Summary: In line with the decision of the NBR, the central bank has issued a notification to the scheduled banks to send the statements of Value-added Tax through the bank’s head offices within seven days of the following months. Content: As per the current mandatory requirement for any business operating in Bangladesh, the nonresidential companies will have to pay 15% Vat on... Read More
Summary: To implement the plan of Bangladesh Bank to disburse bank loans in green and sustainable financing, the Sustainable Finance Department has issued a circular on Aug 04. According to the circular, the basis for setting annual targets will be accomplished by adhering to more specific deductions compared to the previous plan. Content: Sustainable finance involves making investment decisions that consider not only financial... Read More
Summary: The ongoing confusion over the legality of virtual currency has now been cleared out. Now, such virtual transactions are listed as crimes under the Foreign Exchange Act 1947, Anti-terrorism Act 2009, and the Prevention of Money Laundering Act 2012. Content: A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies,... Read More
Summary: Probe into stimulus loans has helped the Central Bank to find many unproductive usages of the funds that were used in the packages. Apart from that, officials of eight departments of Banking Inspection (DBI) of the central bank along with its branch offices have been directed to conduct a special inspection into the lending operations across the country after... Read More
Summary: Visa, the pioneer in digital payment, announced the launch of a new portfolio of services for Bangladeshi customers in line with Islamic Banking principles on July 15. Customers will now be able to avail themselves the cards compliant with Islamic banking and get exclusive benefits that are only available to Islamic banking as well as the benefits available to... Read More
Summary: According to the recent notice published by the central bank, borrowers will be able to avoid the default zone by repaying 20% of their loan installments by August this year. Three categories of loans will be qualified for this policy. Content: In March this year, Bangladesh Bank had provided a repayment deferral support to the borrowers to help them stay out... Read More
Summary: By issuing the new guidelines on outward remittance repatriation for payment of royalty, Bangladesh Investment Development Authority ( BIDA ) has repealed all the previous guidelines on repatriation of royalty and eased the procedure of technical assistance and franchise fees for the private industrial enterprises to the foreign companies to facilitate new direct foreign investment. Content: According to the new guidelines... Read More
Summary: Beximco Limited got the final approval from the Security regulator of the Bangladesh Securities and Exchange Commission for the issuance of green Sukuk Bond worth Tk 30 billion to finance construction goals and equipment procurement. The BSEC approved the proposal on 24th June, Wednesday based on some conditions. Content: Bangladesh Export-Import Company Limited filed documents for the issuance of Islamic Shariah Compliance... Read More
Summary: The expansion of the repayment deferral support by the central bank has resulted in the rise of the Non-Performing Loans (NPL)s in the first quarter of this year. It is stipulated that the facility has been misused by the habitual defaulters which were provided to the pandemic-hit-borrowers. Banks should take some effective measures to cope up with the economic... Read More
