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Fibre2Fashion
4 hours ago
- Business
- Fibre2Fashion
Many tax measures may disproportionately burden Bangladesh bizs: FICCI
While praising the Bangladesh government for its intentions regarding reforms and fiscal consolidation in the proposed budget for fiscal 2025-26 (FY26), the Foreign Investors' Chamber of Commerce and Industry (FICCI) recently expressed concern over the implementation of several tax measures, fearing these may disproportionately burden individuals and businesses. The revised tax slabs could increase tax burden by 50-60 per cent on salaried individuals having monthly incomes between Tk 70,000 and Tk 100,000 and 20-30 per cent for incomes between Tk 120,000 and Tk 175,000, FICCI president Zaved Akhtar told a post-budget press briefing. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies and from 0.25 per cent to 1 per cent for individuals would be a threat to small and medium enterprises (SMEs) and loss-making firms, as well as to inflation-hit citizens. The Foreign Investors' Chamber of Commerce and Industry in Bangladesh fears several tax measures proposed in the budget may disproportionately burden individuals and businesses. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies would be a threat to SMEs and loss-making firms. The VAT hike on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector. The imposition of a 27.5-per cent corporate tax on listed companies with less than 10-per cent public shareholding and the withdrawal of reduced tax rates for cashless companies are 'counterproductive' to capital market development, the trade chamber was cited as saying by domestic media reports. The sharp hike in value-added tax (VAT) on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector, FICCI pointed out. Fibre2Fashion News Desk (DS)
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First Post
a day ago
- Business
- First Post
Bangladesh's new banknotes will have Hindu temples but no Mujibur Rahman portrait. Here's why
Bangladesh's new currency series eliminates Sheikh Mujibur Rahman's portrait in favour of historic temples, mosques and landmarks. The interim government's sweeping redesign represents a shift in national narrative as Mujib's legacy is downplayed read more A vendor displays fresh notes for clients interested in exchanging them for dirty notes in Dhaka, Bangladesh on August 4, 2003. Representational Image/Reuters Bangladesh has unveiled an entirely reimagined series of banknotes that omit political figures and instead aimed at highlighting cultural, religious and historical heritage. The initiative — carried out under the interim administration led by Muhammad Yunus — marks a striking departure from the currency designs of previous decades. Until recently, most denominations featured the portrait of Sheikh Mujibur Rahman, widely acknowledged as the architect of the country's liberation from Pakistan. His image was removed from the new series, and the banknotes now focus on national symbols, architectural landmarks and historical structures. STORY CONTINUES BELOW THIS AD According to central bank officials, the updated designs are intended to reflect national identity while incorporating enhanced security features to counteract forgery. 'Under the new series and design, the notes will not feature any human portraits, but will instead showcase natural landscapes and traditional landmarks,' Bangladesh Bank spokesperson Arif Hossain Khan told AFP. What the new banknotes look like The newly issued notes span all denominations from Tk 1,000 to Tk 2 and feature different elements of Bangladesh's historical and architectural legacy. #Bangladesh Bank Governor Dr. Ahsan H. Mansur handed over images of six newly designed banknotes to Chief Adviser Professor Muhammad Yunus. The redesigned notes no longer feature the portrait of Sheikh Mujibur Rahman. However, the central bank clarified that all existing notes… — All India Radio News (@airnewsalerts) June 3, 2025 Each denomination also incorporates watermarks of the Royal Bengal Tiger, the respective denomination numeral, and either the central bank's monogram or the government's emblem, depending on the note. Tk 1,000 note : This high-denomination purple note includes depictions of the National Martyrs' Memorial and the National Parliament House (Jatiya Sangsad Bhaban). Tk 500 note : Green in colour, this note features the Central Shaheed Minar and the Supreme Court, with the national flower, the Shapla, in the background. Tk 200 note : Yellow-toned, it displays the Aparajeyo Bangla sculpture of Dhaka University alongside student-created graffiti from the July 2024 demonstrations. Tk 100 note : Dominated by blue, the front side shows the Shait-Gumbuz Mosque in Bagerhat, while the reverse features scenes from the Sundarbans. Tk 50 note : This note includes Ahsan Manzil — an iconic palace in Dhaka — and a painting by celebrated artist Zainul Abedin that depicted the Bengal famine. Tk 20 note : Introduced on June 1, it displays the 18th-century Kantajew Temple in Dinajpur and the Paharpur Buddhist Vihara, a UNESCO World Heritage Site located in Naogaon district. Tk 10 note : Pink-coloured, the note contains Baitul Mukarram Mosque and protest graffiti. Tk 5 note : Also pink, it portrays the Tara Mosque on the front and more graffiti on the reverse. Tk 2 note: Light green in appearance, this smallest denomination shows the Martyred Intellectuals Memorial in Mirpur on the front and the Rayer Bazar Memorial on the back. These notes are now being circulated gradually. While the Tk 1,000, Tk 50, and Tk 20 notes were the first to be released, others — including Tk 500, Tk 200, Tk 100, Tk 10, Tk 5, and Tk 2 — will follow over time. Bangladesh's central bank has assured that older notes and coins will remain legal tender during the transition. STORY CONTINUES BELOW THIS AD Why Bangladesh removed Mujib from currency notes The release of these new banknotes is taking place against the backdrop of major political upheaval. The previous Awami League government, led by Sheikh Hasina, daughter of Mujibur Rahman, was removed from power following widespread student-led demonstrations in 2024. Since then, the interim administration has been undertaking actions to distance state narratives from the legacy of the former ruling family. Among these changes was the decision to not issue any new banknotes during the Eid season last year — an unusual move that coincided with the government prohibiting the circulation of stored notes carrying Mujib's image. In the education sector, the National Curriculum and Textbook Board (NCTB) has revised content across 441 school textbooks for the 2025 academic year. These changes have removed or rephrased references to Mujibur Rahman's leadership in the country's independence movement. Some of the new material now attributes the declaration of independence to General Ziaur Rahman — once a military leader and later president. The Daily Star reported that over 400 million revised textbooks have already been distributed to schools. The interim government has also amended the JAMUNA Act. The amendment strips Mujibur Rahman and more than 400 political leaders elected during the 1970 elections of their official status as 'freedom fighters.' STORY CONTINUES BELOW THIS AD Instead, the revised ordinance reclassifies them as 'associates of the Liberation War.' This redefinition applies to five groups, including members of the provisional Mujibnagar government. What we know of the temple on the bank notes One of the most prominent and widely discussed design choices is the inclusion of the Kantajew Temple on the Tk 20 note. This 18th-century Hindu temple is known for its intricate terracotta architecture and cultural significance. Kantanagar Temple, also known as Kantaji Temple or Kantajew Temple in Kantanagar, Dinajpur, Bangladesh, is an 18th-century Hindu temple. The temple is dedicated to the Hindu deities Kanta or Krishna and is particularly revered by followers of the Radha-Krishna cult, known for… — GemsOfINDOLOGY (@GemsOfINDOLOGY) March 25, 2024 In December 2015, the temple was the target of a bomb attack during Rash Mela festivities. The perpetrators — linked to the banned terrorist organisation New Jamaatul Mujahideen Bangladesh (New JMB), an affiliate of ISIS — were arrested, though the group did not officially claim responsibility. STORY CONTINUES BELOW THIS AD More recently, the temple site became the centre of controversy when reports surfaced in 2024 about a mosque being built within its premises. The incident provoked strong objections from the Hindu community, who viewed the construction as an encroachment on their sacred site. Despite these tensions, the temple remains one of Bangladesh's most visited religious monuments. The inclusion of religious and cultural structures on the banknotes spans across communities. For example, the Shait Gumbad Mosque appears on the Tk 100 note, Baitul Mukarram Mosque on the Tk 10 note, and Tara Mosque on the Tk 5 note. The Paharpur Monastery, featured on the back of the Tk 20 note, reflects Buddhist heritage and is considered one of the most significant ancient monasteries in South Asia, dating back to the 8th century and built under the Pala dynasty. What the response has been The interim government's currency overhaul has not gone without criticism. Political observers have accused the administration of attempting to systematically dilute Mujibur Rahman's contribution to the country's history. His leadership during the nine-month Liberation War in 1971, during which India played a crucial role, has long been a cornerstone of the national narrative. STORY CONTINUES BELOW THIS AD Still, Bangladesh Bank insists that the new series is meant to display national unity, diversity, and cultural pride while bolstering the security of the currency. Press releases have promised that the bank will continue informing the public about each new note's security elements and design features as they are introduced. Also Watch: With inputs from agencies
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Business Standard
3 days ago
- Politics
- Business Standard
Bangladesh drops Sheikh Mujib from currency, adds temples, landmarks
For the first time in more than five decades, the image of Sheikh Mujibur Rahman, the founding father of Bangladesh, has been removed from new banknotes. The redesigned notes, released on Sunday (June 1), now feature motifs of Hindu and Buddhist temples, traditional landmarks, and celebrated national artwork — signalling a significant symbolic shift in the country's political and cultural narrative. Sheikh Mujibur Rahman, the first President and former Prime Minister of Bangladesh, had appeared on every banknote since the nation's birth in 1971. However, with the ouster of his daughter and former Prime Minister Sheikh Hasina last year, the interim government led by Nobel Laureate Muhammad Yunus had announced a phased revamp of the country's currency, aimed at removing political iconography. No human portraits in new currency design According to Bangladesh Bank, the newly issued notes — Tk 1000, Tk 50, and Tk 20 — do not carry any human portraits. Instead, they celebrate Bangladesh's cultural heritage and natural beauty. 'Under the new series and design, the notes will not feature any human portraits, but will instead showcase natural landscapes and traditional landmarks,' said Bangladesh Bank spokesman Arif Hossain Khan in a statement to AFP. He added, 'The new notes will be issued from the central bank's headquarters, and later from its other offices across the country. The other denominations of the notes with new designs will be released in phases.' The new designs include depictions of Hindu and Buddhist temples, artwork by the late Zainul Abedin, and the National Martyrs' Memorial, which commemorates those who died in the 1971 liberation war against Pakistan. Political backdrop: Hasina indicted for mass murder The currency redesign comes at a politically charged time. On the same day the new notes were unveiled, Bangladesh's International Crimes Tribunal formally indicted Sheikh Hasina in absentia for her role in the deadly 2024 crackdown on student-led protests. Prosecutors accused the former prime minister of 'exercising absolute authority to ruthlessly suppress the uprising', levelling mass murder charges and issuing a fresh arrest warrant against Hasina and then Home Minister Asaduzzaman Khan Kamal. Hasina fled to India in August last year after weeks of nationwide unrest, ending her 15-year rule. Since then, the country has been governed by a caretaker administration headed by Muhammad Yunus. In May, the Awami League — Hasina's party — was banned pending the outcome of the trials. A currency shaped by politics This is not the first time Bangladesh's currency has changed in response to political shifts. In 1972, the newly independent country issued notes featuring a map of Bangladesh after gaining freedom from Pakistan. Later, under the rule of the Awami League, notes prominently featured Sheikh Mujibur Rahman. During the rule of the Bangladesh Nationalist Party (BNP) and its leader Khaleda Zia, the currency showcased archaeological and historical sites instead of political figures. With the current transition, the new banknotes reflect the Yunus-led administration's stated aim to promote inclusivity and national heritage over political legacy. However, the co-existence of old and new notes — both now in legal circulation — marks a period of visual and ideological overlap in Bangladesh's evolving identity.
The Print
3 days ago
- Business
- The Print
Bangladesh replaces its founder Mujibur Rehman with temples, landmarks in new currency notes
The Bangladesh Bank has unveiled redesigned Tk 20, Tk 50, and Tk 1,000 notes ahead of Eid. 'Under the new series and design, the notes will not feature any human portraits, but will instead showcase natural landscapes and traditional landmarks,' Bangladesh Bank spokesman Arif Hossain Khan told AFP. The new notes will showcase symbols of the country's heritage, including temples, monasteries, historic buildings, and artwork by Zainul Abedin, a prominent Bangladeshi artist. New Delhi: Bangladesh's central bank, under Nobel Laureate Mohammad Yunus' interim administration, has dropped the portrait of the country's founding father and exiled leader Sheikh Hasina's father Sheikh Mujibur Rehman from new currency notes. The Tk 20 note features the Kantaji Temple, a Hindu temple in Dinajpur, and the Paharpur Monastery. The Tk 50 note showcases Ahsan Manzil, a palace in capital Dhaka and a famine-era painting by Zainul Abedin. The Tk 1,000 note, printed in purple, includes images of the National Martyrs' Memorial and the Jatiya Sangsad Bhaban. All three bear the Royal Bengal Tiger watermark and the bank's monogram. The redesigned notes are being introduced following a political controversy over Sheikh Mujibur Rehman's face on the currency notes. Last Eid, despite tradition, no new notes were issued. After the July protests and the ousting of ex-Prime Minister Hasina, the central bank barred commercial banks from circulating stored notes bearing Mujib's image. The central bank says the new designs aim to curb counterfeiting while emphasising national identity through depictions of historic and religious landmarks. The updated banknotes will gradually replace existing notes, though older versions featuring Mujib's portrait as well as current coins will remain legal tender, The Daily Star reported. Also Read: Retd Bangladeshi major general calls for 'occupation' of India's Northeast if it attacks Pakistan Symbolic changes The currency redesign is the latest in a series of symbolic changes made under the interim administration. Similar changes have surfaced in the education sector. The National Curriculum and Textbook Board (NCTB) has revised the content of 441 textbooks for the 2025 academic year, removing or altering references to Mujib's role in Bangladesh's independence. Some new textbooks now credit General Ziaur Rahman with declaring the country's freedom, reversing decades of official narrative. Over 400 million updated textbooks have already been distributed to students nationwide, according to The Daily Star. (Edited by Viny Mishra) Also Read: Shake-ups & protests lay bare simmering fault lines between Yunus govt & Bangladesh's diplomats
Fibre2Fashion
28-05-2025
- Business
- Fibre2Fashion
Bangladesh economy grows 3.97% in FY25, lowest since pandemic-hit FY20
Bangladesh's gross domestic product (GDP) growth in fiscal 2024-25 (FY25) was 3.97 per cent, the lowest since the pandemic-hit FY20, provisional data from the Bangladesh Bureau of Statistics (BBS) revealed. The FY25 GDP size was estimated at Tk 55.527 trillion (~$462 billion). Bangladesh's GDP growth in FY25 was 3.97 per cent, the lowest since the pandemic-hit FY20, provisional official data revealed. The GDP size was estimated at $462 billion. The lower GDP growth aligns with earlier projections made by the IMF (3.76 per cent), the ADB (3.9 per cent) and the World Bank (3.3 per cent) for FY25. They cited persistent economic challenges as reasons for lower projections. The economy has faced a significant slowdown in this fiscal, with agriculture, industry and services all recording slower growths of 1.79 per cent (3.30 per cent in FY24), 4.34 per cent (3.51 per cent in FY24) and 4.51 per cent respectively. The government's initial FY25 GDP growth target was 6.75 per cent, which was revised later to 5.25 per cent. The lower GDP growth aligns with earlier projections made by the International Monetary Fund (3.76 per cent), the Asian Development Bank (3.9 per cent) and the World Bank (3.3 per cent) for FY25. They cited persistent economic challenges as reasons for lower projections. However, per capita income rose to $2,820 in this fiscal from $2,738 in FY24. Meanwhile, the investment-to-GDP ratio in FY25 was 29.39 per cent, down from 30.7 per cent in the last fiscal. Economists and policymakers cite several factors, including stubbornly high inflation and a large share of default loans with banks, contributing to this situation, according to a domestic media outlet. Moreover, a general climate of uncertainty, coupled with tighter monetary and fiscal policies, has dampened investment sentiment, which is evident in the slower growth of private sector credit. Disruptions in supply chains and import restrictions have weakened industrial activities and contributed to price pressures as well. The lower GDP growth is expected to further erode real incomes and suppress consumption, particularly among low-income groups, potentially pushing more people into extreme poverty. It translates into fewer employment opportunities as well. Fibre2Fashion News Desk (DS)
