Banks can open temporary online accounts for FDI
Staff Correspondent
18th May, 2021 12:06:55
Bangladesh Bank (BB) has instructed banks to open temporary accounts through online arrangement for foreign direct investment (FDI) in Bangladesh.
As per the instructions released on Monday, the designated banks will observe simplified due diligence in opening these temporary accounts and regulate Anti-Money Laundering (AML) and Know Your Customer (KYC) along with other relevant procedures before transferring balance at these temporary accounts. The BB also directive stated that the scheduled banks are allowed to open accounts through online application received via website/web portal/app of banks or some government service providing entities under their one stop service facilities.
LDC Graduation: Committee formed to address challenges
The government has formed a 22-member committee to address the challenges that Bangladesh will face as a result of its transition from a least developed country (LDCs) into a developing one.
The committee headed by Ahmad Kaikaus, principal secretary to the prime minister, will carry out preparation, planning, implementation and monitoring to address the possible challenges and create an action plan to overcome those.
It is learnt that the committee will determine the sectors and the level of impact in the post-transition period. Moreover, it will map up the roles of the main responsibilities and associated ministries, divisions, and agencies designated for each sector.
Provide more support for startups
Experts urge government Star Business Report Star Business Report
The startup scene in Bangladesh has huge potential but needs policy support to meet its demand for funding and make a bigger contribution to the economy, according to experts.
For example, enhancing the country s brand image and ensuring accurate financial reporting could help local startups secure more foreign funds, they said.
These comments came at a pre-budget roundtable on Venture Capital and Startups for a post-Covid Resilient Economy , jointly organised by the Venture Capital & Private Equity Association of Bangladesh and Capital Market Journalists Forum. Startups are already making a good contribution to the country s job market, especially for younger generations, said Planning Minister MA Mannan.
Reforms in Ease of Doing Business to Accomplish Predictable Ranking
Md. Sayful Islam
3rd May, 2021 11:12:37
The Ease of Doing Business (EODB) is an index created by the World Bank Group experts to measure a country s status in terms of starting and operating a business. The index is considered as a universally accepted comparative benchmark of the business environment globally. The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The regulatory environment is more conducive to the starting and operation of a local business firm to be a high ease of doing business ranking. It applies to business enterprises, providing quantitative indicators on regulation including starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency.
BB allows e-CAB members to remit abroad $10,000 annually
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DHAKA, May 2, 2021 (BSS) – Bangladesh Bank (BB) today allowed members of the e-Commerce Association of Bangladesh (e-CAB) to remit abroad US$10,000 in a year each to meet their legitimate current expenses.
“To facilitate e-commerce trade in the country, it has been decided that Authorized Dealers (ADs) may allow annual remittance facilities of $10,000 or its equivalent to a member firm of e-CAB for meeting bonafide current expenses abroad through traditional banking channel or card channel. In this case, ADs may issue refillable international credit or pre-paid card with USD 2,000 to the nominated official of the remitter within the limit,” said a BB circular issued today.