(১৮৮৯) SEC hopes to see mutual funds' idle money in stock market
SEC hopes to see mutual funds' idle money in stock market
The securities regulator Wednesday assured the asset management companies of considering their proposal for freehand investment in the stock market for the time being to increase liquidity flow, officials said.
The assurance came at a scheduled meeting held between the Securities and Exchange Commission (SEC) and the representatives of asset management companies to find out supportive measures for restoring the market's stability.
SEC Executive Director Mohammad Saifur Rahamn said at the meeting that the asset managers sought postponement of Section 56 of the Mutual Fund Act 2001 for some time, so that they can freely support the market, injecting idle funds.
"The SEC has expressed its optimism for considering their proposal for the sake of the market," Mr. Rahman told reporters at a press briefing where the leaders of asset management companies were present.
As per the Section 56 of the Mutual Fund Act 2001, a fund manager is permitted to invest 75 per cent of a scheme in the stock market.
They can invest maximum 10 per cent and 25 per cent of a scheme in the shares of a company and a sector respectively.
Earlier, the SEC relaxed the investment bindings for mutual funds from January to March, 2011.
"The regulator expects this time also some idle money of mutual funds to be injected in the stock market due to relaxation of investment bindings," Mr. Rahman added.
He said the regulator is trying its best to revive the stability of the stock market.
"An outcome of the continuous efforts of SEC was Wednesday's meeting. We all are optimistic about the restoration of stability to the stock market," Mr Rahman said.
AIMS Managing Director and CEO Yawar Sayeed said the dividends of mutual funds are likely to be below expectation in the next fiscal as the government recently imposed taxes on mutual funds.
"The mutual funds never faced tax measures as these are not companies and run by trustees. The SEC should make the government realise it to re-consider the issue so that better dividends can be offered to unit holders," Mr. Sayeed said.
The securities regulator Wednesday assured the asset management companies of considering their proposal for freehand investment in the stock market for the time being to increase liquidity flow, officials said.
The assurance came at a scheduled meeting held between the Securities and Exchange Commission (SEC) and the representatives of asset management companies to find out supportive measures for restoring the market's stability.
SEC Executive Director Mohammad Saifur Rahamn said at the meeting that the asset managers sought postponement of Section 56 of the Mutual Fund Act 2001 for some time, so that they can freely support the market, injecting idle funds.
"The SEC has expressed its optimism for considering their proposal for the sake of the market," Mr. Rahman told reporters at a press briefing where the leaders of asset management companies were present.
As per the Section 56 of the Mutual Fund Act 2001, a fund manager is permitted to invest 75 per cent of a scheme in the stock market.
They can invest maximum 10 per cent and 25 per cent of a scheme in the shares of a company and a sector respectively.
Earlier, the SEC relaxed the investment bindings for mutual funds from January to March, 2011.
"The regulator expects this time also some idle money of mutual funds to be injected in the stock market due to relaxation of investment bindings," Mr. Rahman added.
He said the regulator is trying its best to revive the stability of the stock market.
"An outcome of the continuous efforts of SEC was Wednesday's meeting. We all are optimistic about the restoration of stability to the stock market," Mr Rahman said.
AIMS Managing Director and CEO Yawar Sayeed said the dividends of mutual funds are likely to be below expectation in the next fiscal as the government recently imposed taxes on mutual funds.
"The mutual funds never faced tax measures as these are not companies and run by trustees. The SEC should make the government realise it to re-consider the issue so that better dividends can be offered to unit holders," Mr. Sayeed said.
(১৮৮৮) বিনিয়োগের নির্দেশ
মিউচুয়াল ফান্ডগুলোকে বিধি অনুযায়ী বিনিয়োগের নির্দেশ দিয়েছে পুঁজিবাজার নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশন (এসইসি)।
বিভিন্ন সম্পদ ব্যবস্থাপনা কোম্পানির প্রধান নির্বাহীর সঙ্গে বাজারের সাম্প্রতিক পরিস্থিতি নিয়ে আয়োজিত এক বৈঠকে এসইসি এ নির্দেশ দেয়।
বৈঠক সূত্রে জানা গেছে, এ সময় মিউচুয়াল ফান্ডগুলোর বিনিয়োগের তথ্য তুলে ধরে সংস্থাটির পক্ষ থেকে বলা হয়, সম্পদ ব্যবস্থাপনা কোম্পানিগুলো নিয়মানুযায়ী বাজারে বিনিয়োগ করছে না। বিধি অনুযায়ী মিউচুয়াল ফান্ডের মোট তহবিলের ৭৫ শতাংশ পুঁজিবাজারে বিনিয়োগের কথা। কিন্তু অনেক মিউচুয়াল ফান্ড ওই পরিমাণ বিনিয়োগ না করে ব্যাংকে টাকা গচ্ছিত রাখছে। এতে বাজারে নতুন নতুন মিউচুয়াল ফান্ডের অনুমোদন দেওয়ার আসল উদ্দেশ্য ব্যাহত হচ্ছে। এ অবস্থায় মিউচুয়াল ফান্ডগুলোকে আরও বেশি সক্রিয় হওয়ার আহ্বান জানিয়েছে এসইসি।
এর জবাবে সম্পদ ব্যবস্থাপনা কোম্পানিগুলোর পক্ষ থেকে বলা হয়েছে, মিউচুয়াল ফান্ড বিধিমালার কিছু বিধিনিষেধের কারণে তাদের বিনিয়োগ বাধাগ্রস্ত হচ্ছে। তারা চাইলেও মিউচুয়াল ফান্ড বিধিমালার পঞ্চম তফসিলের কারণে পুঁজিবাজারে তালিকাভুক্ত একক প্রতিষ্ঠানের শেয়ারে ১০ শতাংশ ও একক খাতে সর্বোচ্চ ২৫ শতাংশের বেশি বিনিয়োগ করতে পারে না। এ কারণে অনেক সময় অলস টাকা থাকলেও তাদের পক্ষে বিনিয়োগ করা সম্ভব হয় না। এ যুক্তিতে সংশ্লিষ্ট ধারাটি স্থগিত রাখার সুপারিশ করেছে সম্পদ ব্যবস্থাপনা কোম্পানিগুলো।
একই সঙ্গে চলতি অর্থবছরের বাজেটে মিউচুয়াল ফান্ডের আয়ের ওপর নতুনভাবে কর আরোপের বিধানটিও প্রত্যাহারের জন্য কার্যকর পদক্ষেপ নিতে এসইসির প্রতি আহ্বান জানিয়েছেন সম্পদ ব্যবস্থাপনা কোম্পানিগুলোর নির্বাহীরা। তাঁরা বলেন, বর্তমানে মিউচুয়াল ফান্ডগুলো ত্রিমুখী করের চাপে রয়েছে। করের বোঝা কমানো না গেলে মিউচুয়াল ফান্ডগুলো লাভজনকভাবে পরিচালনা করা কঠিন হবে।
এ ব্যাপারে এসইসির পক্ষ থেকে বলা হয়েছে, বিষয়টি জাতীয় রাজস্ব বোর্ডের (এনবিআর) এখতিয়ারভুক্ত। তার পরও সংশ্লিষ্ট ব্যক্তিদের সঙ্গে এ ব্যাপারে কথা বলা হবে। একই সঙ্গে সম্পদ ব্যবস্থাপনা কোম্পানিগুলোকে সম্মিলিতভাবে বিষয়টি নিয়ে এনবিআরের সঙ্গে কথা বলার পরামর্শ দিয়েছে এসইসি।
বৈঠক শেষে এসইসির মুখপাত্র ও নির্বাহী পরিচালক সাইফুর রহমান সাংবাদিকদের বলেন, মিউচুয়াল ফান্ড নীতিমালার পঞ্চম তফসিলে পুঁজিবাজারে বিনিয়োগের ব্যাপারে কিছু বিধিনিষেধ রয়েছে। সম্পদ ব্যবস্থাপনা কোম্পানির পক্ষ থেকে ওই বিধিনিষেধ স্থগিত করার সুপারিশ করা হয়েছে। কমিশন তাদের এ বিষয়টি সক্রিয়ভাবে বিবেচনা করার আশ্বাস দিয়েছে।
সাইফুর রহমান বলেন, গত জানুয়ারি থেকে মার্চ পর্যন্ত এ বিষয়টি শিথিল করা হয়েছিল। এবারও এটা শিথিল করা হলে মিউচুয়াল ফান্ডের কিছু অলস টাকা বাজারে আসবে। এতে কিছুটা হলেও বাজারে তারল্যসংকট কমবে।
সাইফুর রহমান আরও বলেন, ‘পুঁজিবাজারে আস্থা ফিরিয়ে আনার চেষ্টা করছে এসইসি। এরই ধারাবাহিকতায় সম্পদ ব্যবস্থাপকদের সঙ্গে বৈঠক হয়েছে। আমরা সবাই একটি স্থিতিশীল পুঁজিবাজার আশা করছি।’
সম্পদ ব্যবস্থাপনা কোম্পানি এইমস অব বাংলাদেশের প্রধান নির্বাহী কর্মকর্তা ইয়াওয়ার সায়ীদ সাংবাদিকদের বলেন, চলতি বাজেটে মিউচুয়াল ফান্ডগুলোর ওপর কর আরোপ করা হয়েছে। এতে মিউচুয়াল ফান্ডগুলোর ওপর বিরূপ প্রভাব পড়বে। নতুন কর আরোপের ফলে তাঁদের লভ্যাংশ ঘোষণার সক্ষমতা ভবিষ্যতে অনেকাংশে কমে যাবে।
(১৮৭৭) Muhith looks to $1b IMF loan under ECF
Muhith looks to $1b IMF loan under ECF
Power, energy price hike tagged to it
Finance Minister AMA Muhith sought Wednesday $1.0 billion in loan from the International Monetary Fund (IMF) under its Extended Credit Facility (ECF) arrangement to support the government to address the current growing pressure on the country's balance of payments (BoP) situation.
The government has to raise the power and energy prices to fulfill one of the conditions for becoming eligible for getting the ECF loan, the Finance Minister admitted.
Mr Muhith was speaking to reporters after a meeting with IMF's Article-4 mission, led by Mission Chief David Cowen.
"The real problem lies with the BoP situation now, for which we have sought loans from ECF of IMF," the minister told reporters at the conference room of Ministry of Finance (MoF).
''We should get a $1.0 billion fund under the programme as budget support."
The ECF was created under the newly established Poverty Reduction and Growth Trust as part of a broader reform to make the Fund's financial support more flexible and better tailored to the diverse needs, including in times of crisis.
The ECF succeeds PRGF (Poverty Reduction Growth Facility) as the Fund's main tool for providing medium-term support to the low-income countries.
Responding to query, the Finance Minister said IMF had called for reducing the subsidy bill to lower the budget deficit and pressure on BoP. The government has to increase the prices of energy and power for the purpose, he added.
"Obviously," was the answer of Mr Muhith when he was asked whether the prices of power and energy would be adjusted to become eligible for the ECF of IMF.
Brushing aside the possibility of any further shooting up of inflation rate due to any upward adjustment of energy prices, Mr Muhith said, "Rather, inflation would be tamed after adjusting energy and power prices."
He said, "If the government borrows money from the banking system, it would have a definite impact on inflation."
Furthermore, heavy public sector borrowing has a negative impact on the private sector, the minister noted.
The IMF's Mission Chief on Tuesday at a luncheon meeting of American Chamber of Commerce and Industry (AmCham) said the country's overall BoP was in a deficit for the first time in a decade, leading to losses of foreign exchange reserves, "notwithstanding positive valuation efforts" in FY11.
The country's BoP showed a deficit of $635 million in FY 2010-11 against the surplus of $2.87 billion of the previous fiscal, according to Bangladesh Bank (BB).
AMA Muhith said IMF is in favour of extending ECF support to Bangladesh. An ECF delegation of the IMF will visit the country soon to finalise the loan package.
He said the government would amend income tax laws, Value Added Tax (VAT) Act as a part of the reform programme for the country's financial sector.
IMF has proposed a specific timeframe to bring about reforms in some areas of the financial sector, the Finance Minister said.
Expressing deep concern, Mr Muhith said mainly due to price-hike of fuel and energy in the international market, the budget subsidy might increase.
"IMF has asked us to keep the budget deficit within five per cent of GDP," Mr Muhith told the reporters.
A source in the MoF said the amount of subsidy in fiscal 2010-2011 was about Tk 82 billion.
A total of Tk 50 billion has been earmarked as the subsidy bill in the current fiscal year. If the petroleum prices are not revised upward, the amount of subsidy might be doubled in the current fiscal, officials at the MoF forecast.
UNB adds: The US$ 1.0 billion Extended Credit Facility (ECF) from the International Monetary Fund for Bangladesh is unlikely to be released in the current fiscal, Finance Minister AMA Muhith indicated.
'The IMF credit (ECF) in this year… I don't know," Muhith told reporters after a seven-member delegation of the IMF met him Wednesday at his Ministry.
David Cowen, deputy division chief in Asia and Pacific Department of IMF, led the delegation.
The Finance Minister said the government was expecting the ECF fund support from IMF after the Article IV consultation.
He said the ECF deal was structured, basing mainly on the expectations of the government. "And not a single condition was laid down by the IMF. They just gave the time-line."
Muhith said the ECF is now important as there is a real balance of payment (BoP) problem in the country. "It should be perused and we should get the benefit."
About the inflation and the possible measures to lower the subsidy bill, Muhith said the members of the delegation expressed their concern over the issues and those are the government's concerns, too.
Muhith hinted at further hiking the energy and power tariffs. "We've recently discussed various strategies for facing the subsidy challenge and you'll be informed when we take the steps."
'If the government borrows from the market, the private sector will be deprived of credit support and it's a distortion. This distortion is harmful," he added.
Replying to a query, Muhith said the IMF delegation did not say anything about the government's move to give licences to new banks.
About the government's growth projection at 7.0 per cent in the current fiscal, the IMF delegation was seen positive, but expressed their concern about the balance of payment (BoP) situation.
Muhith said the delegation also cited various issues relating to issues in areas of the financial, banking, monetary and exchange rate-related fields.
About exchange rate, Muhith expressed the hope that the Bangladesh currency would not depreciate to the extent of having dampening impact on imports.
He said the export sector would continue to grow as the power situation is under control and sufficient investments have been made. Remittance is rising and steps have been taken to facilitate increased inflow of remittance by augmenting export of manpower.
The Finance Minister further said the World Bank and IMF must take some actions to develop a mechanism to help stabilise the international food and oil prices.
About the budget support, Muhith said already there were discussions with the World Bank and JICA, and there will be discussion with the ADB, too.
Power, energy price hike tagged to it
Finance Minister AMA Muhith sought Wednesday $1.0 billion in loan from the International Monetary Fund (IMF) under its Extended Credit Facility (ECF) arrangement to support the government to address the current growing pressure on the country's balance of payments (BoP) situation.
The government has to raise the power and energy prices to fulfill one of the conditions for becoming eligible for getting the ECF loan, the Finance Minister admitted.
Mr Muhith was speaking to reporters after a meeting with IMF's Article-4 mission, led by Mission Chief David Cowen.
"The real problem lies with the BoP situation now, for which we have sought loans from ECF of IMF," the minister told reporters at the conference room of Ministry of Finance (MoF).
''We should get a $1.0 billion fund under the programme as budget support."
The ECF was created under the newly established Poverty Reduction and Growth Trust as part of a broader reform to make the Fund's financial support more flexible and better tailored to the diverse needs, including in times of crisis.
The ECF succeeds PRGF (Poverty Reduction Growth Facility) as the Fund's main tool for providing medium-term support to the low-income countries.
Responding to query, the Finance Minister said IMF had called for reducing the subsidy bill to lower the budget deficit and pressure on BoP. The government has to increase the prices of energy and power for the purpose, he added.
"Obviously," was the answer of Mr Muhith when he was asked whether the prices of power and energy would be adjusted to become eligible for the ECF of IMF.
Brushing aside the possibility of any further shooting up of inflation rate due to any upward adjustment of energy prices, Mr Muhith said, "Rather, inflation would be tamed after adjusting energy and power prices."
He said, "If the government borrows money from the banking system, it would have a definite impact on inflation."
Furthermore, heavy public sector borrowing has a negative impact on the private sector, the minister noted.
The IMF's Mission Chief on Tuesday at a luncheon meeting of American Chamber of Commerce and Industry (AmCham) said the country's overall BoP was in a deficit for the first time in a decade, leading to losses of foreign exchange reserves, "notwithstanding positive valuation efforts" in FY11.
The country's BoP showed a deficit of $635 million in FY 2010-11 against the surplus of $2.87 billion of the previous fiscal, according to Bangladesh Bank (BB).
AMA Muhith said IMF is in favour of extending ECF support to Bangladesh. An ECF delegation of the IMF will visit the country soon to finalise the loan package.
He said the government would amend income tax laws, Value Added Tax (VAT) Act as a part of the reform programme for the country's financial sector.
IMF has proposed a specific timeframe to bring about reforms in some areas of the financial sector, the Finance Minister said.
Expressing deep concern, Mr Muhith said mainly due to price-hike of fuel and energy in the international market, the budget subsidy might increase.
"IMF has asked us to keep the budget deficit within five per cent of GDP," Mr Muhith told the reporters.
A source in the MoF said the amount of subsidy in fiscal 2010-2011 was about Tk 82 billion.
A total of Tk 50 billion has been earmarked as the subsidy bill in the current fiscal year. If the petroleum prices are not revised upward, the amount of subsidy might be doubled in the current fiscal, officials at the MoF forecast.
UNB adds: The US$ 1.0 billion Extended Credit Facility (ECF) from the International Monetary Fund for Bangladesh is unlikely to be released in the current fiscal, Finance Minister AMA Muhith indicated.
'The IMF credit (ECF) in this year… I don't know," Muhith told reporters after a seven-member delegation of the IMF met him Wednesday at his Ministry.
David Cowen, deputy division chief in Asia and Pacific Department of IMF, led the delegation.
The Finance Minister said the government was expecting the ECF fund support from IMF after the Article IV consultation.
He said the ECF deal was structured, basing mainly on the expectations of the government. "And not a single condition was laid down by the IMF. They just gave the time-line."
Muhith said the ECF is now important as there is a real balance of payment (BoP) problem in the country. "It should be perused and we should get the benefit."
About the inflation and the possible measures to lower the subsidy bill, Muhith said the members of the delegation expressed their concern over the issues and those are the government's concerns, too.
Muhith hinted at further hiking the energy and power tariffs. "We've recently discussed various strategies for facing the subsidy challenge and you'll be informed when we take the steps."
'If the government borrows from the market, the private sector will be deprived of credit support and it's a distortion. This distortion is harmful," he added.
Replying to a query, Muhith said the IMF delegation did not say anything about the government's move to give licences to new banks.
About the government's growth projection at 7.0 per cent in the current fiscal, the IMF delegation was seen positive, but expressed their concern about the balance of payment (BoP) situation.
Muhith said the delegation also cited various issues relating to issues in areas of the financial, banking, monetary and exchange rate-related fields.
About exchange rate, Muhith expressed the hope that the Bangladesh currency would not depreciate to the extent of having dampening impact on imports.
He said the export sector would continue to grow as the power situation is under control and sufficient investments have been made. Remittance is rising and steps have been taken to facilitate increased inflow of remittance by augmenting export of manpower.
The Finance Minister further said the World Bank and IMF must take some actions to develop a mechanism to help stabilise the international food and oil prices.
About the budget support, Muhith said already there were discussions with the World Bank and JICA, and there will be discussion with the ADB, too.
(১৮৭৬) কোনো নতুন ব্যাংকের
বিএনপির ভারপ্রাপ্ত মহাসচিব মির্জা ফখরুল ইসলাম আলমগীর বলেছেন, দেশে কোনো নতুন ব্যাংকের প্রয়োজন নেই। তার পরও সরকার দলীয় বিবেচনায় ব্যাংকের অনুমোদন দিয়েছে। জাতীয়তাবাদী বাস্তুহারা দলের নবগঠিত কমিটির সদস্যদের নিয়ে আজ বৃহস্পতিবার জিয়াউর রহমানের কবরে শ্রদ্ধা জানাতে গিয়ে তিনি এ কথা বলেন।
মির্জা ফখরুল দাবি করেন, ‘এ সরকারের কারণে দেশের সামষ্টিক অর্থনীতি এখন বিপর্যয়ের মুখে। সর্বস্তরের দুর্নীতির কারণে বিদেশিদের কাছে দেশের ভাবমূর্তি নষ্ট হচ্ছে। বড় বড় প্রকল্পের কাজ থমকে গেছে।’
বিএনপির মধ্যে কোনো কোন্দল বা ভাঙন নেই বলে জানিয়েছেন দলের ভারপ্রাপ্ত মহাসচিব। তিনি বলেন, বিএনপি আগের চেয়ে অনেক বেশি ঐক্যবদ্ধ। সামনের আন্দোলনে জনগণ সেটা বুঝতে পারবে। অত্যন্ত দুঃখজনকভাবে রাজনৈতিক দেউলিয়াত্বের কারণে আওয়ামী লীগ বিএনপিকে ভেঙে ফেলার ষড়যন্ত্র করছে অথবা পত্রপত্রিকায় বিভিন্ন খবর প্রকাশ করে একটি অপপ্রয়াস চালাচ্ছে।
আওয়ামী লীগের বেশ কিছু নেতা বিরোধী রাজনৈতিক দলগুলোর সঙ্গে যোগাযোগ করছে উল্লেখ করে মির্জা ফখরুল বলেন, ‘আওয়ামী লীগের বেশ কিছু নেতা, যাঁরা মনে করেন যে সরকার সঠিকভাবে চলছে না, দুর্নীতি বেড়ে গেছে, গণতন্ত্রকে বাধাগ্রস্ত করা হচ্ছে। তাঁরা পার্লামেন্টে বলেছেন, বাইরেও বলছেন। তাঁরা নিঃসন্দেহে বিরোধী রাজনৈতিক দলগুলোর সঙ্গে যোগাযোগ করছেন।’
(১৮৭৫) The Asian Development Bank (ADB) said
ADB forecasts 7pc GDP growth this fiscal
The Asian Development Bank (ADB) said Wednesday the Bangladesh economy is projected to grow at the rate of 7.0 per cent in the current fiscal year (FY), 2011-12, because of continued export growth and expansionary domestic demand due to increased remittance inflow and higher income.
The Manila-based anti-poverty lender has raised its gross domestic product (GDP) growth forecast rate for Bangladesh to 7.0 per cent from the previous 6.7 per cent, projected in Asian Development Outlook (ADO) in April 2011.
The ADB Dhaka office Wednesday released the ADO 2011 update in presence of its Country Director Thevakumar Kandiah, senior country specialist Mohammad Zahid Hossain and other officials.
"GDP growth in the FY 2012 is projected at the rate of 7.0 per cent, higher than the ADO 2011 forecast of 6.7 per cent. Strong export growth is seen, though volume growth will be lower than the previous year (as the cyclical rebound will no longer be felt)," said Zahid Hossain.
The expected expansion in domestic demand stems from the growth-oriented economic policies, rising income and pick-up in remittances, he said at a briefing on the occasion of realising the ADO 2011 update.
The ADB, however, cautioned the government about the inflationary pressure and four other challenges for achieving the projected higher economic growth in the current fiscal.
"The monetary policy stance may be compromised to meet the higher growth target, or the attempted tightening may not control inflation or contain import demand," said Mr Hossain.
He said: "The expected revenue and external financing may not be mobilised as planned, failure to boost power generation could hold back industrial expansion, political instability could affect economic activities, and natural disasters remain a perennial risk."
The ADB's update projected an 8.5 per cent inflation rate on an average in the current FY, which is one percentage point higher than the government's 7.5 per cent projection in the national budget.
The ADB's country specialist said: "To keep inflation within the rate projected in this update, the central bank would need to bring down annual money and credit growth to, at least, 18.5 per cent and 20 per cent respectively."
When asked about the government's stance on achieving higher GDP growth amid upward inflationary pressure in the current fiscal, Mr Hossain said keeping balance between the two macro-economic variables is the major job of the government.
"It's really an art for a government. Time-bound measures in the monetary and fiscal policies for balancing the two things are very imperative. Both the issues will have to be managed by the government simultaneously," he said.
The ADB senior country specialist said as Bangladesh is maintaining a buoyant domestic demand growth, the supply-side management by the government is very essential to keep the inflation under control as well as to maintain the higher economic growth.
The ADO update 2011 said industrial growth is seen edging up to 8.8 per cent in the FY 2012, as exports perform well, and smaller and agro-based industries, alongside housing and constriction, expand.
Growth in agriculture is likely to decrease to 4.6 per cent from 5.0 per cent because of the higher base in the successive years, but expansion in cultivation of higher quality seeds and a better performance in livestock, poultry and fisheries will support the still-high growth, it said.
The service sector is expected to do well with 6.8 per cent growth, in line with industries' acceleration and pick-up in trade and transport activities and telecom services, the outlook forecasted.
"The import bill is expected to rise by 20 per cent in the FY 2012, reflecting the effects of the tighter monetary policy and the expected stability in prices of raw materials, including those related to export industries."
The growth of export receipts is projected at the rate of 15 per cent, close to the historical average, the ADO update said.
About the remittance inflow, the outlook said it is expected to grow by 12 per cent in the FY 12, but as in recent years, it will be unable to offset the expected trade, services and income account deficits.
"The current account is expected to move to a modest deficit of 0.3 per cent of GDP in this fiscal, from a 0.9 per cent surplus in the previous year," the outlook noted.
ADB Country Director Thevakumar Kandiah said the government needs to focus on building large infrastructures, energy upgradation, human resources development and reining in inflation to keep its upward economic growth and cut poverty.
On Asia, the ADB development outlook has projected a downward 7.5 per cent average economic growth in the FY 2012, instead of its earlier projection of 7.7 per cent, published in the last outlook of April 2011.
"Growth in South Asia is also slowing down this year, as monetary authorities move to combat the still high level of inflation. GDP is expected to expand at the rate of 7.2 per cent with the inflation forecast marked up to 9.1 per cent," the ADB outlook update said.
The Asian Development Bank (ADB) said Wednesday the Bangladesh economy is projected to grow at the rate of 7.0 per cent in the current fiscal year (FY), 2011-12, because of continued export growth and expansionary domestic demand due to increased remittance inflow and higher income.
The Manila-based anti-poverty lender has raised its gross domestic product (GDP) growth forecast rate for Bangladesh to 7.0 per cent from the previous 6.7 per cent, projected in Asian Development Outlook (ADO) in April 2011.
The ADB Dhaka office Wednesday released the ADO 2011 update in presence of its Country Director Thevakumar Kandiah, senior country specialist Mohammad Zahid Hossain and other officials.
"GDP growth in the FY 2012 is projected at the rate of 7.0 per cent, higher than the ADO 2011 forecast of 6.7 per cent. Strong export growth is seen, though volume growth will be lower than the previous year (as the cyclical rebound will no longer be felt)," said Zahid Hossain.
The expected expansion in domestic demand stems from the growth-oriented economic policies, rising income and pick-up in remittances, he said at a briefing on the occasion of realising the ADO 2011 update.
The ADB, however, cautioned the government about the inflationary pressure and four other challenges for achieving the projected higher economic growth in the current fiscal.
"The monetary policy stance may be compromised to meet the higher growth target, or the attempted tightening may not control inflation or contain import demand," said Mr Hossain.
He said: "The expected revenue and external financing may not be mobilised as planned, failure to boost power generation could hold back industrial expansion, political instability could affect economic activities, and natural disasters remain a perennial risk."
The ADB's update projected an 8.5 per cent inflation rate on an average in the current FY, which is one percentage point higher than the government's 7.5 per cent projection in the national budget.
The ADB's country specialist said: "To keep inflation within the rate projected in this update, the central bank would need to bring down annual money and credit growth to, at least, 18.5 per cent and 20 per cent respectively."
When asked about the government's stance on achieving higher GDP growth amid upward inflationary pressure in the current fiscal, Mr Hossain said keeping balance between the two macro-economic variables is the major job of the government.
"It's really an art for a government. Time-bound measures in the monetary and fiscal policies for balancing the two things are very imperative. Both the issues will have to be managed by the government simultaneously," he said.
The ADB senior country specialist said as Bangladesh is maintaining a buoyant domestic demand growth, the supply-side management by the government is very essential to keep the inflation under control as well as to maintain the higher economic growth.
The ADO update 2011 said industrial growth is seen edging up to 8.8 per cent in the FY 2012, as exports perform well, and smaller and agro-based industries, alongside housing and constriction, expand.
Growth in agriculture is likely to decrease to 4.6 per cent from 5.0 per cent because of the higher base in the successive years, but expansion in cultivation of higher quality seeds and a better performance in livestock, poultry and fisheries will support the still-high growth, it said.
The service sector is expected to do well with 6.8 per cent growth, in line with industries' acceleration and pick-up in trade and transport activities and telecom services, the outlook forecasted.
"The import bill is expected to rise by 20 per cent in the FY 2012, reflecting the effects of the tighter monetary policy and the expected stability in prices of raw materials, including those related to export industries."
The growth of export receipts is projected at the rate of 15 per cent, close to the historical average, the ADO update said.
About the remittance inflow, the outlook said it is expected to grow by 12 per cent in the FY 12, but as in recent years, it will be unable to offset the expected trade, services and income account deficits.
"The current account is expected to move to a modest deficit of 0.3 per cent of GDP in this fiscal, from a 0.9 per cent surplus in the previous year," the outlook noted.
ADB Country Director Thevakumar Kandiah said the government needs to focus on building large infrastructures, energy upgradation, human resources development and reining in inflation to keep its upward economic growth and cut poverty.
On Asia, the ADB development outlook has projected a downward 7.5 per cent average economic growth in the FY 2012, instead of its earlier projection of 7.7 per cent, published in the last outlook of April 2011.
"Growth in South Asia is also slowing down this year, as monetary authorities move to combat the still high level of inflation. GDP is expected to expand at the rate of 7.2 per cent with the inflation forecast marked up to 9.1 per cent," the ADB outlook update said.
(১৮৭৪) ঘটেছে এক অবাক ঘটনা
নেদারল্যান্ডসে ঘটেছে এক অবাক ঘটনা। ৬২ বছর বয়সী এক পুরুষ এক নারীর বিরুদ্ধে আদালতে মামলা ঠুকেছেন। মামলার অভিযোগে বলা হয়েছে, ৪২ বছর বয়সী ওই নারী গত বছর তাঁকে ৬৫ হাজার বার ফোন করেছেন। দৈনিক হিসাবে তা ১৭৮ বার। ওই নারীর বিরামহীন ফোনে তাঁর জীবন এখন অতিষ্ঠ। এ পরিস্থিতিতে তিনি আদালতের শরণাপন্ন হয়েছেন।
অভিযোগকারী পুরুষ পুলিশকে জানিয়েছেন, ওই নারীর ফোন, খুদেবার্তা এবং ই-মেইলে তাঁর জীবন অতিষ্ঠ হয়ে উঠেছে। এ কারণেই তিনি ওই নারীর বিরুদ্ধে মামলা করতে বাধ্য হয়েছেন।
মামলার আইনজীবীরা জানিয়েছেন, অভিযুক্ত নারী দাবি করেছেন, ওই পুরুষের সঙ্গে তাঁর প্রেমের সম্পর্ক আছে। তবে ওই পুরুষকে অতিমাত্রায় বিরক্ত করার বিষয়টি তিনি অস্বীকার করেছেন।
এদিকে অভিযোগকারী পুরুষ ওই নারীর সঙ্গে কোনো ধরনের প্রেমের সম্পর্কের কথা নাকচ করেছেন।
ওই পুরুষের অভিযোগের পরপরই পুলিশ অভিযুক্ত নারীর রটারডামের বাসায় অভিযান চালায়। তারা সেখান থেকে ওই নারী মোবাইল ও বেশ কয়েকটি কম্পিউটার জব্দ করেছে।
প্রাথমিক শুনানির পর মামলার বিচারক শর্ত সাপেক্ষে ওই নারীর জামিন মঞ্জুর করেন। শর্তে বলা হয়, তিনি ওই পুরুষকে আর বিরক্ত করবেন না এবং একাকী থাকতে দেবেন।
কিন্তু মুক্তির কয়েক ঘণ্টা পরেই অভিযুক্ত নারী ওই পুরুষকে আবারও ফোন করেছেন বলে অভিযোগ করা হয়। এরপর তাঁকে আবার আটক করা হয়। শুনানির নতুন তারিখ নির্ধারণ করে ওই নারীকে আদালতে বিচারকের সামনে উপস্থাপন করা হবে বলে পুলিশ জানিয়েছে।
(১৮৭৩) BB board decides to allow some more new banks
BB board decides to allow some more new banks
Fresh applications to be invited within 10 days
The central bank will invite fresh applications for setting up of new private commercial banks (PCBs) within the next ten working days.
Its board of directors approved Wednesday a proposal on issuing licences for new PCBs.
The decision to invite fresh applications was taken at a meeting of the Board, held in the central bank on the day with Bangladesh Bank (BB) Governor Atiur Rahman in the chair.
"We'll invite fresh applications from interested sponsors, through advertisements in the media, to set up new banks," a BB executive director told the FE after the meeting.
He said the Board has decided to allow some new banks, considering the country's overall economic activities, along with its population growth.
The Board approved draft guidelines with some amendments. Some new clauses have been added to the previous ones.
"No licence for establishing new banks have been issued in the last 10 years but the economic activities have expanded substantially during the period," the BB executive director said, while replying to a query.
On August 24 last, the Board kept in abeyance a proposal to issue licences for new PCBs.
The meeting did not specify the number of banks to be approved during the process.
Under the amendments, no tax and bank loan defaulter will be allowed as sponsor directors of the new PCB and the amount of non-refundable fee at the time of filing applications has been increased to Tk 1.0 million from Tk 0.8 million earlier.
On September 5 last, the central bank published the draft guidelines to set up new banks, imposing a restriction on the number of directors in their proposed board to 13.
The paid-up capital of a new commercial bank will have to be Tk 4.0 billion as required under Bank Company Act 1991, the new guidelines said.
"The initial minimum capital of Tk 4.0 billion shall be provided by sponsors of any proposed bank," the BB said in its guidelines, adding that the bank shall issue public shares within three years from the date of commencement of the banking business.
"Public issues shall be, at least, equal to the amount of the sponsors' share capital," it added.
The capital base of the existing commercial banks comprise paid-up and reserve, amounting to a total of Tk 4.0 billion, while a minimum of Tk 2.0 billion has been added as in paid-up capital in the proposed capital base of a new PCB.
The minimum shareholding stake of each sponsor will be Tk 10 million, instead of the existing Tk 2.5 million and the maximum will be 10 per cent of the proposed bank's total share capital, according to the guidelines.
"This ceiling of 10 per cent applies to an individual, company or family member, either personally or jointly or both," it added.
"Family" is defined herewith to include spouse, father, mother, son, daughter, brother and sister of the individual or anyone dependent on that individual.
"The number of members of the board of directors shall be restricted to 13," the guidelines said, adding that the Chief Executive Officer (CEO) of the proposed bank shall have at least 15 years' experience in the banking profession.
Biographical reports and proof of citizenship for each director, CEO or MD and heads of operation, credit, finance, risk management, internal control, and information technology (IT), along with a feasibility report on the proposed banks, will have to be submitted to the central bank.
A new bank has to ensure financing, at least, 5.0 per cent of its total lending to the agricultural sector or as per instructions issued by the central bank from time to time, according to the guidelines.
"We've taken the latest move aiming to ensure food security through augmenting flow of farm credit disbursement across the country," another BB official told the FE.
Currently, all PCBs and foreign commercial banks are setting their agriculture credit disbursement target, at least, at 2.5 per cent of their total loan portfolios.
Relating to the branch expansion policy, the guidelines said the ratio of urban and rural bank branches has to be 1:1 or as per instruction issued by the BB from time to time.
On June 29 last, Finance Minister AMA Muhith told Parliament that the government would invite applications from the sponsors willing to set up new banks and life insurance companies.
Currently, a total of 47 commercial banks are in operation in Bangladesh.
Fresh applications to be invited within 10 days
The central bank will invite fresh applications for setting up of new private commercial banks (PCBs) within the next ten working days.
Its board of directors approved Wednesday a proposal on issuing licences for new PCBs.
The decision to invite fresh applications was taken at a meeting of the Board, held in the central bank on the day with Bangladesh Bank (BB) Governor Atiur Rahman in the chair.
"We'll invite fresh applications from interested sponsors, through advertisements in the media, to set up new banks," a BB executive director told the FE after the meeting.
He said the Board has decided to allow some new banks, considering the country's overall economic activities, along with its population growth.
The Board approved draft guidelines with some amendments. Some new clauses have been added to the previous ones.
"No licence for establishing new banks have been issued in the last 10 years but the economic activities have expanded substantially during the period," the BB executive director said, while replying to a query.
On August 24 last, the Board kept in abeyance a proposal to issue licences for new PCBs.
The meeting did not specify the number of banks to be approved during the process.
Under the amendments, no tax and bank loan defaulter will be allowed as sponsor directors of the new PCB and the amount of non-refundable fee at the time of filing applications has been increased to Tk 1.0 million from Tk 0.8 million earlier.
On September 5 last, the central bank published the draft guidelines to set up new banks, imposing a restriction on the number of directors in their proposed board to 13.
The paid-up capital of a new commercial bank will have to be Tk 4.0 billion as required under Bank Company Act 1991, the new guidelines said.
"The initial minimum capital of Tk 4.0 billion shall be provided by sponsors of any proposed bank," the BB said in its guidelines, adding that the bank shall issue public shares within three years from the date of commencement of the banking business.
"Public issues shall be, at least, equal to the amount of the sponsors' share capital," it added.
The capital base of the existing commercial banks comprise paid-up and reserve, amounting to a total of Tk 4.0 billion, while a minimum of Tk 2.0 billion has been added as in paid-up capital in the proposed capital base of a new PCB.
The minimum shareholding stake of each sponsor will be Tk 10 million, instead of the existing Tk 2.5 million and the maximum will be 10 per cent of the proposed bank's total share capital, according to the guidelines.
"This ceiling of 10 per cent applies to an individual, company or family member, either personally or jointly or both," it added.
"Family" is defined herewith to include spouse, father, mother, son, daughter, brother and sister of the individual or anyone dependent on that individual.
"The number of members of the board of directors shall be restricted to 13," the guidelines said, adding that the Chief Executive Officer (CEO) of the proposed bank shall have at least 15 years' experience in the banking profession.
Biographical reports and proof of citizenship for each director, CEO or MD and heads of operation, credit, finance, risk management, internal control, and information technology (IT), along with a feasibility report on the proposed banks, will have to be submitted to the central bank.
A new bank has to ensure financing, at least, 5.0 per cent of its total lending to the agricultural sector or as per instructions issued by the central bank from time to time, according to the guidelines.
"We've taken the latest move aiming to ensure food security through augmenting flow of farm credit disbursement across the country," another BB official told the FE.
Currently, all PCBs and foreign commercial banks are setting their agriculture credit disbursement target, at least, at 2.5 per cent of their total loan portfolios.
Relating to the branch expansion policy, the guidelines said the ratio of urban and rural bank branches has to be 1:1 or as per instruction issued by the BB from time to time.
On June 29 last, Finance Minister AMA Muhith told Parliament that the government would invite applications from the sponsors willing to set up new banks and life insurance companies.
Currently, a total of 47 commercial banks are in operation in Bangladesh.
(১৮৭২) মিউচুয়াল ফান্ডের সুখবর
মিউচুয়াল ফান্ডের বিনিয়োগের বিধিমালা ২ ও ৫ স্থগিত করার নীতিগত সিদ্ধান্ত নিয়েছে সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশন (এসইসি)। এর ফলে মিউচুয়াল ফান্ডগুলো পুঁজিবাজারে ব্যক্তি ও কোম্পানি খাতে আরো বেশি বিনিয়োগ করার সুযোগ পাবে।
এসইসির সঙ্গে অ্যাসেট ম্যানেজম্যান্ট কোম্পানিগুলোর বৈঠক শেষে এসইসির মুখপাত্র সাইফুর রহমান সাংবাদিকদের একথা জানান।
তিনি জানান, কমিশনের কাছে অ্যাসেট ম্যানেজম্যান্ট কোম্পানিগুলো বেশ কিছু সুপারিশ করেছে। এ সুপারিশগুলো বিবেচনা করে এসইসি তা সমাধানের ব্যবস্থা করবে বলে তাদের আশ্বস্ত করেছে।
এ সময় উপস্থিত ছিলেন, এইমস অ্যাসেট ম্যানেজম্যান্ট এর ব্যবস্থাপনা পরিচালক ইয়া ওয়ার সাঈদ, প্রাইম অ্যাসেট ম্যানেজম্যান্টের এমডি মঈন আল কাশেম প্রমুখ।
এইমস অ্যাসেট ম্যানেজম্যান্ট এর ব্যবস্থাপনা পরিচালক ইয়া ওয়ার সাঈদ বলেন, ‘মিউচুয়াল ফান্ডের উপর চলতি অর্থবছরে কর নির্ধারণ করা হয়েছে। এতে দেখা গেছে একই মিউচুয়াল ফান্ডে তিনবার করে কর দিতে হবে। তাই আমরা এ কর বাতিল করার জন্য সুপারিশ করেছি এসইসির কাছে’।
(১৮৭১) Insurance law lies as lame duck for lack rules!
The
newly enacted insurance law cannot be implemented since there are no
specific rules and regulations in place as yet to apply such law, opined
finance minister AMA Muhith.“As the insurance law made it mandatory to formulate the rules and regulations in this regard, the Insurance Development and Control Authority cannot work as rules and regulations are not yet formulated as per law,” he categorically said Wednesday.
The finance minister was talking to journalists after holding a meeting with the insurance development and control authority at his secretariat office.
Talking to the reporters the finance minister said, “The insurance authorities has so far formulated a total of 14 rules and regulations and, of them, only nine have so far been sent to the ministry for checking purpose.”
He added: “The authorities have also been asked to send the rest five rules and regulations to the ministry as soon as possible.”
About new license for insurance companies Muhith said, “The insurance authority has been asked to prepare a format in this regard.”
Chairman of the Insurance Development and Control Authority Shefaq Ahmed was also present at the meeting.
(১৮৭০) লেনদেন নিষ্পত্তির সময় তিন দিনে
ডিএসইর সভায় ১০ টাকা অভিহিত মূল্যের ১০০ টাকার শেয়ার নিয়ে অভিন্ন মার্কেট লট করা এবং লেনদেন নিষ্পত্তির সময় তিন দিনে নামিয়ে আনার ব্যাপারে একমত পোষণ করা হয়। বর্তমান শেয়ারবাজারে লেনদেন নিষ্পন্ন হতে ন্যূনতম চার কার্যদিবস সময় লাগে। পাশাপাশি বাজারের স্থিতিশীলতা ফিরিয়ে আনতে শেয়ার লেনদেনের ক্ষেত্রে টাকার আর্থিক সমন্বয় (নেটিং) সুবিধা চালু ও লেনদেনের করহার কমাতে নিয়ন্ত্রক সংস্থার কাছে ডিএসই লিখিত সুপারিশ করবে বলে জানা গেছে।
(১৮৬৯) Pragati assembled Pajero SUV hits market
Pragati assembled Pajero SUV hits market
Pragati Industries Ltd (PIL), the country’s lone state-run automobile assembling industry, on Wednesday launched Mitsubishi's new CR-45 Pajero SUV in the local market.
Industries Minister Dilip Barua formally inaugurated the marketing of the locally assembled sports jeep at a function at PIL sales centre in the city as the chief guest.
Industries secretary KH Masud Siddiqui, chairman of Bangladesh Steel and Engineering Corporation M Abu Hafiz and managing director of Pragati Industries Limited Engineer Mohammad Ali Chowdhury, among others, were also present.
The Minister informed that the initiative of assembling a new model jeep will keep the state-owned industry still a profit making venture as the Mitsubishi has already decided to stop production of its predecessor V31 due to diminishing demand from across the world.
“The government has taken a number of initiatives to keep the Pragati Industries Ltd a profit making venture as part of its electoral pledges. Assembling the new sports jeep and sedan cars are few of them,” Barua said.
A total of 30 Pajero sports jeeps have so far been assembled and 15 of them were sold to government organisations. Rangs Motors will sell the jeeps at private level.
Pragati Industries has set an yearly target to assemble 300 Parejo CR-45 sports jeeps at its assembly line.
In 2010-11 PIL made a nit profit of Tk 315 million, from Tk 255 million in the fiscal year 2009-10. In 2008-09 the profit was only Tk 166 million, Barua added.
Mitsubishi Motors Corporation and Pragati Industries Limited signed a five-year agreement on July 8, 2010 for the production and sale of this new Pajero jeep.
After visiting the PIL in July, 2009, Mitsubishi engineers expressed satisfaction over its overall condition and working atmosphere.
The price of the jeep has been fixed at Tk 69 lakh, but the buyer will get one percent discount in case of full payment in advance.
Pragati Industries Ltd (PIL), the country’s lone state-run automobile assembling industry, on Wednesday launched Mitsubishi's new CR-45 Pajero SUV in the local market.
Industries Minister Dilip Barua formally inaugurated the marketing of the locally assembled sports jeep at a function at PIL sales centre in the city as the chief guest.
Industries secretary KH Masud Siddiqui, chairman of Bangladesh Steel and Engineering Corporation M Abu Hafiz and managing director of Pragati Industries Limited Engineer Mohammad Ali Chowdhury, among others, were also present.
The Minister informed that the initiative of assembling a new model jeep will keep the state-owned industry still a profit making venture as the Mitsubishi has already decided to stop production of its predecessor V31 due to diminishing demand from across the world.
“The government has taken a number of initiatives to keep the Pragati Industries Ltd a profit making venture as part of its electoral pledges. Assembling the new sports jeep and sedan cars are few of them,” Barua said.
A total of 30 Pajero sports jeeps have so far been assembled and 15 of them were sold to government organisations. Rangs Motors will sell the jeeps at private level.
Pragati Industries has set an yearly target to assemble 300 Parejo CR-45 sports jeeps at its assembly line.
In 2010-11 PIL made a nit profit of Tk 315 million, from Tk 255 million in the fiscal year 2009-10. In 2008-09 the profit was only Tk 166 million, Barua added.
Mitsubishi Motors Corporation and Pragati Industries Limited signed a five-year agreement on July 8, 2010 for the production and sale of this new Pajero jeep.
After visiting the PIL in July, 2009, Mitsubishi engineers expressed satisfaction over its overall condition and working atmosphere.
The price of the jeep has been fixed at Tk 69 lakh, but the buyer will get one percent discount in case of full payment in advance.
(১৮৬৮) যাঁরা ঋণ করে শেয়ারবাজারে বিনিয়োগ করেছেন
শেয়ারবাজার :::: যোগাযোগ করা হলে ডিএসই সভাপতি শাকিল রিজভী বলেন, ‘বেশ কিছুদিন ধরে দরপতনের কারণে অনেক বিনিয়োগকারী আর্থিকভাবে চরম ক্ষতিগ্রস্ত হয়েছেন। যাঁরা ঋণ করে শেয়ারবাজারে বিনিয়োগ করেছেন, তাঁদের ক্ষতির পরিমাণ সবচেয়ে বেশি। সেসব বিনিয়োগকারী যাতে কিছুটা ক্ষতি কাটিয়ে উঠতে পারেন, সে জন্য আমরা ঋণের সুদ ও সেবা মাশুল মওকুফের সুপারিশ করেছি। ঋণদাতা প্রতিষ্ঠানগুলোর সঙ্গে আলোচনা করে নির্দিষ্ট একটি সময়ের সুদ ও সেবা মাশুল মওকুফের ব্যবস্থা করা যেতে পারে। ব্যাংকিং ব্যবস্থায় এ ধরনের সুদ মওকুফের ব্যবস্থা চালু আছে।’
(১৮৬৭) NBR expects Tk 300cr from income tax fair
NBR expects Tk 300cr from income tax fair
Countrywide weeklong show begins Sept 17
The income tax fair is aimed at creating awareness about tax payment and boosting revenue collection.
The NBR expects to receive 100,000 visitors at the show, the second of its kind in Bangladesh, where only 9 lakh out of 26 lakh tax identification number holders pay tax now.
"We expect people to come voluntarily to pay tax, and that's why we are oraganising the fair,” said NBR Chairman Nasiruddin Ahmed at a news conference at its office yesterday.
In Dhaka, the fair will be held at Officers' Club on Bailey Road.
It will remain open for visitors from 10am to 6pm. The visitors will obtain TIN instantly, get aid in filling in tax return forms, assess taxes by using the "tax calculator" software available at the NBR website.
The taxpayers will also be able to deposit their taxes at bank booths to be available at the fair.
Ahmed said the NBR will provide these services to visitors and prospective taxpayers through 50 booths at the fair.
The tax administrator organises the event, inspired by the response among the new taxpayers it received in the first income tax fair last year.
Some 52,440 TIN holders submitted their tax returns, facilitating the NBR to collect Tk 113 crore in income tax receipts from the fair.
Of the 52,440 TINs submitted at the fair last year, one third was of the new taxpayers, said Ahmed, also secretary to the Internal Resources Division of the finance ministry.
“The success of the last year's fair inspired us to hold it for the second time. We didn't expect such crowds last year,'' said the NBR chief.
Last year, the NBR organised fair only in Dhaka and Chittagong. The event will spread in other five divisional cities this year.
Marking the fair, the tax authority will honour 350 large and long time taxpayers with the objective of motivating others to pay taxes regularly and help the government boost revenue collection to implement annual budgetary plans.
The NBR saw a 27 percent rise in total revenue collection to Tk 79,091 crore in fiscal 2010-11 from Tk 62,042 crore the previous year. Income tax is the second biggest source of revenue after value added tax.
(১৮৬৬) ক্ষতিগ্রস্ত বিনিয়োগকারীদের মওকুফ
দরপতনে ক্ষতিগ্রস্ত বিনিয়োগকারীদের সুদ ও সেবা মাশুল মওকুফের সুপারিশ করেছে ঢাকা স্টক এক্সচেঞ্জ (ডিএসই)। একই সঙ্গে সংস্থাটি লেনদেন নিষ্পত্তির সময় এক দিন কমিয়ে আনা ও শেয়ারের অভিন্ন মার্কেট লট করার সুপারিশ করেছে। গতকাল বুধবার অনুষ্ঠিত ডিএসইর পরিচালনা পর্ষদের সভায় এসব সুপারিশ গ্রহণ করা হয়।
ডিএসই বলছে, এসব সুপারিশ লিখিতভাবে নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনে (এসইসি) জমা দেওয়া হবে। কমিশনই সুপারিশগুলো বাস্তবায়নের ব্যাপারে প্রয়োজনীয় ব্যবস্থা নেবে।
(১৮৬৫) Govt seeks loans from IMF to cut pressure on BoP
Govt seeks loans from IMF to cut pressure on BoP
“Earlier IMF had wanted to help us but we did not need it then. We need it now. We really have problems,” Muhith told reporters after a meeting with the visiting IMF mission.
The government seeks assistance from IMF to reduce pressure on balance of payments, Muhith said.
The chief of the IMF delegation, David Cowen, held a meeting with Muhith at the minister's secretariat office on the macroeconomic situation.
There has been heavy pressure on balance of payments (BoP; and the foreign exchange reserves will also fall substantially.
Muhith said the government sought budget support from the World Bank, Asian Development Bank and Japan as well.
“In 2010, IMF wanted to assist us though we did not want it,” he said.
As the government has made a fresh request for assistance, an IMF mission may soon visit Dhaka to discuss the matter, Muhith said. But he was not sure whether the assistance will be available in the current fiscal year.
Earlier, IMF had backtracked on its pledge to provide $1 billion under the extended credit facility as the government did not meet the conditions in time. For the same reason, the WB did not give $1 billion in expected assistance either.
(১৮৬৪) গ্রামীণফোন-GP-এক্সক্লুসিভ
দেশের সবচেয়ে বড় মোবাইল অপারেটিং কোম্পানি গ্রামীণফোন স্থানীয় ব্যাংকগুলো 
থেকে ১ হাজার ১০২ কোটি ৫০ লাখ টাকা ঋণ নিবে।
ঢাকা স্টক এক্সচেঞ্জের (ডিএসই) ওয়েবসাইটে বৃহস্পতিবার এ তথ্য প্রকাশ করা হয়েছে।
কোম্পানির পরিচালনা পর্ষদের সভায় এ ঋণ নেওয়ার বিষয়টি অনুমোদন দেওয়া হয়। এ ঋণ নিয়ে মূলধনী ব্যবস্থাকে কার্যকর করবে বলে জানিয়েছে কোম্পানিটি।
টেলিযোগাযোগ খাতের ‘এ’ ক্যাটাগরির গ্রামীণফোন ২০০৯ সালে পুঁজিবাজারে তালিকাভুক্ত হয়। এর অনুমোদিত মূলধন ৪ হাজার কোটি টাকা ও পরিশোধিত মূলধন ১ হাজার ৩৫০ কোটি ৩০ লাখ টাকা। ১০ টাকা ফেসভ্যালুর এ শেয়ারের মার্কেট লট ২০০টিতে। গত এক মাসে এ শেয়ারের দর ১৬৬.৭০ টাকা থেকে ১৮১.১০ টাকার মধ্যে ওঠানামা করে।
সর্বশেষ আর্থিক প্রতিবেদন (জানুয়ারি ১১ - জুন ১১) অনুযায়ী গত ৬ মাসে প্রতিষ্ঠানটির কর পরিশোধের পর মুনাফা হয়েছে ৬৭৬ কোটি ৬৪ লাখ টাকা। এর আগের বছরের একই সময়ে মুনাফার পরিমাণ ছিলো ৪৮৩ কোটি ২৯ লাখ টাকা।
(১৮৬৩) Russian team visits nuclear power site in Pabnআ
Russian team visits nuclear power site in Pabna
A 14-member Russian team comprising technical experts on geology, hydrology and environment visited the Rooppur nuclear power project site at Ishwardi in Pabna yesterday.They also discussed the technical issues of the project's capacity with Bangladeshi experts on the sidelines of their two-day visit.
“Russian experts observed our project site and examined the water condition, geological status, hydrological condition and natural environment of the project site,” Dilip Kumar Boshak, additional secretary of the science and technology ministry, told The Daily Star.
“Now they physically visited our site to identify the need for technological assistance for installing the atomic energy plant,” he said.
The team will meet with the high officials of the Atomic Energy Commission and the science and technology ministry on Thursday in Dhaka, and will report to the Russian government for installing the nuclear plant here.
(১৮৬২) কিছুক্ষণের মধ্যে এ বৈঠক শুরু হবে
টানা দরপতনের প্রতিবাদে লেনদেন বন্ধ রাখতে বৃহস্পতিবার দুপুরে বিভিন্ন ব্রোকারেজ হাউজে গিয়ে গণসংযোগ করবে বাংলাদেশ পুঁজিবাজার বিনিয়োগকারী ঐক্য পরিষদ।
এছাড়া পুঁজিবাজারকে স্বাভাবিক করার লক্ষে এবং পূর্ব ঘোষিত ছয় দফা দাবি বাস্তবায়নে সংগঠনটি নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশন (এসইসি) ও ঢাকা স্টক এক্সচেঞ্জের (ডিএসই) কর্মকর্তাদের সঙ্গে বৈঠক করবে।
কিছুক্ষণের মধ্যে এ বৈঠক শুরু হবে।
এসইসির সঙ্গে বৈঠক হবে দুপুর সাড়ে ১২টায় ও ডিএসইর সঙ্গে দুপুর দেড়টায়।
দুপুর ২টায় বাংলাদেশ পুঁজিবাজার বিনিয়োগকারী ঐক্য পরিষদ বিভিন্ন ব্রোকারেজ হাউজে গিয়ে লেনদেন বন্ধ করার গণসংযোগ করবে।
সংগঠনের সভাপতি মিজান উর রশীদ চৌধুরী বলেন, ‘বাজার স্বাভাবিক না হওয়া পর্যন্ত আমাদের কর্মসূচি চলবে। এরই অংশ হিসেবে আমরা গণসংযোগ কর্মসূচি পালন করবো।’
তিনি বলেন, ‘বাজারের স্থিতিশীলতা দীর্ঘমেয়াদী করতে হলে প্রাতিষ্ঠানিক বিনিয়োগকারী ও ব্যক্তি বড় বিনিয়োগকারীদের বিনিয়োগে বাধ্য করাতে হবে। এজন্য সরকার ও এসইসিকে এ উদ্যোগ নিতে হবে।’
মিজান উর রশীদ বলেন, ‘পুঁজিবাজার ধ্বংসের মহানায়ক অর্থমন্ত্রী আবুল মাল আবদুল মুহিত ও বাংলাদেশ ব্যাংকের গভর্নর আতিউর রহমান।’
এজন্য তাদের পদত্যাগ দাবি করেন তিনি।
সংগঠনের সাংগঠনিক সম্পাদক শাহাদাৎ উল্লাহ ফিরোজ বলেন, ‘বাজারের সার্বিক পরিস্থিতি নিয়ে ডিএসই কী উদ্যোগ নিচ্ছে তা জানার জন্যই আজ আমরা তাদের সঙ্গে বৈঠকে বসছি। এর আগে সাড়ে ১২টায় এসইসির সঙ্গে আমাদের একটি বৈঠক রয়েছে।’
তিনি বলেন, ‘এ বৈঠকে গত মাসের ৭ তারিখে এসইসির কাছে আমরা ১৭ দফা দাবি পেশ করেছিলাম তার কতটুকু অগ্রগতি হয়েছে তা নিয়ে আলোচনা করবো।’
(১৮৬১) ADB revises growth forecast up to 7pc
ADB revises growth forecast up to 7pc
Thevakumar
Kandiah, left, country director of ADB, speaks at the launch of the
Asian Development Outlook Update in Dhaka, while ADB's Senior Country
Specialist The Manila-based anti-poverty lender said strong export performance and expansion in domestic demand will push up growth.
The country, however, needs to address a number of issues such as containing higher inflation, accelerating tax reform process and speeding up project implementation rate to ensure the growth, said Thevakumar Kandiah, ADB country director for Bangladesh.
“Inflation has to be contained, policy reform accelerated and public private partnership operationalised quickly to achieve the goal,” he said at the launch of Asian Development Outlook Update-2011 at the ADB office in Dhaka.
Kandiah said the policymakers should focus on a larger investment in power, energy, transport, human capital and technological development to achieve the target.
He also stressed the need for accelerated policy and institutional reforms including tax reforms and proper pricing mechanism of utility services.
Although the update marginally raised the growth forecast, it retained the outlook for inflation and the current account balance.
According to the report, the average inflation rate will be 8.5 percent in the current fiscal year, which was 8.8 percent last year but higher than the monetary policy statement projection of 7.5 percent.
To keep inflation within the projected rate, the central bank will need to bring down annual money and credit growth at least to 18.5 percent and 20 percent respectively, said ADB's Senior Country Specialist Mohammad Zahid Hossain.
He said a major challenge for the policymakers will be balancing higher growth with credit polices constituent with price and balance of payment stability.
The outlook also said the overall economic performance was good last fiscal year when it grew by 6.7 percent.
The ADB said industrial growth is seen edging up to 8.8 percent as exports perform well, and smaller and agro-based industries, alongside housing and construction, expand.
Growth in agriculture is likely slow to 4.6 percent from 5 percent in FY 2011, because of the high base in two successive years. But the expansion in the use of high quality seeds and better performance in livestock, poultry and fisheries will support higher growth.
The services sector is expected to do well with 6.8 percent growth, in line with industry's acceleration and reflecting a pick-up in trade and transport activities and telecommunications services.
The import bill is expected to rise by 20 percent, reflecting the effects of the tighter monetary policy and the expected stability in prices of raw materials.
An uptick in remittances is expected, with more people leaving for work abroad. Remittances are expected to grow by 12 percent in the current fiscal year, but they will be unable to offset the expected trade, services and income accounts deficits.
The current account balance would move to a modest deficit of 0.3 percent of the GDP in the current fiscal year, from a 0.9 percent surplus the previous year.
The pick-up in export-oriented domestic industries and tax incentives for domestic industries provided in the FY2011 budget are also expected to bolster economic activity.
The ADB said controlling expansion of credit both to contain inflation and balance of payments pressure while providing a steady flow of credit to the private sector will be crucial. “In this effort the authorities will need to keep a close eye on budget finance from the banking system.”
ADB said the downside risks abound. The monetary policy stance may be compromised to meet the high growth target, or the attempted tightening may not control inflation or contain import demand.
“The expected revenue and external financing may not be mobilised as planned. Failure to boost power generation could hold back industrial expansion, and political instability could affect economic activity.”
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