More trade disputes are resolved out of the court for reasonable and affordable arbitration.

December 8, 2022 | | Arbitration, Commercial, Corporate

Summary:  Day by day the trade sector of Bangladesh is progressing through many disputes arising in between. Maximum businessmen choose the way of arbitration as a settlement option of any dispute which occurred out of the court. The reason for preferring arbitration as a settlement option is the affordable and quicker approach. Content:  A Singapore-based company named Limcon Technology Solutions had been... Read More

BB orders to tighten monitoring to stop crypto currency transactions

November 24, 2022 | | Banking, Finance, Commercial

Summary  The Bangladesh Bank has ordered to tighten observation to be additional cautious to prevent group action and alternative activities relating to cryptocurrencies together with bitcoin. Content The Bangladesh Bank has asked scheduled banks to not provide any support services concerning transactions of cryptocurrencies and to strengthen their observation capability to stop any such activities. The BB on weekday issued a circular during... Read More

India’s tariff body for anti-dumping duty

November 24, 2022 | | Commercial, International, Taxes & Finance

Summary  The Directorate General of Trade Remedies (DGTR) of India has advised the finance minister to once more apply anti-dumping duties for an additional five years on Bangladeshi exports of jute products. Content  On October 10, the supreme national authority of India, which is in charge of overseeing all trade corrective actions, released a gazette notification in this respect on its website.... Read More

A money changer cannot hold more than Tk 50 lakh at a time.

November 24, 2022 | | Banking, Finance, Commercial

SUMMARY Bangladesh`s central bank has made it clear how much cash money changers are allowed to keep. Money changers that deal in foreign cash currency in the domestic market may hold a maximum of Tk 50 lakh on hand. The country's reserves have been dropping, and banks have been experiencing a shortage of liquid dollars. CONTENT  According to a directive provided in... Read More

Exporters to induce more time to bring domestic continues

November 24, 2022 | | Banking, Commercial, International

SUMMARY: Bangladesh Bank is set to extend the due date for repatriating trade incomes by six months. It is additionally amplifying the usance period for imports by an extra six months and giving money-related motivations to settlements made by Bangladeshi troops serving UN missions in arrange to soothe the burden on outside trade saves. The Bangladesh Bank reports that the... Read More

BB eases rules on loans to exporters

November 24, 2022 | | Banking, Finance, Commercial

SUMMARY  The Bangladesh Bank (BB) eased conditions on single borrowers and large loan exposure limits. Restrictions will not apply in case of credit facilities provided to the government or against government guarantees. The circular will come into force immediately, according to a circular issued by the central bank. CONTENT To extend support in Industrial expansion and guarantee competitive financing, the Bangladesh Bank... Read More

Parliament passes Finance Bill with Corporate tax slashed by 2.5%

July 7, 2022 | | Commercial, Corporate, Taxes & Finance

Summary: Parliament passed some much-debated provisions regarding the Finance Bill 2022, to grant legal cover to a new national budget which should have been more welfare-oriented in the crisis time than growth-centric. Content: In the new fiscal measures the amnesty for whitening offshore movable assets and a cap of Tk 3.6 million as the allowable limit for cash transactions for corporate taxpayers. Whereas,... Read More

Bangladesh Eyes FTAs with Seven Countries, Two Blocs

April 21, 2022 | | Commercial, International, Taxes & Finance

Summary: In order for signing FTAs (free trade agreements) so as to perpetuate duty-free market access to Bangladeshi products, the government is giving consideration to seven countries and two blocs as prospective partners. Content: On Sunday, the commerce ministry broadcasted a time-based action scheme on favorable market access and trade agreement with the intent to come across the obstacles of least... Read More

Move to recognize third party under RJSC

March 28, 2022 | | Commercial, Corporate, Investment

Summary:  The government plans to put third parties under the Registrar of Joint Stock Companies and Firms (RJSC) Monitoring third-party participation in the registration process will help to prevent excessive fees from being charged and lower the cost of doing business, officials say. Officials stated the MoC recently abandoned its plan to adjust the Office of Chief Controller of Imports... Read More

Provisions of Arbitration Act not applicable to arbitration seats in foreign countries, rules HC

March 28, 2022 | | Arbitration, Commercial, International

Summary: Bangladesh's top court has ruled that the Arbitration Act does not apply in cases where the arbitration is held in a foreign country. Accom Travels and Tours Ltd sued Oman Air for Tk 780 million after its agreements with the airline were canceled by the airline. Further proceedings in the matter are now delayed until the parties' disagreement is... Read More

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