TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts June 28, 2020

Govt may not hike SD on telecom services

Finance Minister AHM Mustafa Kamal may scrap his plans to raise the supplementary duty (SD) on telecom services and double the deposit in VAT-related disputes following criticism and pleas from various quarters. While unveiling the budget for fiscal year 2020-21 on June 11, the minister has proposed hiking the SD on all kinds of telecom services to 15 per cent from the previous 10 per cent. Several other cabinet members and members of the parliament also requested the finance minister to scrap the SD. Apart from the latest hike in the supplementary duty, there is a 15 per cent value-added tax and 1 per cent surcharge on mobile phone bills from before, which make the total tax for mobile phone use 33.25 per cent now. Another area that may see change is the deposit needed for appealing against tax claims before VAT commissioners and appellate tribunals. Kamal has proposed to increase it from 10 per cent of the disputed amount at present to 20 per cent. The current practice is that firms file appeals for revision of VAT claims before commissioners by paying 10 per cent of the disputed amount. Then they can appeal before the VAT Appellate Tribunal of the NBR by paying another 10 per cent of the disputed amount. The Tk 568,000-crore budget and the Finance Bill 2020 would be passed in parliament on Tuesday.

Source: https://www.thedailystar.net/business/news/govt-may-not-hike-sd-telecom-services-1921561

Private sector credit growth picks up in May — on paper

Private sector credit data appears to have gone against the grain in May. For 24 months on the trot, private sector credit growth was lesser than in the previous month. And the trend was expected to continue given the overall doom and gloom on the economy. But in May, it edged up to 8.86 per cent from 8.83 per cent a month earlier, according to data from the central bank. For instance, garment factory owners took out funds from the Tk 5,000 crore package allotted from them to provide the salaries of their workers, he said. Another reason for the uptick is the banks’ opting for interest capitalisation in response to the central bank order to not classify any types of loan until September with the view to cushioning the blow for borrowers from the ongoing economic mayhem, said Mansur, also the chairman of Brac Bank. Interest capitalisation is the addition of unpaid interest to the principal balance of a loan. The subsequent interests are calculated on this new amount, meaning the loan balance increases over time and borrower ends up with a larger loan amount. In fact, given the government’s increasing tendency to borrow from the banking sector, the private sector might be crowded out from funds altogether. The undetermined state of the coronavirus epidemic curve in Bangladesh also suggests that economic activities cannot begin in earnest anytime soon. So, May’s figure seems like a blip in the narrative of private sector credit growth rather than a harbinger.

Source: https://www.thedailystar.net/business/news/private-sector-credit-growth-picks-may-paper-1921545

BSEC takes a tough line on IPO scrutiny

The securities regulator is scrutinising the IPO proposals very carefully for the sake of investors and the capital market. The securities regulator in last week imposed a penalty worth Tk 1.0 million on Al Faruque Bags for violating rules in case of submitting IPO proposal. According the BSEC, the issuer company, auditor and issue managers breached the public issue rules in case of submitting the IPO proposal. Along with fining the issuer company, the securities regulator fined the two issue managers Tk 0.5 million and auditor Tk 0.2 million.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/bsec-takes-a-tough-line-on-ipo-scrutiny-1593270211

Modhumoti Bank holds 49th board meeting

The 49th Meeting of the Board of Directors of Modhumoti Bank Limited was held on Saturday on digital platform.Mr. HumayunKabir, Chairman of the Board of Directors, Mr. Shaikh Salahuddin, MP, Vice-Chairman Board of Directors, Barrister Sheikh Fazle Noor Taposh, Chairman, Executive Committee of the Board, among the members of the Board of Directors, Mr. Md. ShafiulAzam, Managing Director & CEO of the Bank and many others were present. Source: https://today.thefinancialexpress.com.bd/stock-corporate/modhumoti-bank-holds-49th-board-meeting-1593270294 NRBC re-elects Chairman NRB Commercial Bank Limited held its 100th Meeting of Board of Directors on Saturday. Managing Director & CEO Mr. Md. Mukhter Hossain in presence of the Board of Directors through video conference. Mr. S M ParvezTamal was re-elected as the Chairman of the Board of Directors of the Bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/nrbc-re-elects-chairman-1593270409

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX3,969.28413↑ 4.45↓ 0.11
DJIA$ 25,015.55
↓ 730.05↓ 2.84 %
FTSE100$ 6,159.30↑ 12.16↑ 0.20 %
Nikkei 225$ 22,512.08↑ 252.29↑ 1.13 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 38.49 ↓ 0.23↓ 0.59 %
Crude Oil (Brent)$ 41.02↓ 0.03↓ 0.07 %
Gold Spot$ 1,771.30↑ 7.51↑ 0.43 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.2623
GBP 1BDT 102.682
EUR 1BDT 93.3904
INR 1BDT 1.10249





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited