Good morning. Here's what happened overnight and what you need to know today.
1.
Black Money: The scope for legalising undisclosed income without facing any questions remains as the tax administration has not scrapped the provision of whitening black money in case of the purchase of flats and land, raising criticism. The National Board of Revenue (NBR) on Sunday scrapped the provision of legalising undeclared income on payment of 15 percent tax on assets, including cash, securities, deposits, financial schemes and instruments. (The Daily Star)
2.
Ctg port's Tk1,144cr FDRs: The Chittagong Port Authority is in a quandary over reclaiming Tk1,354 crore in fixed deposit receipts (FDRs) from eight banks and financial institutions hit by loan scams.Of this amount, a significant portion – Tk1,144 crore – is invested in six banks linked to the controversial S Alam Group and a businessman named Chowdhury Nafeez Sharafat. According to a letter from the CPA to the Bangladesh Bank on 29 August, five banks with ties to the S Alam Group hold Tk965 crore in FDRs, while Padma Bank, associated with Nafeez Sharafat, has Tk179 crore. (The Business Standard)
3.
Depositors’ Interests: Bangladesh Bank Governor Ahsan H Mansur requested customers to keep calm regarding the crisis plaguing over half a dozen ailing banks, expressing optimism that their situation would turn around soon. Seven to eight banks are currently contending with a liquidity crisis after thousands of crores were misappropriated through loans and irregularities, Mansur said at a press conference after meeting with bankers at the central bank headquarters yesterday. (The Daily Star).
4.
White Elephant: Bangabandhu Satellite-01 is a white elephant of the country as it is one of the economically unfeasible schemes executed by the Sheikh Hasina government, according to insiders. Most of the bands of the satellite remained unutilised and revenue earnings were so poor compared to a staggering investment, they said on Wednesday. The last government spent Tk 19.51 billion ($248 million) on sending the satellite into space in 2018. It carries 40 Ku- and C-band transponders with a capacity of 1,600 megahertz and a predicted lifespan of 15 years up to 2033. (The Financial Express)
5.
Budget Support: The interim government, led by Professor Muhammad Yunus, is securing foreign aid for budget support with relative ease, despite the challenges faced by the ousted Awami League government in obtaining such assistance during its tenure. Bangladesh has so far received commitments amounting to $6.4 billion in budgetary support, a move that is expected to alleviate the country's foreign reserve crisis. (The Business Post)
6.
RMG Factories: BGMEA said all garment factories across the country would remain open today (Thursday) as law-enforcing agencies would provide the required security in different industrial zones amid the joint forces' drive beginning from Wednesday night. A total of 167 readymade garment factories in various industrial belts -- 49 factories located in Zirabo to Bishmail area, 64 units in Zirabo to Baipail area, some 10 in Zirani and 40 at Board Bazar of Gazipur -- couldn't operate on Wednesday due to workers' unrest, mostly instigated by outsiders. On Tuesday at least 126 garment factories suspended operation. About 100 were closed on Monday amid the unrest. (The Financial Express)
---Saju Sarker