Bangladesh Companies pay Tk 197cr in ad bills mainly to FB, Google in 5yrs: BB
According to Bangladesh Bank data, Bangladeshi companies paid Tk 197 crore ($2.35 crore) in digital advertisement bills to global internet giants mainly Facebook and Google in last five years through banking channel. The government got Tk 41.59 crore in value-added tax and advance income tax against the payments. Of the paid bills, Google Asia Pacific Pte Ltd received the highest — Tk 103.47 crore ($1.23 crore) — followed by Facebook Ireland Limited Tk 89.24 crore ($1.06 crore). A small amount also went to two India-based company — Ultimedia E Solutions Pvt Ltd and SRB Technologies Pvt Ltd. As per the Central bank Officials, some advertisement agencies and intermediary organisations made the payments to Facebook, Google, YouTube, Yahoo and other global digital platforms on behalf of local advertisers including multinational companies. Bangladesh Bank accumulated the data following a request of a special committee of National Board of Revenue for providing details about the transactions through banking channel for the purpose and tax collection from the sector. NBR made the move to scrutinise the tax payment situation and find whether incidences of tax evasion are taking place or not in the sector. There are allegations of tax evasion in the sector and negative impact on the local online newspaper industries. Newspaper Owners’ Association of Bangladesh has also for several times requested the finance ministry and the NBR to bring advertisement bills under the tax net claiming that half of the total advertisements on local media houses have already been taken away by the global digital platforms.
Deposits in School Banking accounts exceed Tk 1,500cr
According to a Bangladesh Bank report, Students’ deposits in their bank accounts crossed Tk 1,500 crore at the end of December 2018. The BB data on financial inclusion, however, showed that the growth rate of deposits in the accounts, opened with just Tk 10 deposit, had slowed down to 10.81 per cent in the year 2018 against 33.52 per cent growth a year ago. With Tk 147.36 crore deposits in last year, the total deposits in such accounts reached Tk 1,510.32 crore with 18,18,413 school banking accounts with 56 scheduled banks as of December 31, 2018. In 2017, deposits grew by Tk 342.17 crore to Tk 1,362.96 crore with 14,53,936 school banking accounts. According to the report, the school banking service has gained more popularity in the cities than in the rural areas as 11,44,243 school banking accounts were opened in the cities against 6,74,170 accounts in the rural areas. The banking is also more popular among the male students than their female peers as 10,64,492 school banking accounts were opened by male students against 7,53,921 by female students. At the end of December last year, Tk 1,268.31 crore, representing 83.98 per cent of the total school banking deposits, was deposited in 12,27,609 accounts, 67.51 per cent of the total school banking accounts, with the private commercial banks. On the other hand, Tk 197.82 crore was deposited in 4,57,320 accounts with state-owned commercial banks.
Number of Farmer Accounts for Govt subsidy increases by 6pc in 2018
The number of farmer accounts with scheduled banks, which were used for receiving government subsidies, increased by 5.96 per cent or 1.17 lakh in the year of 2018. As per Bangladesh Bank’s data, the number of accounts used for distribution of subsidy and other facilities increased to 20.73 lakh at the end of December, 2018 from 19.57 lakh a year ago. The central bank as part of its financial inclusion programme in 2010 asked banks to allow farmers to open accounts with an initial deposit of Tk 10 to ensure transparent distribution of farm loans and subsidies and to bring farmers’ savings into the banking channel. As per BB officials, banks are barred from levying any charge on maintaining these accounts that makes them (banks) reluctant to offer motivation to the account holders. The BB data also showed that the number of farmer accounts opened with the country’s scheduled banks with just Tk 10 deposit increased by 7.02 per cent or 6.48 lakh in 2018. In last nine years, farmers opened 98.86 lakh accounts with different banks with just Tk 10 deposit. The figure was 92.38 lakh at the end of December, 2017. In 2018, farmers’ total deposits in the bank accounts increased by 7.61 per cent or Tk 21 crore to Tk 303.37 crore. The growth in farmers’ deposit in the accounts was 26.07 per cent or Tk 58.29 crore in the year of 2017.
First Security Islami Bank launched mobile applications ‘FSIBL Cloud’ and Employees in-house Official
First Security Islami Bank launched mobile applications ‘FSIBL Cloud’ and employees in-house official data based applications ‘FSIBL Yellow Pages’ at Hotel Sarina, Dhaka recently. Mr. Ahmed Jamal, Deputy Governor of Bangladesh Bank, was present as Chief Guest in the programme and Ahmed Muktadir Arif, Dr. Momtaz Uddin Ahmed and Mollah Fazle Akbar, Director(s) of the bank, was present as special guest. The programme was presided over by Syed Waseque Md. Ali, Managing Director of FSIBL.
19 firms to invest Tk 650cr in Pharma
The pharmaceuticals industry is gearing up to expand as 19 companies have got the go-ahead in the last one year to set up facilities at a combined investment of around Tk 654.82 crore. The entry of these new companies will boost competition as there are already more than 200 manufacturers in operations to grab shares in the local market worth around Tk 25,000 crore. As per the Director General of the Directorate General of Drug Administration (DGDA), most of the 19 companies have completed setting up their facilities and they will start operations within the next one and a half years. The move will create a lot of job opportunities, industry insiders say. JR Pharmaceuticals, the biggest among the investors, will invest Tk 106 crore to produce different drugs, including antibiotics, anti-ulcer drugs, antihistamines, antivirals, antifungals, vitamin and mineral supplements, anti-diabetics, eye drops, inhalers, oral rehydration salts, and oral liquids.
Wata Chemicals to enhance production capacity
The board of directors of Wata Chemicals has approved BMRE by setting up of units and plants at the factory for enhance production capacity. According a disclosure posted on the Dhaka Stock Exchange (DSE) website, the board has approved for BMRE (Balancing, Modernization, Rehabilitation and Expansion) of 18,000 MT per annum capacity of sulphuric acid plant unit-1. The board has also decided to set-up of new aluminium sulphate (ALUM) Plant Unit-2 for 12,000 MT per annum. The board has also decided to set-up Linear Alkail Benzene Sulphonic Acid/Sodium Lauryl Ether Sulphate (SLES) plant for 7,200 MT per annum at its factory in Narayangonj. According to the disclosure, approval has been given for obtaining necessary finance of Tk 509.10 million (Tk 50.91 crore) from Agrani Bank, Principal Branch, Dhaka. The board has also approved for establishment of a poly Aluminium Chloride Plant of 4,500 MT per annum at the factory premises. Recently, Wata Chemicals opened its second sulfuric acid plant built at an investment of nearly Tk 300 million.
Syndicated credit facility for Toma Construction A signing ceremony of Syndicated Credit Facilities of BDT 5500 million recently has been executed between Toma Construction & Co. Limited and three Banks at a local hotel, Dhaka where United Commercial Bank Limited (UCB) acted as Lead Arranger and Prime Bank Limited acted as Co-Arranger for raising BDT 5500.00 million in favour of Toma Construction & Co. Limited for construction of New Dual Gauge Single Railway Line from Dohazari to Cox’s Bazar. Bank Asia Limited was one of the participating financiers in this syndicated deal.
India to support Mongla port upgrades
The government has taken up a massive development programme for the struggling Mongla port with Indian financial support. The move aims at making the port attractive to both domestic and regional users. The state-owned Mongla Port Authority (MPA) has undertaken the Tk 60.14 billion port upgrading project that will improve facilities in the nation’s second seaport. According to the port authority, the Indian government will provide loans worth about Tk 44.59 billion while the rest will be borne by the Bangladesh government from its own coffers.
Islami Bank Bangladesh Limited organized a discussion meeting and Doa remembering the martyrs
Islami Bank Bangladesh Limited organized a discussion meeting and Doa remembering the martyrs on 25th March, 1971 and marking the Independence and National Day on Monday at Islami Bank Tower, Dhaka. Professor Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Executive Committee of the bank, was present in the programme as chief guest.
Six people including suspected drug dealer killed in a single day
Six people, including two alleged Rohingya drug traders, were killed in shootouts with law enforcers in Dhaka and two other districts early yesterday. Of them, the drug traders and two suspected robbers were killed in gunfights with Border Guard Bangladesh and Rab in Cox’s Bazar.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
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|Crude Oil (Brent)|| $ 67.63||↓0.20||↓0.29%|
|Gold Spot|| $1,309.85||↑0.30||↑0.02%|
Major Currencies Exchange Rates Movement in Last Seven Days *
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