Summary: Eligible Bkash customers with no actual bank account can now procure easy-terms loans with bkash app and repay with 9% annual interest under the new initiative of the City Bank. Content: BKash customers, who are eligible, can now utilise the bKash app to request for a loan ranging from Tk 500 to Tk 20,000, will receive the loan instantaneously. After that, they... Read More
Summary: The long-awaited Income Tax Act 2022 will come into effect soon after presenting the draft to the Cabinet along with the proposal of e-Tax Management system. Content: The National Board of Revenue has finalized the draft Income Tax Act 2022 which incorporates domestic pricing and anti-avoidance rules as asserted by the Chairman of the NBR, Abu Hena M Rahmatul Muneem. He also... Read More
Summary: Far Chemical Industries, a Concern of FAR Group, has decided to merge with SF Textile Industries along with the physical shifting to the second one’s own land at Rupganj, Narayanganj. Content: Far Chemical Industries Limited is a textile chemical-based industry, situated in Comilla EPZ, producing all types of textile chemicals needed by all export-oriented textile sectors. They have decided to merge with SF... Read More
Summary: The NBR has launched the electronic tax deduction at source system on 7th October, for the public and private agencies to deduct and deposit tax at source without taking the hassle to conduct manually. Content: There were multiple complaints due to the manual tax collection. This type of tax collection at source was time-consuming and the process is also burdensome. There... Read More
Summary: Banks and other NBFIs are asked to give updated CIB Data by the Central Bank regarding the borrowing entities’ Board of Directors by submitting relevant documents along with a forwarding letter. Content: Credit information bureau reports play a crucial role in Financial Institutions like banks in terms of giving loans. In the opinion of experts the CIB reports help to reduce... Read More
An op-ed of our esteemed Head of Chambers was published in the Editorial section of the Financial Express dated 12.10.21, stating as follows: "I am writing in response to your editorial, dated October 3, 2021, on the enactment of the merger and acquisition (M&A) of banks in Bangladesh. I remember back in 2004 to 2006, I worked as a support lawyer... Read More
Summary: Problem-ridden banks can be merged with the state-owned banks to keep them salvaged once after the law is passed. Content: A weak bank is one whose liquidity or solvency is impaired unless there is a major improvement in its financial resources, risk profile, strategic business direction, risk management capabilities and quality of management. So, this kind of weak banks want... Read More
Summary: Bangladesh Securities and Exchange Commission has started delisting and transferring the listed stock in the Stock Market and has been sending the over-the-counter companies to small capital platforms and alternative trading boards. Content: Bangladesh Securities and Exchange Commission issued a notification in 16th September in a Committee meeting that it would transfer or delist stocks from the over-the-counter market from the 19th September. An over-the-counter (OTC)... Read More
Summary: The stock market regulator formed a three-member committee to report on the small capital companies within the next 30 working days. Content: The stock market regulator is trying to assist the companies with small capital. For example, in 2018, they have given approval to a set of laws that will allow businesses with a paid-up capital of Tk 5 crore to... Read More
Summary: Bangladesh has finally become a member of the New Development Bank (NDB), which aims to be an alternative to the US-dominated World Bank and International Monetary Fund. Content: The new Development Bank founded by Brazil, Russia, India, and China in 2014 tried to expand its membership on Dec 17th formerly referred to as the BRICS Development Bank, established by the BRICS states. Very... Read More
