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India Lifts Rice Export Ban After 14 Months
International Desk
28 Sep 2024, 11:27
Photo: Collected
India has lifted the ban on rice exports after 14 months. In a statement issued by the country's central government on Friday, it was announced that exporters are now allowed to export all types of rice, except Basmati.
The export duty on rice has also been reduced. Previously set at 20%, the rate has now been lowered to 10%.
India's rice exporters are naturally elated by this decision. Suraj Agarwal, the CEO of one of India’s leading rice export companies, Rice Villa, told Indian media outlet NDTV, "This decision by the government will be a game-changer for India's domestic agriculture sector as well as the international rice market. On one hand, rice prices in the global market will decrease, while on the other, farmers will also benefit."
Key Stats:
- Duration of Rice Export Ban: 14 months.
- Export Duty Reduction: Previously 20%, now reduced to 10%.
- Global Impact of India’s Rice Export Ban:
- Rice prices in the international market increased by 11.7%.
- This was the highest price surge in 11 years.
- India’s Share in Global Rice Trade:
- 40% of the rice traded globally comes from India.
- Top Rice-Producing Countries:
- Bangladesh, China, India, Indonesia, Thailand, and Vietnam.
Rice is primarily produced in India’s eastern, northeastern, and southern states. Last year, production in these regions was affected due to insufficient rainfall. In response, on July 20, 2023, the central government of India imposed a ban on rice exports to stabilize the domestic market.
Rice is the staple food for more than 3 billion people worldwide. According to the U.S. Department of Agriculture, six countries—Bangladesh, China, India, Indonesia, Thailand, and Vietnam—are currently the top rice producers in the world.
However, India remains the leading exporter of rice. About 40% of the rice traded in the global market comes from India.
Following India's ban on rice exports, the international market saw a rise in rice prices. According to Reuters, the price of all types of rice increased by 11.7%, marking the highest price surge in 11 years.
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Bank Accounts of Saima Wazed Putul's Shuchona Foundation Frozen
The Bangladesh Financial Intelligence Unit (BFIU) has instructed banks to freeze the accounts of the Shuchona Foundation, established by Saima Wazed Putul, daughter of former Prime Minister Sheikh Hasina.
This information was disclosed in a notification issued by Bangladesh Bank on Sunday, November 24.
The notification stated that under the powers granted by Section 23(1)(c) of the Money Laundering Prevention Act, 2012, all transactions in accounts operated by the Shuchona Foundation are to be suspended for 30 days.
It further instructed that all account-related documents (account opening forms, KYC forms, and transaction details from the beginning to the most recent) associated with Shuchona Foundation should be submitted to the unit in an attached Excel sheet within the next five working days.
The directive clarified that the provisions of Rule 26(2) of the Anti-Money Laundering Rules, 2019, will apply to the frozen accounts.
In addition to Saima Wazed Putul, the trustee board of Shuchona Foundation includes Dr. Muzharul Mannan, Md. Shamsuzzaman, Zain Bari Rizvi, and Nazmul Hasan.
Notably, the Shuchona Foundation primarily works to assist individuals with mental and neurological disabilities, autism, and mental health challenges.
ECNEC Approves 5 Projects Worth Tk 5,915.99 Crore
The Executive Committee of the National Economic Council (ECNEC) today approved a total of five projects involving an overall estimated cost of Taka 5,915.99 crore including one for improving the sewerage system of Chattogram (catchment 2 and 4) with around Taka 5,152.55 crore.
The approvals came from a meeting of the ECNEC with its chairperson and Chief Adviser Dr Muhammad Yunus in the chair held at the NEC Conference Room in the city's Sher-e-Bangla Nagar area.
Of the total cost for five projects, Taka 1,095.94 crore will come from the Government of Bangladesh portion, Taka 4,787.50 crore from project assistance, and the rest of Taka 32.55 crore from the concerned organization's fund.
Of the approved five projects, two are new while three are revised projects.
Briefing reporters after the meeting, Planning Adviser Dr Wahiduddin Mahmud said that now time has come to make some policy adjustments in project implementation aspects.
He said that after assuming office, the interim government has been focusing on making the development projects free from corruption and irregularities, but now they would go for speedy implementation of the schemes.
The Planning Adviser said that the advisers in the meeting have discussed about undertaking some innovative projects in the areas of Human Resources, education, and on those necessary infrastructures.
Citing that the implementation rate of the Annual Development Programme in the first four months (July-October) of the current fiscal year (FY25) was low, he hinted that the ADP might be trimmed due to various reasons like the previous years.
Answering to a question, the Planning Adviser informed that within a day or two all the Ministries and Divisions would be requested from the Planning Commission to implement their ongoing projects in a speedy manner shunning corruption and irregularities.
Besides, Dr Mahmud said he would also write to the advisers personally about the implementation of the development projects.
He told another questioner that at the end of the current fiscal year, sectors like education might see proportionately higher allocation than other entities, especially in the areas of educational equipment, for scientific and research materials and equipment.
The Planning Adviser also hoped that if stability is restored in the economy, then private sector entrepreneurs would come in large numbers and thus propel the economy.
The other projects approved in the meeting are Extension and strengthening of network of eastern region grid, 1st revised, with an additional cost of Taka 459.95 crore, Capacity building of universities in Bangladesh to promote youth entrepreneurs with Taka 93.50 crore, Modern waste and released oil removal management of Mongla Port, 1st revised, with an additional cost of Taka 110.15 crore and Emergency multi-sector Rohingya Crisis response project, 2nd revised, with an additional cost of Taka 99.84 crore.
Besides, the day's ECNEC meeting extended the timeframe of two projects without raising their costs.
Source: BSS News
New Price of Gold Effective From Today
The Bangladesh Jewellers Association (BAJUS) has reduced the price of gold in the country's market.
The organization has reduced the price of 22-carat gold by Tk1,890 per bhori and set the price of 22-carat gold per bhori at Tk1,40,376.
The new price will be effective from today (November 26), BAJUS said. The organization confirmed this information on Monday night (November 25).
The notification said that according to the new price, the price of 22-carat gold per bhori (11.664 grams) will be Tk1,40,376. In addition, the price of 21-carat gold per bhori has been set at Tk1,33,996, 18-carat gold per bhori at Tk1,14,855, and the price of traditional gold per bhori at Tk94,327.
In the notification, BAJUS further stated that the government-determined 5 percent VAT and BAJUS-determined minimum wage of 6 percent must be added to the selling price of gold. However, wages may vary depending on the design and quality of the jewellery.
Earlier, BAJUS last adjusted the price of gold in the domestic market on November 23. At that time, the organization had increased the price of 22-carat gold per bhori by Tk2,823 and set the price of 22-carat gold per bhori at Tk1,42,266. Apart from this, the price of 21-carat per bhori was set at Tk1,35,804, 18-carat per bhori at Tk1,16,395, and Tk95,645 per bhori of traditional gold, which came into effect from November 24. The price of gold also increased in the country on November 22 and 19 of this month. The price was reduced on November 14, 12, 7 and 4.
Gold prices also increased in the country on November 22 and 19 of this month. Apart from this, the price was reduced on November 14, 12, 7 and 4. In addition, the price of gold has been adjusted 53 times in the domestic market so far this year. Where the price has been increased 31 times, and reduced 22 times. In 2023, the gold price was adjusted 29 times.
Bangladesh, Australia Pledge Deeper Cooperation Across Key Sectors
Bangladesh and Australia have reaffirmed their commitment to strengthening bilateral ties during the Fifth Senior Officials’ Talks, held on 26 November at Australia’s Department of Foreign Affairs and Trade (DFAT) in Canberra. The discussions, led by Additional Foreign Secretary (Bilateral-East & West) Md. Nazrul Islam of Bangladesh and Sarah Storey, First Assistant Secretary, South and Central Asia Division at DFAT, covered a broad spectrum of issues, aiming to deepen cooperation in diverse areas.
The dialogue, conducted in a warm and constructive atmosphere, highlighted collaboration in development, regional security, civil maritime cooperation, and multilateral forums. High-level representatives from both countries participated, underscoring the importance of these discussions.
Bangladesh acknowledged Australia's longstanding support since its independence and sought further technical and expert assistance in agriculture, education, energy, the blue economy, and ICT. The Bangladeshi delegation also urged Australia to advocate for stronger international efforts to resolve the Rohingya crisis by applying collective political pressure on Myanmar.
The Australian delegation reiterated its support for Bangladesh’s interim government and sought enhanced cooperation to combat irregular migration, people smuggling, and transnational organized crime. Commending Bangladesh’s remarkable socio-economic progress, Australia expressed its interest in closer collaboration on shared priorities.
Climate Change and Regional Security Take Center Stage
Climate change featured prominently during the discussions. Australia acknowledged Bangladesh's vulnerability to climate impacts and pledged sustained support for its adaptation and resilience-building efforts.
Regional and global issues, including the Indo-Pacific outlook, counter-terrorism, and multilateral cooperation, were key points of focus. Both nations committed to working together to promote peace, security, and prosperity in the region.
Commitment to Future Engagements
Both sides expressed satisfaction with the progress of bilateral relations and identified new opportunities for collaboration. They emphasized the importance of regular high-level visits and exchanges to further strengthen the partnership.
The next round of Senior Officials’ Talks will be hosted by Bangladesh in Dhaka in 2025, marking another step forward in fostering deeper ties between the two nations.
Gold Prices Suddenly Volatile, Reason Revealed
There has been a sudden surge in the price of gold in the global market. Accordingly, the price of this precious metal can increase at any time in the domestic market.
On Friday (November 29), at around 5:15 pm, the price of gold per ounce was at $2,662.02 in the spot market. The price has increased by $21.18 per ounce or 0.79 percent in a day.
Analysts claim that the new devastating Russian missile attack in the Russia-Ukraine war and the allegations of ceasefire violations between the Israeli armed forces and the Iran-backed Hezbollah have caused uncertainty among investors. Investors are choosing gold as a safe investment. Livemint reports.
Jatin Trivedi, VP Research Analyst at LKP Securities, said, 'There was significant volatility in the price of gold on Friday. Although the precious metal was initially low, the renewed tension in the Russia-Ukraine conflict has increased demand for gold as a safe-haven investment. Currently, immediate support is at $2,662 (a support level is a price at which demand for the metal is so strong that it resists a decline) and resistance is at $2,655 to $2,665. If the resistance is broken, the price of gold can reach $2,690. And if it falls below $2,620, the price can deteriorate to $2,580.'
Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said regarding the Israel-Hezbollah ceasefire violation, 'The demand for gold has increased again due to the allegations of ceasefire violations between Israel and Hezbollah along with the Russia-Ukraine war. Investors are currently looking at gold as a safe alternative.'
Meanwhile, the Bangladesh Jewellers Association (BAJUS) increased the price of gold on Wednesday (November 27) evening and set a new price. According to the new price, the price of 22-carat gold will be Tk138,708. 21-carat gold will be Tk132,398 per bhori. 18-carat gold will be Tk113,491 per bhori. The price of gold per bhori according to the traditional method is Tk93,160.
The decision to increase or decrease the price of gold on behalf of BAJUS was taken by the BAJUS Standing Committee on Pricing and Price Monitoring Committee. A member of this committee said, 'The decision to increase or decrease the price of my gold is taken based on the international market as well as the local market. If the price of mature gold increases in the local market, it is natural to decide to increase the price. On the other hand, if the price of mature gold decreases, the decision to reduce the price is taken. The global market price picture affects the price of pure gold.'
Economy Starting to Stabilize: Financial Advisor
The interim government's financial advisor, Dr Salehuddin Ahmed, said that the country's economy, which had started to deteriorate, has started to stabilize somewhat. At the same time, foreign exchange reserves are also increasing. Foreign partners are responding very positively in this regard.
He stated this at a trade conference organized by the Dhaka Chamber of Commerce and Industry (DCCI) at a hotel in the capital on Saturday (November 30).
At that time, Dr Salehuddin Ahmed also spoke about the irregularities and corruption of the previous government.
He said that the irregularities and corruption left by the previous government cannot be normalized in 2-4 months. However, no one will be able to launder money in the future.
Trade advisor Sheikh Bashir Uddin, DCCI President Ashraf Ahmed, Association of Bankers Bangladesh Limited (ABB) Chairman Selim RF Hussain, Foreign Investors Chamber of Commerce and Industry (FICCI) President Javed Akhtar and others were present at the time.
China Discovers World's Largest Gold Deposit Worth $83 Billion
A massive deposit of high-quality gold ore, containing an estimated 1,000 metric tons (1,100 US tons) of gold, has been uncovered in central China.
Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa, News Az reports, citing foreign media.
The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.
These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.
"Many drilled rock cores showed visible gold," says bureau prospector Chen Rulin.
Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.
China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024 with its mining industry contributing around 10 percent of the global output.
Announcements of the findings have contributed to a further increase in the already skyrocketing gold price as demands for the resource continue to rise amid global uncertainty.
Based on these latest findings, we might be far from exhausting economically viable reserves.
Core samples taken around the periphery of the Hunan site hint that the deposit may extend even further than initial predictions, making the reservoir beneath its soil a true dragon's haul.
It's been a notable year for gold discoveries.
In March, a treasure hunter in England found what was estimated to perhaps be the biggest gold nugget ever found in the country.
And just two months ago, research by scientists in Australia discovered a new mechanism that may lead to the formation of gold, suggesting the seismic activity of earthquakes actually plays a role in the creation of large nuggets.
But that's not all. In addition to learning more about how gold naturally forms, scientists are also investigating new things that can be done to manipulate the precious resource.
A study published in April reported the creation of a new kind of two-dimensional gold called 'goldene', measuring only a single layer of atoms in height, which has some interesting properties not seen in the three-dimensional form of gold.
While gold is an ancient metal that has been prized all throughout human history, there's clearly a lot we're still finding out about it.
