Introductory event on VAT e-payment system

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh, in association with National Board of Revenue (NBR) on Wednesday jointly hosted an introductory event and awareness session on the recently launched NBR’s VAT e-Payment System.HSBC Bangladesh is one of the pilot banks of this project and was the first bank in the market to make live transaction on this platform, said a statement.NBR along with Bangladesh Bank has taken this remarkable initiative to digitalise the VAT payment process ensuring that overall VAT payment collection becomes more efficient and convenient for end users. In the virtual event, NBR also made a short presentation to educate the participants about how the VAT e-Payment System works.Currently, VAT payments are primarily collected through physical instruments (e.g. pay order or bank cheque) which are more manual, time consuming and error-prone in nature. Through HSBC’s eVAT proposition, businesses and organisations can quickly complete VAT payment through HSBCnet, HSBC’s online platform for corporates.The payment will be received by the NBR’s account for VAT held in Bangladesh Bank electronically. Upon completion of a successful transaction, the client will immediately receive an SMS with a VAT challan number and subsequently will receive an email with challan copy particulars. Each transaction will be completed near real-time through Real Time Gross Settlement (RTGS) transactions, instead of two to three days which is typical for payments using physical instruments.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/introductory-event-on-vat-e-payment-system-1596047587

DSEX adds 95 points in five straight sessions

Stocks extended the winning streak for the fifth straight session Wednesday as the bargain hunters continued their appetite on sector-wise issues amid post-Eid expectation.DSEX, the key index of the Dhaka Stock Exchange, went up by 14.66 points or 0.35 per cent to settle at 4,171 during the four hours trading.Market analysts said the central bank’s expansionary monetary policy statement, gradual reopening of the economy coupled with no major spike in daily Covid-19 infected cases, led investors to take position in sector-wise stocks.Turnover, another important indicator of the market, stood at Tk 3.99 billion on the country’s prime bourse, which was 10 per cent lower than the previous day’s turnover of Tk 4.45 billion.The DSE Shariah Index also advanced 0.75 point to close at 964. However, the DS30 index, comprising blue chips, lost 0.79 points to finish at 1,402.Most of the shares remained stuck at the trading. Of the issues traded, 169 remained unchanged while 126 issues advanced and 58 declined on the DSE floor.A total number of 95,161 trades were executed in the day’s trading session with a trading volume of 111.59 million shares and mutual fund units.The market-cap on the premier bourse also rose to Tk 3,233 billion on Wednesday, from Tk 3,227 billion in the previous session.The Chittagong Stock Exchange also edged higher with its All Shares Price Index (CASPI)-gaining 40 points to close at 11,874 and the Selective Categories Index – CSCX -advancing 25 points to finish at 7,200.Of the issues traded, 93 gained, 27 declined and 100 remained unchanged on the CSE.The port city bourse traded 3.84 million shares and mutual fund units with turnover value of Tk 143 million.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dsex-adds-95-points-in-five-straight-sessions-1596047790

Mahfuzur Rahman new Chairman of Janata Bank

Dr SM Mahfuzur Rahman has been appointed as the chairman of the board of directors of Janata Bank Limited (JBL), said a press release.He is also Vice-Chancellor of BGMEA University of Fashion and Technology.Earlier, he served as the chairman of the Department of Finance and Director of the MBA, Professional Masters, International Business and Finance Departments while he was working at the University of Dhaka as a Professor since 1984.In addition, he worked as director, Rupali Bank Limited, Bangladesh Development Bank Limited and also as chairman of Investment Corporation of Bangladesh.

Source: https://today.thefinancialexpress.com.bd/trade-market/mahfuzur-rahman-new-chairman-of-janata-bank-1596048200

New independent director joins Bank Asia

Helal Ahmed Chowdhury has recently joined Bank Asia Ltd as an Independent Director, said a statement.A seasoned banker with around four and a half decades of banking experience, Mr Chowdhury started his career at Pubali Bank in 1977 as a Class-I Officer through Superior Service Examination and was promoted in course to MD & CEO (2006-2014) in the same bank which is a rare event and record.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/new-independent-director-joins-bank-asia-1596047757