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e-LC in the offing to check tax dodging  

The National Board of Revenue and Bangladesh Bank are going to introduce electronic letters of credit to prevent use of fake LCs as well as to facilitate importers and exporters in smooth international trade, officials concerned said. They said the system would check tax dodging through submitting fake LCs to the customs offices. The online or e-LC system will be introduced under the National Single Window in which all activities related to import and export to be conducted online instead of existing manual system, they said. nbr 222Before...

IMF set to stop ECF for Bangladesh  

The IMF is set to quit the ECF programme soon as the government has failed to commit implementation of roadmap for the new value-added tax act, suggesting a bitter relation between the government and the lending agency. The pre-mature ending of the reform programme that was undertaken about three years back to bring about regulatory changes in the broad economic matters would deprive the country of nearly $300 million, a senior finance ministry official said. IMFThe disbursement of the sixth instalment of the $1 billion ECF fund was scheduled in last...

US, EU and UK urge restraint

In the wake of growing violence and loss of lives, the Unites States, European Union and United Kingdom have urged all the sides to show restraint and engage in “genuine dialogue” to solve the crisis. violance BDCondemning violence across the country centring the recent political developments, separate statements from US, EU and UK today urged the government to ensure freedom of assembly, movement and speech. They also demanded that the government probe Tuesday night’s gun attack on former foreign secretary Reaz Rahman and try the att...

WB cuts 2015 forecast for global economy  

The World Bank (WB), citing stagnation in Europe and Japan and a slowdown in China, downgraded its forecast for the global economy this year. It also reported that world economic growth came in below expectations in 2014. The bank predicts the world economy will expand 3 percent this year, up from 2.6 percent in 2014. Last June, World Bank economists had forecast 3.4 percent global economic growth this year and 2.8 percent last year. “The recovery has been sputtering in the Euro Area and Japan as legacies of the financial crisis linger ... China, meanwhile, is undergoing a carefully managed slowdown,” the bank said Tuesday in the first of its twice-yearly Global Economic Prospects reports for 2015.

US condemns attack on ex-foreign secy Reaz  

Expressing deep shock over the attack on former foreign secretary Reaz Rahman, the United States has urged Bangladesh government to investigate, track down, and hold accountable those responsible for the act. “There is no justification for such outrageous and cowardly acts in a democratic Bangladesh; we condemn the use of violence for political objectives,” Deputy Spokesperson of the US Department of State Marie Harf said in a press statement. us-state-logo_2She said, “We urge all sides to refrain from acts of violence. We ca...

Third ‘border haat’ along India-Bangladesh frontier opens

Tripura’s first “border haat” - the third such market along India’s frontier with Bangladesh - was inaugurated here Tuesday to boost trade of local produce of both the nations. Union Commerce and Industry Minister Nirmala Sitharaman and her Bangladeshi counterpart Tofail Ahmed jointly inaugurated the “border haat” here, about 140 km south of Tripura capital Agartala. borderhaat-112Two “border haat” were set up in 2012 on Meghalaya-Bangladesh border - Kalaichar (India)-Baliamari (Bangladesh) and Dalora (Bangladesh)-Balat (India)....
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