AKM Moinuddin, UNB Staff Writer
Sangsad Bhaban, June 28 (UNB) – Parliament Tuesday night passed the Finance Bill 2011 allowing investment of black money in the share market.
It also reduced the rate of tax at source from all exports to 0.7 percent while 0.6 percent for the RMG sector. In the proposed budget the Finance Minister proposed to increase the rate to 1.50 percent for all.
The tax rates for registration of flat, building or space of real estate developers on the basis of commercial purposes also reduced.
Prime Minister Sheikh Hasina while taking part in the general discussion on the budget fiscal requested the Finance Minister to allow the black money in the share market. She also requested the Finance Minister to allow the disclosed money holders to invest in the share market with 10 percent rebate.
She also proposed to reduce the rate of tax at source on export items, and rate for the registration of flat, building or space for commercial purposes.
The Prime Minister urged the Finance Minister to include the poultry sector in the tax holiday scheme upto June 2013 and impose zero tariffs for the import of gas cylinder and its related materials. “We want to provide LPG gas at lower rate to the houses, please slash all duties and make it more affordable to the housewives,” she said adding that poultry sector creates huge employment for the youths.
On the share market issue, the Prime Minister said that the share prices were overvalued during the end part of the last. “That’s why there was a slide down in the market.”
She alleged that most of the brokerage houses are owned by BNP men. “They also played some games from behind.”
She said that the government has taken steps to float shares of the state-owned enterprises in the share market and hoped that some SOEs and non-government shares will be off-loaded in the market within a couple of months.
Regarding the inquiry committee of the share market, she said that the inquiry committee made observations on surface level.
She asked the minister concerned to make some deep investigation in the matter and punish the real culprits behind this matter.
“In 2009-10 fiscal we allowed black money in the share market, but it was not continued during the current fiscal. As we are allowing black and white money for BIFFL and treasury bonds I will request the Finance Minister to allow the black money in the share market.”
She also proposed to reduce the tax rates for registration of flat, building or space of real estate developers on the basis of commercial purposes.
In the Proposed budget the rate for Gulshan, Banani, Baridhara, Motjheel and Dilkusha of Dhaka was fixed at Tk 20,000, for Dhanmandi, Lalmatia, Uttara, Basundhara, DOHS, Mahakhali, Dhaka Cantonment, Karwanbazar of Dhaka and Khulshi, Agrabad, Nasirabad and Panchlaish of Chittagong was Tk 15,000 and Tk 5,000 for other areas.
But the Prime Minister asked the Finance Minister to reduce the rate to Tk 8,000, Tk 6,000 and Tk 5,000 respectively.
Finance Minister AMA Muhith, who moved the bill accepted all the proposals of the Prime Minister.
In his winding up speech, the Finance Minister said that inflation would be a big challenge due to the price hike of two major commodities – food and fuel. He said that the government has taken steps so that food items are within the purchasing power of the common men.
He said that the corporate tax for the listed cigarette manufacturing companies would be 35 percent.
Muhith said duty on luxurious double cabin pick-up, the supplementary duty on 1001 cc to 1500 cc are reduced to 30 percent from the proposed 45 percent.
On share market, Muhith said he thought stability restored in the capital market. The key index is hovering 5500 to 6000. “The capital market will have to be allowed to move on its own way.”
He said the government would soon start de-utilization of the stock market which will help reduce illegal practices in share trading.
Muhith said the huge amount that might be 42 percent to 82 percent remained unutilized and the money will have to bring back in the mainstream.
The Finance Minister ruled out crisis in budget financing. “It has well been described in the budget proposal from which channel money will come.”
He also differed with the claim of declining investment, remittance inflow, export and import. “It’s totally untrue. In some cases rate of growth has only decelerated.”
Muhith said inflation is big challenge and informed that steps are being taken to keep the prices of five essentials at commoners’ reach.
He said the government is giving importance on land management and digital Bangladesh .
Describing electricity and gas crisis he said the government would finalize coal policy by December.
Mentioning that revenue earning has witnessed a 27 percent growth in the current fiscal, Muhith strongly hoped that the revenue earning would reach the target or even exceed in the next fiscal.
Later, the Bill was passed by voice vote after having a general discussion of 49 hours and thirteen minutes in 16 days on national budget for 2011-12.
END/UNB/AKM/
Tuesday, June 28, 2011
Jalil, Amu remind govt of results of ‘96 share market scam; demand punishment to plunderers
AKM Moinuddin, UNB Staff Writer
Sangsad Bhaban, June 28 (UNB) – Awami League stalwarts Amir Hossain Amu and Abdul Jalil on Tuesday alerted the government that the recent share market scam has blurred all achievements of the current government.
They reminded that the past Awami League government got the instant result after the 1996 share market scandal.
Recalling the electoral debacle following the ‘96 share market scandal, former AL general secretary Abdul Jalil urged the Prime Minister to ensure exemplary punishment to the share market plunderers no matter who they are.
“We had instantly got the results of ‘96 share market scandal. Punishment must be ensured for those who brought the catastrophe for small individual investors in the share market,” he said in Parliament while taking part in general discussion on the proposed budget for next fiscal.
Jalil, also the former commerce minister, said the Prime Minister is working hard to generate employment for the people, and some people went to the capital market. But through the scandal this time, instability has been created in society.
He said stern action would have to be taken against the plunderers so none can play game with the people’s money.
Amir Hossain Amu said the share market scam ruined all achievements the government has made in the last two and half years.
“It’s like a drop of cow urine into a bucket of pure milk,” he said, participating in the general discussion of the budget.
Amu, member of the AL advisory council, said that after assuming power, the present government has put in all its effort for the development of the country. “But the share market scam has ruined all the achievements.”
He mentioned that the government should take immediate and effective measures to tackle the incidents at the share market.
Amu said the government must take action against the people who were behind all the scams.
Jalil suggested more steps for the welfare of the freedom fighters, saying that many freedom fighters are still struggling on the streets to survive.
He appreciated some of the features of the proposed budget but saw three challenges including inflation and ADP implementation.
Jalil proposed reviewing the proposed 1.5 percent tax at source on exportable goods and increasing subsidy in the agriculture sector.
He said electricity and gas crisis would have to be resolved to keep the wheel of development moving in the right direction.
END/UNB/AKM/
Sangsad Bhaban, June 28 (UNB) – Awami League stalwarts Amir Hossain Amu and Abdul Jalil on Tuesday alerted the government that the recent share market scam has blurred all achievements of the current government.
They reminded that the past Awami League government got the instant result after the 1996 share market scandal.
Recalling the electoral debacle following the ‘96 share market scandal, former AL general secretary Abdul Jalil urged the Prime Minister to ensure exemplary punishment to the share market plunderers no matter who they are.
“We had instantly got the results of ‘96 share market scandal. Punishment must be ensured for those who brought the catastrophe for small individual investors in the share market,” he said in Parliament while taking part in general discussion on the proposed budget for next fiscal.
Jalil, also the former commerce minister, said the Prime Minister is working hard to generate employment for the people, and some people went to the capital market. But through the scandal this time, instability has been created in society.
He said stern action would have to be taken against the plunderers so none can play game with the people’s money.
Amir Hossain Amu said the share market scam ruined all achievements the government has made in the last two and half years.
“It’s like a drop of cow urine into a bucket of pure milk,” he said, participating in the general discussion of the budget.
Amu, member of the AL advisory council, said that after assuming power, the present government has put in all its effort for the development of the country. “But the share market scam has ruined all the achievements.”
He mentioned that the government should take immediate and effective measures to tackle the incidents at the share market.
Amu said the government must take action against the people who were behind all the scams.
Jalil suggested more steps for the welfare of the freedom fighters, saying that many freedom fighters are still struggling on the streets to survive.
He appreciated some of the features of the proposed budget but saw three challenges including inflation and ADP implementation.
Jalil proposed reviewing the proposed 1.5 percent tax at source on exportable goods and increasing subsidy in the agriculture sector.
He said electricity and gas crisis would have to be resolved to keep the wheel of development moving in the right direction.
END/UNB/AKM/
Saturday, June 25, 2011
Govt yet to decide on allowing investment in Africa; Delay may shrink opportunities
By AKM Moinuddin
UNB Staff Writer
Dhaka, June 24 (UNB) - The government has not yet taken any formal decision on allowing Bangladeshi investors to invest in Africa that leaves a clear field for other competing countries like China, India and Pakistan.
The inordinate delay in getting government clearance might hinder the exceedingly lucrative opportunities for Bangladeshi investors in farming sector in the vast and untapped rural expanse of Africa.
Though the businesspeople here are very much certain of getting the necessary clearance, they want to get the government feedback as soon as possible.
“Competition will become harder if the process is delayed. Other competing countries will grab the opportunities. With each day’s delay, the opportunities are apparently shrinking,” businessman Abdul Matlub Ahmad told UNB over phone.
He, however, said they are cent percent sure that the government would eventually allow the Bangladeshi entrepreneurs to in invest in Africa and other prospective countries.
“Yes, it’s true that other countries like China, India and Pakistan will take advantage of the delay on our part,” said Matlub, the president of Bangladesh Africa Business Organization (BABO).
Asked about the reasons behind the delay, he said so many political issues including budget came in focus and the government is virtually busy with handling those issues.
“A high-level-meeting in this regard was scheduled to be held on Thursday (June 23), but cancelled at the last moment. We hope, we’ll get a decision after the approval of the budget,” Matlub said.
SAARC Chamber of Commerce and Industry vice president Abul Kashem Ahmed, who is also interested to invest in Africa, said two committees at private and public level are evaluating the pros and cons of any investment in Africa.
“Let’s see what they suggest,” he said adding that usually, it takes time.
Earlier, last year, two fact-finding missions led by the Foreign Secretary found farming opportunity in Africa, the so-called Dark Continent, for the Bangladeshi investors. The teams visited Liberia, Ivory Coast, Senegal and Ghana.
Bangladeshi entrepreneurs can invest in rice, wheat, cotton, cocoa and coffee farming in Africa.
The government sent the fact-finding missions in August and September last year as part of its efforts to ensure food security for the country's fast-growing population. Already Chinese farmers have invested heavily in farmlands in a number of sub-Saharan African nations. They are backed by their government. Some Middle-East nations also made similar moves.
Seeing the investment possibilities in Africa, a group of Bangladeshi businessmen formed the BABO and started lobbying with the government to get clearance for investment there.
The BABO leaders at a press conference on May 30 said there is huge investment opportunity for Bangladesh in African countries that can help ensure the country’s food security through producing rice and other agricultural products there.
They are now lobbying with the government to allow Bangladeshi investors to make investment in Africa by removing all barriers so that potentials in Africa could be explored fully. FBCCI president AK Azad also favored the proposal and had requested Foreign Minister Dipu Moni to take appropriate steps in this regard.
END/UNB/AKM
UNB Staff Writer
Dhaka, June 24 (UNB) - The government has not yet taken any formal decision on allowing Bangladeshi investors to invest in Africa that leaves a clear field for other competing countries like China, India and Pakistan.
The inordinate delay in getting government clearance might hinder the exceedingly lucrative opportunities for Bangladeshi investors in farming sector in the vast and untapped rural expanse of Africa.
Though the businesspeople here are very much certain of getting the necessary clearance, they want to get the government feedback as soon as possible.
“Competition will become harder if the process is delayed. Other competing countries will grab the opportunities. With each day’s delay, the opportunities are apparently shrinking,” businessman Abdul Matlub Ahmad told UNB over phone.
He, however, said they are cent percent sure that the government would eventually allow the Bangladeshi entrepreneurs to in invest in Africa and other prospective countries.
“Yes, it’s true that other countries like China, India and Pakistan will take advantage of the delay on our part,” said Matlub, the president of Bangladesh Africa Business Organization (BABO).
Asked about the reasons behind the delay, he said so many political issues including budget came in focus and the government is virtually busy with handling those issues.
“A high-level-meeting in this regard was scheduled to be held on Thursday (June 23), but cancelled at the last moment. We hope, we’ll get a decision after the approval of the budget,” Matlub said.
SAARC Chamber of Commerce and Industry vice president Abul Kashem Ahmed, who is also interested to invest in Africa, said two committees at private and public level are evaluating the pros and cons of any investment in Africa.
“Let’s see what they suggest,” he said adding that usually, it takes time.
Earlier, last year, two fact-finding missions led by the Foreign Secretary found farming opportunity in Africa, the so-called Dark Continent, for the Bangladeshi investors. The teams visited Liberia, Ivory Coast, Senegal and Ghana.
Bangladeshi entrepreneurs can invest in rice, wheat, cotton, cocoa and coffee farming in Africa.
The government sent the fact-finding missions in August and September last year as part of its efforts to ensure food security for the country's fast-growing population. Already Chinese farmers have invested heavily in farmlands in a number of sub-Saharan African nations. They are backed by their government. Some Middle-East nations also made similar moves.
Seeing the investment possibilities in Africa, a group of Bangladeshi businessmen formed the BABO and started lobbying with the government to get clearance for investment there.
The BABO leaders at a press conference on May 30 said there is huge investment opportunity for Bangladesh in African countries that can help ensure the country’s food security through producing rice and other agricultural products there.
They are now lobbying with the government to allow Bangladeshi investors to make investment in Africa by removing all barriers so that potentials in Africa could be explored fully. FBCCI president AK Azad also favored the proposal and had requested Foreign Minister Dipu Moni to take appropriate steps in this regard.
END/UNB/AKM
Mohiuddin devotes time to reorganising party in Ctg Plans to meet Hasina before July 9
http://www.thedailystar.net/story.php?nid=145183
By AKM Moinuddin
UNB Staff Writer
After the recent electoral debacle, former mayor ABM Mohiuddin Chowdhury has apparently become more active in politics, devoting his time to reorganising the party here to face future political challenges.
Mohiuddin, also Chittagong city Awami League president, does not want to waste time by meditating over the past and on what happened in the last mayoral elections but wishes to continue his task for the economic development of the port city.
The AL leader, who has been credited with many successful movements and development works in Chittagong over the last 17 years, still believes that Chittagong seaport is the key to country's development.
And this is the area where he wants to lend “peaceful support” in implementing government's plan.
“I believe country's overall development depends on Chittagong and at the same time Chittagong's development largely depends on its seaport.
So, we must specially think of its (port) modernisation, infrastructure development and boosting efficiency to make it globally competitive,” Mohiuddin said in an interview with UNB at his Chashma Hill residence on Thursday.
The former mayor believes Bangladesh will turn into a business hub with enormous potential for trade and commerce if the deep seaport project is implemented and transit facilities to neighbouring countries are ensured.
“Chittagong can be a modern city like Singapore and tourism sector will flourish here (Chittagong) if port's development is ensured,” he said.
When asked about the future leadership of Chittagong city Awami League, he said, “I'm not a big leader. My leader is Sheikh Hasina. I can't say or do anything disregarding her directives.”
A faction of city AL is reportedly planning to keep Mohiuddin out of party leadership in Chittagong and the rivals are taking preparation to discuss it with party high-ups so that a new committee can be formed excluding Mohiuddin. Asked about his reaction, he said, “It's up to them.”
Replying to a question, the AL leader said he did not talk to party President Sheikh Hasina after the CCC election debacle.
“I am planning to meet her (Hasina) within next few days, hopefully before July 9,” said Mohiuddin who will fly for Saudi Arabia on July 9 to perform umrah.
Mohiuddin declined to comment on the reasons of his unexpected defeat in the recently held mayoral elections. He merely said, “People know what I did for the development of Chittagong. Ask them and compare present Chittagong with what it was previously (17 years ago).”
He even did not want to talk about new mayor M Manzur Alam Manzu.
Replying to a question, he said the arrest of the Jamaat trio was a right decision.
The anti-liberation forces will not dare to revive their destructive activities if the trial of war criminals is held.
“I've been on streets against the war criminals; I'll always remain vocal against them,” he said.
Asked about his role in facing the anti-government movement launched by the opposition, Mohiuddin said he would remain vocal against any anti-state movement.
By AKM Moinuddin
UNB Staff Writer
After the recent electoral debacle, former mayor ABM Mohiuddin Chowdhury has apparently become more active in politics, devoting his time to reorganising the party here to face future political challenges.
Mohiuddin, also Chittagong city Awami League president, does not want to waste time by meditating over the past and on what happened in the last mayoral elections but wishes to continue his task for the economic development of the port city.
The AL leader, who has been credited with many successful movements and development works in Chittagong over the last 17 years, still believes that Chittagong seaport is the key to country's development.
And this is the area where he wants to lend “peaceful support” in implementing government's plan.
“I believe country's overall development depends on Chittagong and at the same time Chittagong's development largely depends on its seaport.
So, we must specially think of its (port) modernisation, infrastructure development and boosting efficiency to make it globally competitive,” Mohiuddin said in an interview with UNB at his Chashma Hill residence on Thursday.
The former mayor believes Bangladesh will turn into a business hub with enormous potential for trade and commerce if the deep seaport project is implemented and transit facilities to neighbouring countries are ensured.
“Chittagong can be a modern city like Singapore and tourism sector will flourish here (Chittagong) if port's development is ensured,” he said.
When asked about the future leadership of Chittagong city Awami League, he said, “I'm not a big leader. My leader is Sheikh Hasina. I can't say or do anything disregarding her directives.”
A faction of city AL is reportedly planning to keep Mohiuddin out of party leadership in Chittagong and the rivals are taking preparation to discuss it with party high-ups so that a new committee can be formed excluding Mohiuddin. Asked about his reaction, he said, “It's up to them.”
Replying to a question, the AL leader said he did not talk to party President Sheikh Hasina after the CCC election debacle.
“I am planning to meet her (Hasina) within next few days, hopefully before July 9,” said Mohiuddin who will fly for Saudi Arabia on July 9 to perform umrah.
Mohiuddin declined to comment on the reasons of his unexpected defeat in the recently held mayoral elections. He merely said, “People know what I did for the development of Chittagong. Ask them and compare present Chittagong with what it was previously (17 years ago).”
He even did not want to talk about new mayor M Manzur Alam Manzu.
Replying to a question, he said the arrest of the Jamaat trio was a right decision.
The anti-liberation forces will not dare to revive their destructive activities if the trial of war criminals is held.
“I've been on streets against the war criminals; I'll always remain vocal against them,” he said.
Asked about his role in facing the anti-government movement launched by the opposition, Mohiuddin said he would remain vocal against any anti-state movement.
Fall of star like Mohiuddin in CCC polls, few reasons
By AKM Moinuddin
UNB Staff Writer
Dhaka, June 18 (UNB) - What could be the reasons behind the fall of a ‘political star’ like ABM Mohiuddin Chowdhury in Thursday’s mayoral race for Chittagong City Corporation?
Is it incumbency factor or some mistakes he committed during the last part of his tenure in the third consecutive term?
Common people in Chittagong believe Mohiuddin Chowdhury deserved this big defeat. They also feel it is not the charisma of Manjurul Alam Manju; rather, Mohiuddin Chowdhury himself dug his own grave.
People find a number of reasons behind the election debacle of a popular, experienced and charismatic politician like Mohiuddin Chowdhury who ran CCC for 17 years as mayor.
People had expected a close fight between the two major contenders, not so big a defeat for Mohiuddin as transpired at the end of vote counting. Difference of nearly one lakh votes (95,528) with Manju is not a trivial matter.
Elected for three consecutive terms, former mayor Mohiuddin has been credited with carrying out extensive infrastructural development works and as an efficient local administrator of Chittagong city.
During his tenure, secondary schools for girls were built in almost every Ward, and new post-school intermediate and higher education colleges were established. None of the other city corporation authorities in the country could provide such extensive educational services, which basically started after Mohiuddin was first elected mayor of the port city.
Another key achievement of Mohiuddin was building a network of public health facilities - Urban Primary Health Centres, which enabled lower and lower-middle class people to receive basic healthcare before seeing a consultant doctor at government or private hospitals.
Mohiuddin was the first city Mayor in the country to establish a private university - Premier University, Chittgaong sponsored by the CCC.
But all his achievements were apparently overshadowed by a number of follies he committed during his last term.
Observers believe that non-implementation of his 40-point election pledge, transforming the CCC into a commercial institution, running Awami League in Chittagong disregarding opinions of other leaders of the party and lack of coordination within Chittagong city unit of the party might be some of the reasons behind Mohiuddin’s debacle.
It is believed that Mohiuddin managed victory in the last elections by committing to the people 20- and 40-point election pledges, which he could not fully implement.
Before the CCC polls in 2005, Mohiuddin pledged to expand Chittagong metropolitan area to 120 sq kms from 60 sq kms but the Chittagong metropolitan area was not expanded.
He also pledged to remove water and sanitation problems but those remained unresolved. He set up a commercial institution named Premier Drinking Water without solving the water crisis.
Mohiuddin took an initiative to set up power plant under the management of CCC but not a single watt of electricity could be generated.
Intra-party feud was another major reason behind Mohiuddin’s fall. On May 27, Prime Minister Sheikh Hasina had a meeting with all senior leaders of Chittagong Awami League to remove misunderstanding between Mohiuddin and other senior leaders.
Mohiuddin begged pardon from Sheikh Hasina and other senior leaders for his misbehavior with other party leaders in Chittagong and for his past mistakes.
However, the people of Chittgaong and the peace-loving people of the country heaved a sigh of relief as the elections passed off peacefully despite few brief untoward incidents before the formal announcement of the poll results.
END/UNB/AKM
UNB Staff Writer
Dhaka, June 18 (UNB) - What could be the reasons behind the fall of a ‘political star’ like ABM Mohiuddin Chowdhury in Thursday’s mayoral race for Chittagong City Corporation?
Is it incumbency factor or some mistakes he committed during the last part of his tenure in the third consecutive term?
Common people in Chittagong believe Mohiuddin Chowdhury deserved this big defeat. They also feel it is not the charisma of Manjurul Alam Manju; rather, Mohiuddin Chowdhury himself dug his own grave.
People find a number of reasons behind the election debacle of a popular, experienced and charismatic politician like Mohiuddin Chowdhury who ran CCC for 17 years as mayor.
People had expected a close fight between the two major contenders, not so big a defeat for Mohiuddin as transpired at the end of vote counting. Difference of nearly one lakh votes (95,528) with Manju is not a trivial matter.
Elected for three consecutive terms, former mayor Mohiuddin has been credited with carrying out extensive infrastructural development works and as an efficient local administrator of Chittagong city.
During his tenure, secondary schools for girls were built in almost every Ward, and new post-school intermediate and higher education colleges were established. None of the other city corporation authorities in the country could provide such extensive educational services, which basically started after Mohiuddin was first elected mayor of the port city.
Another key achievement of Mohiuddin was building a network of public health facilities - Urban Primary Health Centres, which enabled lower and lower-middle class people to receive basic healthcare before seeing a consultant doctor at government or private hospitals.
Mohiuddin was the first city Mayor in the country to establish a private university - Premier University, Chittgaong sponsored by the CCC.
But all his achievements were apparently overshadowed by a number of follies he committed during his last term.
Observers believe that non-implementation of his 40-point election pledge, transforming the CCC into a commercial institution, running Awami League in Chittagong disregarding opinions of other leaders of the party and lack of coordination within Chittagong city unit of the party might be some of the reasons behind Mohiuddin’s debacle.
It is believed that Mohiuddin managed victory in the last elections by committing to the people 20- and 40-point election pledges, which he could not fully implement.
Before the CCC polls in 2005, Mohiuddin pledged to expand Chittagong metropolitan area to 120 sq kms from 60 sq kms but the Chittagong metropolitan area was not expanded.
He also pledged to remove water and sanitation problems but those remained unresolved. He set up a commercial institution named Premier Drinking Water without solving the water crisis.
Mohiuddin took an initiative to set up power plant under the management of CCC but not a single watt of electricity could be generated.
Intra-party feud was another major reason behind Mohiuddin’s fall. On May 27, Prime Minister Sheikh Hasina had a meeting with all senior leaders of Chittagong Awami League to remove misunderstanding between Mohiuddin and other senior leaders.
Mohiuddin begged pardon from Sheikh Hasina and other senior leaders for his misbehavior with other party leaders in Chittagong and for his past mistakes.
However, the people of Chittgaong and the peace-loving people of the country heaved a sigh of relief as the elections passed off peacefully despite few brief untoward incidents before the formal announcement of the poll results.
END/UNB/AKM
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