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Economy

WB Group to help develop index-insurance solutions

The Global Index Insurance Facility (GIIF), an innovative program managed by the World Bank Group, today launched indexinsuranceforum.org, an online knowledge platform for index-insurance practitioners globally. The platform will feature knowledge products, research and discussions on key issues related to the development of innovative insurance solutions. IFC-logoThe platform offerings are geared to address vital areas of index-insurance including product design, sales and distribution, consumer education, sustainability and innovation and regulation. ...

Dhaka to pay $ 400m for ‘sizable’ AIIB stake    

Bangladesh is ready to pay US$400 million to subscribe a significant stake in the China-mooted Asian Infrastructure Investment Bank (AIIB) in view of its position in global and regional atmosphere of present times, officials said, reports the Financial Express (FE). “Our government’s decision is subscribe as much stake as available since our economy is growing and to have more voice on the bank board,” additional secretary of Economic Relations Division (ERD) Asif-uz-Zaman told the FE Tuesday. china BDHe said if subscribing shares is fixed based on g...

Inter-bank ATM transaction: BB to impose Tk 15 charge    

Bangladesh Bank backtracked from its earlier decision of imposing a fee at Tk 20 on each inter-bank ATM transaction from currently charged Tk 10 amid criticism from different quarters, said officials of the central bank, New Age reports. The central bank has now decided to impose the fee at Tk 15 on per automated teller machine transaction under National Payment Switch Bangladesh project, a BB official told New Age on Monday. atmThe BB earlier made a decision to double charge on the clients on inter-bank ATM transactions, bowing down to repeated pres...

Outsourcing policy for banks

Bangladesh Bank has, for the first time, prepared an outsourcing policy for banks using third-party service at home and abroad to help them mitigate risks and meet regulatory requirements. Banking institutions throughout the world are increasingly turning to outsourcing as a means to reduce costs and achieve strategic aims. bbWhen these third-party service providers handle much of banks’ activity—regulated or unregulated, it may impact their ability to manage their risks and monitor compliance with regulatory requirements, the BB said in a notice yesterday. Sub...

Harsh measures against errant TIN holders

Worried at the poor turnout of income tax returns even after extending the deadline twice for individual taxpayers, the National Board of Revenue (NBR) has decided to be harsh on the errant Tax Identification Number (TIN) holders. The last date for the income tax return submission was November 30 last year. The number of income tax return was 10,26,913 out of 1.8 million TIN holders till the last date, reports UNB. “Yes, we hoped to get better revenue collection compared to the previous year, but the amount of income tax was lower than the last fiscal,” an income tax commissioner preferring anonymity told UNB.

Revised ADP to be finalised earlier than usual

The Ministry of Planning is trying hard to finalise the Revised Annual Development Programme (RADP) for the current fiscal within January or February, ahead of the usual time, to more effectively utilize the additional allocations for the implementing Ministries and Divisions, with the aim of achieving better development outcomes. The Ministry also stressed the need for ensuring necessary land acquisition before undertaking those projects which require land acquisition for implementation, reports UNB. govtThe decisions were taken at a meeting of t...
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