Central Bank Nod is Not Required for Bandwidth Import Payments.

17/11/2024 | | Banking, Finance, Corporate

Summary Banks in Bangladesh do not require any permission from Bangladesh Bank to process import payments for internet bandwidth and other related services from now on. The central bank already issued a circular that allows banks to make payments abroad without requiring its permission. However, banks must maintain some specifications, like obtaining applications from importers, which include required documents, invoices,... Read More

The Central Bank of Bangladesh has simplified the import rule for industrial establishments.

17/11/2024 | | Commercial, Corporate, Taxes & Finance

Summary The Bangladesh Bank has made things easy for industrial imports by letting importers use a letter of agreement instead of a traditional letter of credit (LC). This directive intends to facilitate imports into designated economic zones, such as Export Processing Zones and Economic Zones. From the time being importers are allowed to secure short-term foreign loans to mitigate their... Read More

HYBRID SEMINAR ON THE CONVENTION ON INTERNATIONAL SALES OF GOODS

23/03/2024 | | Seminars / Webinars / Conferences, Commercial, Corporate, International

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is considered one of the core international trade law conventions, universally desirable for adoption. Presently, 97 countries, including the USA (1988), Germany (1991), Denmark (1990), most EU countries, Japan (2009), Russia (1991), Australia, China (1988), Singapore, Brazil (2014), Bahrain (2014), Canada, Congo (2015), and Madagascar (2015), have... Read More

Bangladesh garment industry short on cotton as floods worsen protest backlog

14/09/2024 | | Commercial, Corporate, International

Summary: One of the largest centers of the world's apparel industry, Bangladesh, is experiencing a backlog in orders due to recent political unrest, making it more difficult for garment manufacturers there to fulfill orders on time due to floods that interrupts their cotton supplies.  Context: Bangladesh exported $38.4 billion worth of apparel in 2023, making it the third-largest garment exporter in the... Read More

Plan to restructure source tax rates to aid manufacturers, traders

02/06/2024 | | Commercial, Corporate, Taxes & Finance

Summary  To give manufacturers and retailers some breathing room, the government is expected to lower the rates of tax deduction at source on the supply of raw materials to manufacturers and completed goods to shops in the upcoming fiscal year. Officials from the finance ministry who are aware of the situation say that the rates for supplying raw materials will... Read More

Stocks regulator moves for strictly monitoring AGMs, EGMs 

01/06/2024 | | Capital Market, Corporate, Investment

Summary:  The Bangladesh Securities and Exchange Commission (BSEC), which oversees the stock market, has taken the lead in establishing a pool of impartial service providers to oversee and closely monitor general meetings, including extraordinary general meetings (EGMs) and annual general meetings (AGMs). The BSEC now requests that companies choose their service provider from a list of ISPs for monitoring AGMs... Read More

China filed a Complaint at the World Trade Organization over the U.S.’s Inflation Reduction Act, saying it was discriminatory and distorted fair competition. 

01/06/2024 | | Corporate, Dispute Resolution, International

Summary:  China complained against the U.S. Inflation Reduction Act to the World Trade Organization, claiming it was unfair and obstructed fair competition. President Biden signed the Inflation Reduction Act into law in August 2022. As a result, starting in 2024, American consumers who purchase automobiles with battery components from a "foreign entity of concern" will not be eligible for the... Read More

Exim-Padma Bank merger to take at least 18 months

01/06/2024 | | Banking, Finance, Corporate

Summary:  The planned merger of Padma Bank and Exim Bank is expected to take 18 months to 2.5 years, according to central bank authorities. The banks must submit a formal application to the Bangladesh Bank, supporting documentation, and a copy of the merger plan. The merger will be approved if the central bank approves the plan. Exim Bank, listed on... Read More

 BSEC grants extension to 13 companies for ensuring regulatory compliance of 30% shareholder requirement

05/03/2024 | | Capital Market, Finance, Corporate

Summary: The Bangladesh Securities and Exchange Commission (BSEC) directed listed firms to ensure 30% shareholding by sponsors and directors. Non-compliant firms, including Active Fine Chemicals and Central Pharmaceuticals, face scrutiny. The commission appointed independent directors to six firms and granted a year for 13 others to comply. Experts suggest removing non-compliant directors to protect investors. BSEC spokesperson noted ongoing efforts... Read More

BB states that weak banks are likely to experience mergers and acquisitions.

05/03/2024 | | Banking, Finance, Corporate

Summary: It has been 52 years since a bank in Bangladesh has closed and the assurance is that none will close soon. However, weaker banks that are facing problems may consider mergers and acquisitions (M&A) to strengthen their capital base, as per the Bangladesh Bank. The Governor of Bangladesh Bank, Mr. Abdur Rouf Talukder, stated on Wednesday that this option... Read More

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