BB makes vessel container tracking mandatory

The Bangladesh Bank has asked the authorised dealer banks to conduct tracking of vessel containers through a tracking system recognised by the competent authorities in a bid to prevent money laundering in the name of export. The Foreign Exchange Policy Department of the BB issued a circular Wednesday in this connection to ensure the shipment of declared export items. As per the new rule, the banks would ensure whether a shipment has been made or not against the received payment by tracking the containers. Earlier, the tracking of shipments was mandatory for availing cash incentives against exports executed through transport documents issued by freight forwarders. A senior BB official said that shipment tracking has been made mandatory under the ‘Infrastructure Level Risk Assessment of Guidelines for Prevention of Trade-Based Money Laundering’ issued by the Bangladesh Financial Intelligence Unit (BFIU).

Source: https://www.tbsnews.net/economy/bb-makes-vessel-container-tracking-mandatory-406782

BIDA’s one-stop service can help businesses save cost and time

Speakers at a programme on Wednesday stressed the need for popularising the one-stop service (OSS) of the Bangladesh Investment Development Authority (BIDA) to help businesses save cost and time. Currently, 58 different services are being provided through the OSS portal which should be availed by the private sector proactively, said BIDA executive chairman Md Sirazul Islam. BIDA executive chairman Sirazul Islam says BIDA’s registration and name clearance from the Registrar of Joint Stock Companies and Firms (RJSC) can now be done within 24 hours through OSS. At present, 90-per cent BIDA services are being given in time as more than 60,000 services have been provided under the OSS in the past three years.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/bidas-one-stop-service-can-help-businesses-save-cost-and-time-1650473263

BSCCL to invest Tk 1.73b more

The Bangladesh Submarine Cable Company Limited (BSCCL) board has decided to expand the country’s third submarine cable, and invest Tk 1.73 billion more for it. With the increase, its total cost for the South East Asia-Middle East-Western Europe-6 (SEA-ME-WE-6) Consortium will be about Tk 8.70 billion from the initial Tk 6.93 billion. The expansion will increase the capacity to 13,200 Gbps from 6,600 Gbps, BSCCL Managing Director A K M Habibur Rahman told The Financial Express. Bangladesh signed an agreement with the SEA-ME-WE-6 Consortium in last September for construction and maintenance of the third submarine cable. According to the project proposal, the BSCCL, under the telecommunications ministry, will install the cable to connect with the proposed SEA-ME-WE-6 submarine cable by June 2024. The submarine cable will run from Singapore to France, extending across the Mediterranean Sea through the Indian Ocean, Arabian Sea and Red Sea. The cable will have core landing stations in Singapore, India, Djibouti, Egypt and France. The Bangladesh branch will stretch to the cable landing station in Cox’s Bazar through the Bay of Bengal.

Source: https://today.thefinancialexpress.com.bd/trade-market/bsccl-to-invest-tk-173b-more-1650472943