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Only the tip of the iceberg appears in reported trade-based money laundering with customs detection of the siphoning of nearly Tk 3.0 billion, worth US$ 30 million, by ten ghost companies. Customs authorities disclosed Monday that the shell corporations, disguised as apparel exporters, laundered the money in cahoots with clearing …

River canals in the southern region of Bangladesh are packed with vendors that have seemingly built their dreams around the production of hog plums, locally known as ‘amra’. Trawlers and hundreds of boats laden with hog plums on their way to Dhaka and Chattogram have become a common sight in …

Bangladesh Telecommunication Regulatory Commission (BTRC) recently cancelled the licences of 14 internet service providers (ISPs) after they failed to renew their licences within the specified time. The telecom regulator directed the ISPs to surrender their licences to the commission within 10 days, according to the BTRC documents. The ISPs are …

The export of paper and paper products from Bangladesh rose 85 percent year-on-year in the first two months of fiscal 2023-24 as the country is grabbing a bigger share of the global market in face of reduced competition. Export earnings from the sector amounted to $39.79 million in the July-August …

The jewellery industry in Bangladesh has apparently remained largely dependent on unauthorised channels for sourcing gold although there is no direct government bar on importing the precious metal. Industry insiders said the taxes on legally importing gold were high, which was the main reason companies felt more comfortable sourcing gold …

The import of woven fabrics declined by 25.97 percent in the first seven months of this calendar year, compared to the same period last year, as garment makers have brought down their reliance on imported products because of an increase in local production. Another reason is that international clothing retailers …

The recently passed Income Tax Bill 2023 on Sunday, includes various changes for individuals, businesses, and corporations. Tax returns have been simplified for everyone. Currently, 29 different types of documentation must be submitted when filing a company’s tax return. It is being reduced to 12. Apart from individuals, all other …

The refiners on Monday requested the government to hike retail prices of packaged sugar by 20% to Tk150 a kilogram, due to high import costs amid rise in its international rates and higher cost for US dollar. They want to sell sugar at this rate to the consumers from June …

Interest caps on banks’ lending will be lifted from July as Bangladesh Bank on Monday issued guidelines. However, the new lending-rate mechanism is based on benchmark reference rate effective from next month. Under the new lending regime, the central bank will fix a reference rate based on the moving average …

Bangladesh Bank Governor Abdur Rouf Talukder considered Moody’s recent downgrade on some local banks as a geopolitical move rather than economic indicator. The central bank governor was responding to a question during the launch of the half-yearly monetary policy statement (MPS) starting next month. He said the international credit rating …