Economy
Ctg Customs House Sees 12.57% Revenue Surge in FY24
Chattogram Customs House, the largest customs station in Bangladesh, has reported a revenue collection of Tk62,025 crore for the first 11 months of the fiscal year 2023-24. This marks a substantial increase of 12.57% compared to the Tk55,099.01 crore collected during the same period in the previous fiscal year.
Naziur Rahman, Joint Commissioner (Public Relations) of Chattogram Customs House, informed the media that the customs house had collected Tk61,632.22 crore in the fiscal year 2022-23. With the current fiscal year not yet complete, the customs house has already surpassed last year’s total collection. Officials estimate that by the end of this fiscal year, total revenue will exceed Tk68,000 crore.
Despite this impressive growth, Chattogram Customs House is still facing a shortfall in meeting its revenue target. The target for the first 11 months of this fiscal year was set at Tk70,573 crore, leaving the customs house 12.11% below the goal, equivalent to a deficit of Tk15,591 crore.
May proved to be a particularly successful month for revenue collection, with Tk6,502.5 crore collected—33.66% higher than the target of Tk4,865 crore for the month. This also represents a 3.07% increase compared to the Tk6,308.91 crore collected in May of the previous fiscal year.
According to customs sources, the revenue collection target for the entire fiscal year 2023-24 is Tk77,616 crore. Chattogram Customs House plays a crucial role in the nation’s trade, collecting duties on over 90% of the country’s imports and exports through the main seaport, as well as on goods arriving via Shah Amanat International Airport in Chattogram.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
