Unique BINs for e-commerce this month
Every e-commerce and F-commerce company in Bangladesh will soon have to apply for a Unique Business Identification Number (UBIN) from the Digital Commerce Cell (DCC) as the commerce ministry is set to launch the registration from this month. The DCC will manage the UBIN to prevent any cheating by e-commerce or f-commerce companies. Currently, more than 2,500 e-commerce and nearly three lakh f-commerce companies are operating in Bangladesh. The DCC has called an important meeting on the e-commerce and f-commerce industry today as the commerce ministry along with other related ministries, departments and agencies have been working to pay back those affected by the irregular activities of some rogue e-commerce firms. On July 1 this year, the central bank launched an escrow service payment gateway to stop e-commerce companies from cheating their customers. So far, some Tk 214 crore has been deposited in the escrow payment gateway for the non-delivery of goods.
ICT Adviser Joy to inaugurate 5G on Dec 12
Sajeeb Ahmed Wazed, the prime minister’s ICT affairs adviser, will inaugurate 5G services on December 12. Teletalk Bangladesh took preparations to launch 5G on a limited scale next December by connecting to the existing 4G network at the initial stage as per the directions of Posts and Telecommunications Division and Bangladesh Telecommunication Regulatory Commission. This is a milestone initiative in the year of Mujib Borsho. With 5G technology, mobile subscribers will be able to use better quality voice calls and users will be able to get 20 times faster mobile internet access than 4G.
Netflix gets VAT registration in BD
The USA-based subscription streaming service and production company Netflix has got the Value-Added Tax (VAT) identification number from the National Board of Revenue (NBR). The Web streaming giant received the Business Identification Number (004319482/0208) registration from the Customs, Excise and VAT Commissionerate, Dhaka South. Netflix used its Singapore address and received the registration with the name of Netflix PTE Limited, Singapore. As of October 2021, Netflix has over 214 million subscribers worldwide, including 74 million in the United States and Canada, 70 million in Europe, the Middle East, and Africa, 39 million in Latin America, and 30 million in Asia-Pacific. The company posted a net income of $2.761 billion during its 2020 Fiscal Year, which ended 31 December 2020.
Remittance slides to 18-month low
The flow of remittance to Bangladesh fell sharply in November as the country’s expatriates continue to prefer informal channels for sending their money. Expatriate Bangladeshis sent $1.55 billion in November, down 5.48 per cent from a month earlier and 25 per cent year-on-year, according to data from Bangladesh Bank. This was the lowest remittance earnings since June 2020, when the amount was $1.83 billion. Since then, the monthly inflow ranged between $1.83 billion and $1.64 billion until October this year. Remittance, which plays a major role in strengthening the country’s foreign exchange reserves, fell 21 per cent year-on-year to $8.6 billion in the first five months of the current fiscal year. Reserves surpassed $48 billion in August but it has since maintained a downward trend. The reserves stood at $44.94 billion in November 24, up 9 per cent from a year ago. Remittance soared 36 per cent year-on-year in fiscal 2020-21, its sharpest increase in 30 years. Expatriates sent home $24.8 billion that year compared to $18.2 billion in 2019-20.