3 key fast-track projects near end
Padma Bridge, Payra Port and Dhaka Metro Rail-6 are among the fast-track projects nearing completion, whereas several others are witnessing a slower than expected implementation rate, according to a progress report. The Padma Multipurpose Bridge project, the largest bridge infrastructure in Bangladesh, had financial progress of 85.74 per cent and physical progress of 87.25 per cent as of July this year, said the Implementation Monitoring and Evaluation Division (IMED) in the report.The Tk 30,190 crore bridge, whose physical works started in November 2014, was scheduled to complete in June. It is now expected to open to the public in June next year.The physical progress of Payra Port, the third seaport in Bangladesh, stood at 82.56 per cent. The port, located in Kalapara under Patuakhali, is scheduled to be complete by June 2022.The Dhaka Mass Rapid Transit Development Project clocked a 71.33 per cent implementation rate for its MRT-6, involving Tk 21,985 crore. The IMED called for strengthening monitoring to accelerate the execution.About Tk 11,071 crore out of the total project cost of Tk 16,000 crore has been spent so far. The project is building a 1,320-megawatt (MW) power plant in Rampal of Bagerhat.The government has allocated Tk 18,426 crore for the project from the annual development programme (ADP) in the current fiscal year. The project, set to be constructed by 2025, will cost Tk 113,092 crore.
BB starts money mkt probe
The central bank starts investigation into entire money-market transactions along with exposures on the capital market to gauge liquidity movements in the banking system, following some already-detected incongruities. At least six teams of the Bangladesh Bank (BB) are now probing different transactions of treasury and investment departments of the banks and non-banking financial institutions (NBFIs). The term NOP stands for net outstanding balance of all assets, liabilities, and off-balance-sheet items of banks. Meanwhile, the central bank started collecting information on short-term loans or placements with names of the clients along with the banks’ daily reports on their own, subsidiaries and others’ net exposures on the capital market on August 16.The BB’s latest moves came against the backdrop of issuance of a forewarning as part of a precautionary measure to avert possible ‘asset bubble’ with a note for the banks to check diversion of funds into unproductive sectors. Also, the commercial banks have been directed to ensure right end-use of the funds through conducting necessary inspections by their internal audit departments.
Banks to submit monthly VAT info
The central bank has asked scheduled banks to submit statements of value- added tax (VAT) deducted from services rendered by non-resident taxpayers such as Google, Facebook, Amazon and Microsoft. The banks will have to send the statements through the banks’ head offices within seven days of the following month, said a notification issued by the Bangladesh Bank (BB) on Wednesday.In a meeting held at the NBR on June 24 last, it was decided that the banks would submit to NBR and concerned VAT agents’ the statements of VAT deduction against services rendered by the non-resident taxpayers. The central bank has prepared a uniform statement and instructed the banks to submit the statements to member (VAT policy) of the NBR and concerned VAT agents, according to the notification.
HSBC, BEZA, Brac team up to make Mirsarai Economic Zone greener
HSBC Bangladesh has recently partnered with the Bangladesh Economic Zones Authority (BEZA) and Brac to build a green economic zone in Chattogram’sMirsarai, reports UNB. The collaboration will ensure over 40,000 mangroves plantation across 10 acres of coastal land at the Bangabandhu Sheikh MujibShilpa Nagar (BSMSN) in Mirsarai. The mangrove plantation is estimated to capture 492 tonnes of carbon each year.To mark the inauguration of this initiative, HSBC CEO MdMahbubur Rahman planted saplings at the Shilpa Nagar.