The central bank of Germany came up with the suggestion as Bangladesh Bank had earlier sought their recommendations 

The Deutsche Bundesbank has advised the central bank of Bangladesh to further scrutinise the proposed law against fake note circulation before enacting it.

The central bank of Germany came up with the suggestion as Bangladesh Bank had earlier sought their recommendations.

Bank and Financial Institutions Division of the finance ministry recently received the recommendations through Bangladesh Bank, said an official.

The Bundesbank said there has been no separate law against fake note circulation in the countries of this subcontinent such as India, Pakistan, Sri-Lanka and Nepal.

“Bangladesh Bank should have second thought before enacting such an act against circulation of fake notes, keeping the provision of special punishment and mobile courts,” said the bank.

Earlier, Bangladesh Bank had decided to enact an act against fake note circulation before the beginning of holy month of Ramadan with a provision of keeping mobile courts to stop the circulation of fake notes in the market.

However, there has been a strong law against circulation of fake notes in other developed countries like USA, Canada and Australia, said a Bangladesh Bank source.

According to the proposed law, a person, who would be found guilty in involving with the fake note business, will be awarded 10 years of imprisonment.

Meanwhile, a total of 5000 such cases have been remained pending in the courts. At least 21 fake notes syndicates become active in the market ahead of the Eid festivals.

The fake notes syndicates became active when Tk1000 new notes were release from Bangladesh Bank. Usually, the syndicates turn Tk100 notes into Tk500 fake notes using unfair means, sources said.

The executive director of BB Dasgupta Asim Kumar noted that the central bank of Germany mainly opposed a certain provision of the proposed law against the fake note circulation and we are now examining the matter.

Nine wings of Border Guard Bangladesh (BGB) under the ministry of home are now keeping strong vigilance on the syndicates of the fake notes makers. 

 First Security Islami Bank Limited declared 10 percent cash dividend for its shareholders for the year 2013.

The announcement came at the company’s 15th Annual General Meeting (AGM) held at a hotel in Chittagong on Friday, said a press release.

The AGM was presided over by Mohammed Saiful Alam, Chairman, Board of Directors of First Security Islami Bank Limited.

Among others, Alhaj Mohammed Abdul Maleque, Vice Chairman, Board of Directors, AAM Zakaria, Managing Director, SM Nazrul Islam, Company Secretary and shareholders of the bank were present on the occasion.

The AGM approved 10 percent cash dividend for the year 2013 for the general shareholders, except sponsors and directors. 

MUMBAI: ICICI Bank Ltd India’s posted a 15 per cent rise in quarterly net profit, beating estimates, helped by rising demand for loans from retail customers and higher fee income.

ICICI’s net profit in March rose to 26.52 billion rupees ($434.36 million) from 23.04 billion rupees a year earlier, the bank said on Friday.Indian banks have recently shifted their focus from corporate lending to consumer debt in a bid to avoid an increase in bad loans by companies struggling in a economy growing at its slowest pace in a decade.

ICICI said its loan book grew an annual 17 per cent to 3.4 trillion rupees as of end of March. Retail loans grew faster at 23 percent. ICICI’s net interest income, the difference between interest earned and paid, also rose 14.6 percent to 43.57 billion rupees in the quarter. Net interest margin for the quarter was 3.35 percent.

Kazi Akram Uddin Ahmed, Chairman, Standard Bank and President of FBCCI is seen at the inaugural ceremony of a six-week-long banking foundation course at SBL Training Institute recently. Standard Bank Limited organised a six-week-long banking foundation course for its 8th batch officers at SBL Training Institute recently.
Kazi Akram Uddin Ahmed, Chairman of the bank and President of FBCCI inaugurated the programme as the chief guest, said a press release.
Managing Director of the bank Md. Nazmus Salehin presided over the ceremony.
DMD of the bank Mamun-Ur-Rashid, Head of HRD M. Ahsan Ullah Khan and Principal of the training institute Mohammod Jakaria were also present.

 United Commercial Bank Limited (UCBL) initiated an agreement with Green Life Hospital Limited at the corporate head office of the bank in Dhaka on Thursday.

Under this corporate agreement, UCBL employees and their family members will get customized medical service from Green Life Hospital Limited, said a press release.