The government has decided to import 4 lakh tonnes of wheat and 2 lakh tonnes of rice in a proactive move to secure the nation’s food supply. The decision was approved by the Cabinet Committee on Economic Affairs during a meeting held on Wednesday, September 18, 2024, chaired by Finance and Commerce Adviser Dr Salehuddin Ahmed.

This import initiative will take place within 15 days of tender submissions through government-to-government (G2G) arrangements, aimed at swiftly addressing potential food shortages.

While the current food grain stock is stable, Dr Salehuddin emphasized that the import decision is a preventive measure. “Although immediate imports aren’t necessary at this moment, we aim to eliminate any risk of food shortages and assure the public that both food grains and fertilisers will remain available,” he stated.

Regarding pricing, a provisional rate for the food grains has been established, but final prices will be confirmed prior to import execution.

The committee also approved reducing the timeline for international tenders for rice and wheat imports from 42 days to 15 days, starting from the tender advertisement date. This adjustment is expected to expedite the import process and maintain a steady supply chain.

Moreover, the government has greenlit the G2G procurement of rice and shortened procurement procedures as per Rule 83 of the Public Procurement Rules 2008. Both international open tenders and G2G agreements will be used to uphold food security and ensure effective distribution.

For the fiscal year 2024-25, the government aims to collect 3.5 lakh tonnes of rice from international sources and 19.23 lakh tonnes from domestic producers. The wheat target stands at 7 lakh tonnes from international markets and 10,000 tonnes locally.

Prime Minister Narendra Modi is not expected to meet Bangladesh interim government chief Muhammad Yunus on the margins of the United Nations General Assembly next week, people familiar with the matter said on Wednesday.

Earlier this month, the Bangladesh side made a formal request for a meeting on the sidelines of the General Assembly, which both leaders are set to attend. Dhaka was keen on a meeting in the hope it would help clear the air over irritants that have emerged in bilateral ties since the fall of the Sheikh Hasina government, the people said on condition of anonymity.

The people said such a meeting is not part of the Indian side’s agenda. Besides, Modi will have a packed schedule for his three-day visit to the US, as he is set to attend the Quad Leaders’ Summit in Wilmington, Delaware, on September 21 and address the Summit of the Future at the UN General Assembly on September 23.

“The PM is expected to have some bilateral meetings on the sidelines of the General Assembly in New York but a meeting with the head of Bangladesh’s interim government isn’t on the schedule,” one of the people cited above said.

Besides scheduling issues, comments by Yunus on India-Bangladesh relations in a recent interview and near-daily remarks by members of the interim government in Dhaka perceived as critical of India have not gone down well in New Delhi.

In the interview, Yunus criticised former premier Sheikh Hasina for commenting on developments in Bangladesh while in exile in India. He suggested Bangladesh could seek her extradition and said India should move beyond the “narrative” that every political party other than Hasina’s Awami League is “Islamist”.

Other members of the interim government, including de facto foreign minister Touhid Hossain, have repeatedly raked up the possibility of seeking the extradition of Hasina, who fled to India after stepping down on August 5. Hossain also acknowledged any such move would create an “embarrassing situation for the Indian government”.

India’s leadership has said Hasina was granted approval to come to the country at short notice. Hasina has been largely incommunicado while in India, where she is at an undisclosed safe location. The external affairs ministry has refused to be drawn out on any possible Bangladeshi request for her extradition, describing it as a hypothetical matter.

The people cited above said a meeting between Modi and former US president Donald Trump too was not part of the Indian side’s agenda though an encounter between the two leaders in New York could not be ruled out.

Trump said at a campaign event in Flint, Michigan, on Tuesday that he will meet Modi next week but gave no details on where the meeting would be held. Trump also said India was a “very big abuser” of the US-India trade relationship. Some other world leaders who visited the US in recent months for meetings with President Joe Biden and other multilateral events have met Trump as well.

The Criminal Investigation Department (CID) has filed 17 cases against Beximco Group’s Vice-Chairman, Salman F Rahman, and 27 others, accusing them of laundering approximately Tk1,000 crore ($83 million) under the guise of export trade. This development was confirmed by Additional Superintendent of Police Azad Rahman through a notification on 18 September.

The investigation, conducted under the Money Laundering Prevention Act, found that Salman F Rahman and his brother, ASF Rahman, who serves as the Chairman of Beximco Group, were involved in laundering around Tk1,000 crore. This was done through the export of goods linked to 93 Letters of Credit (LCs) from Janata Bank PLC between 2021 and 2024. However, the proceeds from these exports were not repatriated to Bangladesh.

The CID revealed that the accused individuals, through an organised operation involving their affiliated companies, exported goods with the malicious intent of transferring money abroad. The probe indicated that they deliberately failed to return the export proceeds, violating multiple sections of the Money Laundering Prevention Act.

According to the CID, Salman F Rahman and his associates used their influence and collaborated with an organised criminal group to launder money. This resulted in 17 cases being filed by the CID’s financial crime unit at Motijheel Police Station.

Salman F Rahman, who has long been a prominent figure during Sheikh Hasina’s 15-year rule, is now facing an in-depth investigation by the CID’s financial crime unit. The investigation focuses on significant allegations of money laundering and financial misconduct, as highlighted in a preliminary report from the CID on 1 September.

Salman is also accused of laundering Tk33,470 crore abroad, allegedly obtained through loans from seven banks over the past 15 years. Of this, Tk21,681 crore was borrowed from state-owned Janata Bank, while Tk5,281 crore came from IFIC Bank, where Salman previously served as chairman.

In addition to these allegations, Salman is believed to have profited Tk6,600 crore through manipulation of the capital market and is accused of failing to repatriate Tk1,485 crore from export proceeds.