesh. Of this, 116 million dollars has been disbursed in two installments. Now it is at the stage of releasing 115 million dollars for the third installment.
Another mission may come to Dhaka at the end of November this year regarding the waiver of the fourth installment of the loan. The fourth installment of the loan is scheduled to be disbursed in December.
Banks owe Tk 51,000 crore to state-owned enterprises
Finance minister Abul Hasan Mahmood Ali has said that the state-owned enterprises owe Tk 51,391.89 crore to the public and private commercial banks.
The minister said this while replying to a written question from Noakhali-2 MP Morshed Alam during the question-answer session of the budget session of the parliament with Speaker Dr Shirin Sharmin Chaudhury in the chair on Monday (June 25).
AH Mahmud Ali said the banks owe this amount to 56 state-owned companies. Of this, Bangladesh Agricultural Development Corporation (BADC) owes the highest amount of Tk 15,550 crore. Besides, about Tk 7,813 crore is owed to sugar mills; The fertiliser, chemical and pharmaceutical industries owe Tk 7,250 crore, Trading Corporation of Bangladesh (TCB) Tk 5,018 crore and Bangladesh Biman Tk 4,441 crore.
Responding to another question, the finance minister said, 'There is no financial crisis in any bank in Bangladesh. However, some banks have high defaulted loans, capital deficit and liquidity problems. To solve this problem, official of Bangladesh Bank has appointed as observers on the board of directors of nine banks and as a coordinator in seven banks.'
He said, 'At present, people are investing by withdrawing deposits as opportunities have been created for investment in different public and private sectors. Deposits of financial institutions are not decreasing due to lack of confidence in financial institutions or inflation.'
IMF approves 3rd tranche of $1.1b loan
The Executive Board of the International Monetary Fund (IMF) has approved the third tranche of $1.115 billion for the $4.70 billion loan.
The loan was approved at the beginning of a meeting held at the IMF headquarters in Washington DC on Monday (June 24) at 9:00 pm Bangladesh time. Executive Director of Bangladesh Bank Mezbaul Haque confirmed the information from the Bangladesh Bank spokesperson's office.
Md. Mezbaul Haque said, "The International Monetary Fund has officially confirmed the third installment of our loan. The IMF has approved a loan of $ 1.115 billion as the third installment. This money will be credited to our account within two working days. If added to the reserve, foreign exchange reserves will increase.
Earlier, a 10-member IMF delegation arrived in Dhaka on April 23 to discuss the third installment of the loan. A meeting was held with Bangladesh Bank on April 25. Financial sector reforms, default loans, implementation of interest rates, monetary policy, inflation, balance and outlook of foreign trade, money market and liquidity management were discussed in the meeting.
