Summary: Bangladesh Bank (BB) has allowed authorized dealers to open foreign currency accounts in the names of branch offices or liaison offices of foreign companies as opposed to the name of employed local executing firms, operating under approval from the Bangladesh Investment Development Authority (BIDA), or other relevant bodies. This will attract more foreign direct investment if operated under the... Read More
Labour and employment legal issues are very common in the business sector of Bangladesh. Whether it is a small enterprise or a giant MNC dealing with employment law is a regular affair for them. Legal assistance is often required for drafting appointment letters, service contracts, termination letters, commencing disciplinary proceedings and so on. On the other hand, established companies... Read More
Summary : The government approved a proposal to buy another 33.60 lakh MMBtus of LNG from the spot market on 21st of April, 2021. This is the sixth time the government would buy the fuel from the spot market. Vitol Asia Pte of Singapore will supply the fuel. Each MMBtu (Metric Million British thermal units) will cost USD8.012.The cabinet committee on purchase yesterday... Read More
Summary : All the multinational enterprises across the globe in developing countries like Bangladesh are encouraged to offer the best possible conditions of work including working time. As our country depends on the export-oriented ready-made garments heavily for their export value and foreign currencies, the government has allowed additional two-hours overtime for six months during the pandemic situation. Although... Read More
Summary: The construction of the Korean EPZ Hi-Tech Park in Anwara Upazila of Chattogram began on 21st April, with the primary investment of $200m by Youngone corporation. In the coronavirus pandemic situation, the innovative ceremony was virtually attended by Zunaid Ahmed Palak, State Minister for ICT, and LEE Jang-Keun, ambassador of the Republic of Korea to Bangladesh, with the physical presence of... Read More
Summary Bangladesh government has allowed taking the facility of subcontractors like the Ready-Made Garments ("RMG") industry because some large industries are burdensome with a large number of export orders while the medium and small companies can not wield their resources. This facility along with the guidelines of 2019 can bring asymmetrical progress in the growth of economical development of Bangladesh.... Read More
Bangladesh Bank allowed shipping agents to charge a higher commission in the import of goods. However, the commission in the cases of export shipments is kept unchanged. The new commission will take effect from the 1st of April this year. The foreign exchange Policy Department of the central bank issued a circular to bring a number of changes in the... Read More
The Singapore International Arbitration Centre (SIAC) is pleased to announce the official release of its 2020 Annual Report. 2020 saw SIAC set a new record with 1,080 new case filings. This is the first time that SIAC’s caseload has crossed the 1000-case threshold. Of the 1,080 cases, 1,063 (98%) were cases administered by SIAC, which is also a record. The... Read More
Summary: On February 7th, 2021, Bangladesh Bank (BB), the central bank of the country declared a dividend policy for banks for 2020 in light of the challenges that the outbreak of coronavirus posed which allowed them to reward their shareholders based on the strength of the capital base. On the 24th of February 2021, the central bank stopped the non-bank... Read More
Summary: The Hon'ble High Court Division of the Supreme Court of Bangladesh has published circular no- 02-2021 dated 08-03-2021 determining the jurisdictional court for cases under article 138 of the Negotiable Instruments Act 1881. This concerns the landmark judgment in the last check case dated 18.10.2020. The judgment of the Hon'ble High Court ended the long-running discriminatory provisions in the... Read More
