Bangladesh Bank has simplified the bank account opening process for small traders, dropping trade license requirements. The name of the account will be 'Personal Retail Account' or 'Private Retail Account'. This account can be opened in banks, mobile financial services (MFS), e-wallet service providers, and payment service providers (PSP). Individual small entrepreneurs can transact through such an account for commercial purposes, said Bangladesh Bank. Also read: Tax return document not needed for loans up to Tk 20 lakh: NBR The central bank revealed this information in a discussion with Asian Development Bank on Saturday. A personal retail account can be opened only after submitting the documents required for e-KYC in bank account opening. There is no cost to open this account. Besides, loan will also be available on the basis of transaction. Even if the account is in MFS, the cash-out cost will be less. Director of the Payment System Department of Bangladesh Bank, Masbaul Haque, told UNB that there is opportunity to open a ‘personal retail account’ without a trade license. Also read: Takes 6-12 months to identify a share market manipulator in existing system: BSEC Chairman The central bank has issued such a directive to encourage the growth of small business sector. According to Bangladesh Bank’s circular, no trade license will be required to open an ‘individual retail account’. E-KYC and necessary documents to open a bank account have to be submitted. It will be managed like a current account. This account can be used for commercial purposes, Bangladesh Bank sources said. Read Export Development Fund loans can be repaid in instalments from now on However, a maximum of Tk 10 lakh per month can be transacted through this account. The one-time status of this account will be maximum Tk 5 lakh. Micro and small traders such as grocers, floating food vendors, bus-CNG-rickshaw drivers, street vendors, sellers of various products and services on Facebook, or service providers engaged in various marginal professions can open this account. A copy of the national identity card and proof of profession are required to open the account. Trade license is not mandatory for professional credentials. A valid document issued by the local public representative or the relevant business association is required. All banks, MFS, and PSP service providers in the country will open this account free of cost, said the central bank. Read How to Get a Trade License in Bangladesh?
Two traders were killed when their vehicle skidded off the road and plunged into a ditch in the Nangolmara area of Baghaichhari upazila on Wednesday. The deceased were identified as Elias Ali, 45, of Korengatoli, and Ananta Tripura, 40, of the Sajek Machalong area of the upazila. Read:College student killed in Narayanganj road accident The accident occurred in the morning when the vehicle carrying bananas turned turtle and then skidded off the road before plunging into the ditch along Baghaihat-Sajek Road. "The crash that happened after the driver lost control of the speeding vehicle left the two traders dead on the spot," said Nurul Haque, officer-in-charge of Sajek Police Station. The driver of the vehicle managed to flee the scene, he said. "Efforts are on to nab him."
Gunmen believed to be separatist rebels killed 10 traders and wounded two others in an attack Saturday in Indonesia’s restive Papua province, police said. Clashes have escalated in country's the easternmost province since last year, when rebels set fire to several schools and killed two teachers. Attackers were believed to be members of the West Papua Liberation Army, the military wing of the Free Papua Organization, police said. Read: Indonesian troops kill Papuan rebel commander About 20 gunmen stormed the village of Nogolait in Nduga district while a grocer was preparing to open his wares. They shot him and seven other traders who were on an open freight truck, along with four passersby, said Papua police spokesman Ahmad Musthofa Kamal. He said that most of the victims, all men, were immigrants from other Indonesian islands. Security forces found the bodies scattered in four separate areas. Seven men were killed instantly while three others died at a nearby clinic, Kamal said. He said police and the military were searching for the attackers. A spokesperson for the Free Papua Organization couldn’t immediately be reached for comment. On many occasions, rebel spokesman Sebby Sambom has said the group’s fighters had warned civilians to leave areas the rebels consider a “war zone.” He also urged workers to leave all Indonesian government projects, or they would be considered part of security forces. Papua is a former Dutch colony in the western part of New Guinea that is ethnically and culturally distinct from much of Indonesia. Conflicts between indigenous Papuans and Indonesian security forces have raged for years. Indonesia’s government, which for decades had a policy of sending Javanese and other Indonesians to settle in Papua, is now trying to spur economic development to dampen the separatist movement. In March, rebel gunmen killed eight technicians repairing a remote telecommunications tower. In December 2018, at least 31 construction workers and a soldier were killed in one of the worst attacks in the province.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called upon traders to sell products at prices fixed by the government to keep the market stable ahead of Eid –Ul- Azha. FBCCI Senior Vice-president and convener of market monitoring committee Mostofa Azad Chowdhury made the call at a discussion meeting with Mohammadpur Town Hall, Dhaka North City Corporation Kitchen Market Traders Association Saturday afternoon. During the meeting, Mostofa Azad urged to keep the domestic market stable and not to capitalize on the global market crisis. Read: Inflation, unstable forex rate major challenges: BB governor He instructed the market committee for monitoring the market to ensure that the products are sold at the prices fixed by the government. Ahead of Eid-ul-Azha, still there is no crisis of spices, he told reporters after the meeting. “FBCCI will recommend the names to the govt. agencies for punitive measures if it finds anyone responsible for creating an artificial crisis by stockpiling goods,” he said. Besides, he urged the mill owners to send the dealers list for sugar, salt, flour etc. to FBCCI. Read: OECD delegation interested in FBCCI's Innovation Centre President of Mohammadpur Townhall Dhaka North City Corporation Kitchen Market Merchant Association Md. Lutfar Rahman (Babul) informed that the association shut down the shops which were accused of stockpiling and selling goods at a higher price and this will continue in future. Among others, FBCCI Director Bijoy Kumar Kejriwal, Harun-Or Roshid, General Secretary of Mohammadpur Townhall Dhaka North City Corporation Kitchen Market Merchant Association Md. Muslim Uddin Shikder were also present at the meeting.
Detective Branch (DB) of Dhaka Metropolitan Police (DMP) arrested two employees of a shop in Hazaribagh area in the city on Tuesday in connection with the clashes between students of Dhaka College and traders and hawkers of New Market. The arrestees were Md. Kawsar and Md. Babu Hossain. Also read: New Market Clashes: Three more remanded Based on secret information, Dhanmondi zonal team of the DB (Ramna Division) carried out drives in Hazaribagh area and arrested them. Md. Fazle Elahi, Additional Deputy Commissioner (ADC) of DB (Ramna Division), said Bappi, an employee of Welcome Fast Food, locked into an altercation with Kawser and Babu, two employees of Capital Fast Food, over keeping a table for iftar items on April 18. Also read:New Market clashes: 5 Dhaka College students remanded in police custody At one stage, Bappi called some students of Dhaka College and beat employees of Capital fast food, resulting in violent clashes between Dhaka College students and New Market shopkeepers, the ADC said. Earlier, nine people were arrested in connection with the clashes.
Telecom operators have suspended internet services in New Market area after a series of clashes between Dhaka College students and traders there Tuesday afternoon. The mobile internet services in the area were suspended around 3:15 pm after getting directives from the government, said sources in telecom operators. Also read:Those responsible for New Market violence to face action: Home Minister The mobile internet services will remain snapped until further notice. Over 30 people including journalists and students were injured on Tuesday as students of Dhaka College locked into a series of renewed clashes with traders of New Market at Nilkhet intersection in the city. The whole area turned into a battleground after a fresh clash erupted between them around 10 am as a sequel to a clash Monday midnight.
Over 30 people including journalists and students were injured on Tuesday as students of Dhaka College locked into a series of clashes again with traders of New Market at Nilkhet intersection in the city. The whole area turned into a battleground after a fresh clash erupted between them around 10 am as a sequel to a clash Monday midnight, said witnesses. Of the injured, some 24 people were admitted to Dhaka Medical College Hospital, said a DMCH source. The clashes disrupted vehicular movement from Science Lab to Azimpur and created a long tailback on Mirpur Road and adjacent areas. Vehicular movement returned to normalcy around 6 pm as police dispersed the Dhaka College students after lobbing tear gas shells. READ: Dhaka College suspends classes, exams after clash Shop owners in the areas kept their shutters down since morning.
The price of edible oil will not be increased until the integrated and uniform pricing system is finalized. The decision was taken after a tripartite meeting at the commerce ministry on Thursday afternoon, said AHM Safiquzzaman, additional secretary (Import and Internal Trade). Read: Soaring prices of key items in Dhaka turn up heat in the kitchen Safiquzzaman told reporters that the proposal of price hike by Tk 8 to Tk 10 for per litredible oil was not approved. At present the price of bottled soybean oil is Tk160 per litre. The traders proposed to increase the price of this edible oil by Tk 8 per liter. In that case, the price in the retail market would be Tk168 per litre. The mill's gate price would be Tk158, and the distributor price would be Tk 162 per litre.
Indian businessmen suspended trading through Benaple-Petrapole port since Monday morning in protest against alleged harassment of Indian truckers by the country’s Border Security Force. Thousands of goods-laden truck remained stuck along India’s Petrapole area in a long traffic snarl. Deputy Director of Benapole port, Mamun Tarafdar said Indian traders complain of harassment of truck drivers by BSF members of Jayantipur camp. Also read: BGMEA requests India to expedite trade through Bangaon-Benapole land port The traders have decided against exporting any goods through the port until the harassment ends, he said. Everyday around 400 to 500 trucks enter Benapole from India mostly carrying industrial raw materials, said the port official. Deputy Commissioner of Benapole Customs House Mostafizur Rahman said the trading will resume after problems on Indian side are solved. Also read: 10 Bangladeshis who illegally entered India, return via Benapole