Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
NBR relaxes inspection of export consignments till June ’18
The National Board of Revenue has relaxed the provision of physical inspection of export consignments till June 2018 due mainly to facilitate refunding of duty and taxes to exporters and expedite shipment of export goods. The revenue board on October 9 issued an official order in this connection, saying that exporters would be able to get refund of customs duties paid during import of raw materials for manufacturing export goods without physical inspection report just showing documents as proof of export.
Poverty reduction rate slows down
Bangladesh’s rate of poverty reduction has slowed down in recent years. The yearly average rate of poverty reduction has dropped from 1.7 percent, between 2005 and 2010, to 1.2 percent, between 2010 and 2016. The average poverty reduction rate has been calculated from the data to be revealed through a flagship BBS (Bangladesh Bureau of Statistics) report today, officials told The Daily Star.
Foreign banks advised to reduce BC/TT rates spread
The central bank of Bangladesh has advised three major foreign commercial banks (FCBs) to reduce the spread between BC (Bill for Collection) selling and TT (Telegraphic Transfer) clean rates gradually. The three FCBs are Standard Chartered Bank (SCB), HSBC and Citi N.A.
RMG factories to get compliance certification after meeting Initial Corrective Action Plans
RMG factory owners will get a compliance certification after the completion of the Initial Corrective Action Plans (CAP) stipulated by the Accord on Fire and Building Safety in Bangladesh on Monday. The Accord on Fire and Building Safety in Bangladesh was signed on 15 May 2013. The agreement was created in the immediate aftermath of the Rana Plaza collapse that led to the death of more than 1,100 people and injured more than 2,000.
Bangladesh Bank sells $15m more to two banks
The central bank of Bangladesh has sold US$15 million more to two commercial banks directly to meet the growing demand for the greenback in the market, officials said. “The central bank has sold the US currency to the banks at market rate on Monday to settle their import payment obligations,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.
Banks become tight-fisted in selling savings tools
Many willing savers find it difficult to invest in the state-run savings instruments reportedly for inadequate supply of such investment-documents at designated selling points, sources said. Some of them blamed such a situation on apathy among a section of officials and bankers in selling the savings certificates and a sort of ‘unofficial restraint’ on part of the government amid a surge in such secure investment.
Spinners rely too much on Indian cotton
The overdependence on Indian cotton is becoming a cause of concern for local spinners as India itself is turning into a major cotton consumer with an increase in its export of apparel items, industry insiders said. Currently, Bangladesh imports more than 60 percent of its required cotton from India, the single largest source of the raw material for the country.
Local currency carrying limit for overseas travel raised to Tk 10,000
Bangladesh Bank has raised the limit on the amount of Bangladeshi currency a traveller can carry while departing for and returning from abroad to facilitate travellers meeting their transport-related expenses. The central bank’s circular issued on Sunday said that the passengers leaving and returning to Bangladesh would be allowed to carry Tk 10,000 each instead of Tk 5,000 without making any announcement.