Prime Minister Sheikh Hasina emphasized the necessity to expand trade between Bangladesh and India through their own currencies. "Bangladesh and India have excellent bilateral relations. The bilateral relationship between the two countries is getting stronger day by day. We have to expand our business through exchanges of Bangladeshi Taka and Indian Rupee in order to increase our businesses," she added.   PM  said this while a meeting was held with Indian External Affairs Minister S. Jaishankar on the sidelines of the Munich Security Conference (MSC) 2024 in Germany on Saturday(Feb 17) at Hotel Bayerischer Hof.  

Transporters in Khyber Pakhtunkhwa (KP) have issued a warning of a potential wheel-jam strike in protest against the recent spike in petroleum prices, a move that has been widely rejected by the business community, transporters, and political activists, Dawn reported. They have collectively called on the federal government to reverse the price hike that is  adversely impactin the inflation-affected population, burning a massive hole in their pocket. Transporters have expressed their readiness to unilaterally raise fares or initiate a wheel-jam strike if the government does not backtrack on the oil price increase. Khan Zaman Afridi, President of the Public Transport Owners Association Khyber Pakhtunkhwa, stated that they have scheduled a meeting of all transporter groups at the Haji Camp Bus Terminal on Monday, September 18, to make a decision regarding the strike or fare adjustments, according to Dawn. Afridi emphasized that the substantial increase of over Pakistan Rupee (PKR) 330 per litre in petroleum prices has exacerbated the hardships faced by both transporters and commuters. He stressed the need to raise a strong voice against what he termed as “injustice.” The transporters’ discontent extends across different unions, with approximately ten unions of various categories standing united against the government’s decision to hike oil prices, as reported by Dawn. Pakistan caretaker government on Friday announced another hike in the prices of petrol by Pakistani Rupees (PKR) 26.02 per litre and high-speed diesel by PKR 17.34 per litre. The rise in the rate brings the price of petrol to PKR 333.38 per litre and the rate of high-speed diesel is PKR 329.18 per litre. Pakistan’s Ministry of Finance announced the increase in the price of petrol and high-speed diesel, according to Dawn report. Furthermore, the Sarhad Chamber of Commerce and Industry (SCCI) has also voiced its opposition to the record rise in petroleum prices, viewing it as detrimental to the national economy, businesses, and industry. The acting president of SCCI, Ijaz Khan Afridi, stated that the unprecedented surge in petroleum product prices would unleash a new wave of inflation, adversely affecting both the business community and the general public. Afridi urged the caretaker government to reconsider the fuel price increase in the best interest of the economy, businesses, and industry. He warned that the SCCI, along with traders, would initiate a protest movement against the price hike. Criticising the government’s perceived “anti-business” policies, Afridi expressed disappointment in the caretaker government’s endorsement of measures that have exacerbated the challenges faced by traders. He questioned how the national economy could improve when the business community grappled with uncertainty, according to Dawn. The SCCI leader called for a comprehensive review of the government’s economic policies and urged consultations with chambers and other stakeholders to revive the struggling economy. He cautioned that the recent substantial increase in fuel prices would further burden businesses and industry amid rising electricity, gas, and raw material costs, increasing the overall cost of industrial production and businesses. Afridi noted that the inflation-affected business community and the public, who have already protested against inflated bills, would suffer even more due to the significant fuel price hike. He urged both civilian and military leadership to play a proactive role in steering the economy in the right direction, emphasizing that failure to do so would worsen the economic situation. Meanwhile, Dr Khalil Mehmood Khalid, a provincial leader of the Pakhtunkhwa Milli Awami Party, expressed resentment over the recurring increases in fuel prices and power tariffs. He called on the caretaker government to reverse these decisions, warning that if the hikes were not rolled back, the public would have no choice but to initiate street protests, Dawn reported.

While the days of good news are going on for India, the latest good news is that our india’s currency, the rupee, is gradually making its place and influence among countries of the world. Seeing the increasing role of India in international trade, the countries of the world are coming forward to do financial transactions with India in rupees. The dominance of the international currency dollar is steadily declining. 18 countries of the world have accepted to deal in their local currency and rupees. In these 18 countries, special Rupee Vostro accounts have already been opened. It means that we don’t have to pay in dollars for what we buy from these countries. On the other hand that country will also do the accounting in the local currency. The biggest advantage of this system would be saving of foreign exchange and reducing the burden on the dollar. In the world, US Dollar, European Euro, Japanese Yen, British Pound and Russian Ruble are considered as strong currencies. Now the name of India’s rupee will also be added to this. The countries with which transactions are to be done in Indian currency include Russia, Mauritius, Singapore, Sri Lanka, Malaysia, Myanmar, Israel and Germany. 64 countries of the world have shown interest in doing transactions in Indian rupees. If transactions are started in rupees with 30 countries, then the Indian rupee will become an international currency. This transaction has already started with 18 countries, now only 12 countries are left. Economic changes are at the forefront of the changes the Russia and Ukraine wars have brought about in the world. Along with Russia’s attack on Ukraine, the United States imposed numerous sanctions on Russia one after another and ordered countries all over the world not to do business with Russia. America’s allies agreed, but Russia’s allies and neutral countries continued to do business with Russia, and Russia started doing business with that country in its local currency. Russia has provided the greatest strength to the rupee. Many countries of the world are tired of America. They do not tolerate America assuming everything. Most of the International Institutions including World Bank, IMF are working at the behest of America. America has imposed several sanctions against several countries including Russia, Iran, North Korea. Limited sanctions have also been imposed on China. Now all these countries have formed a new square against America. There was a time when everyone had to believe what America had to say. Everything changes with time. Not only that America is a superpower country and its currency dollar dominates international trade, but now the countries of the world have started trying different options. Our country has been trading with Iran in local currency for a long time. We have also adopted a Barter System with Iran. We buy oil from Iran and Iran on the other hand buys grain and other things from us. There is no need for dollars in this. America has imposed numerous sanctions on Russia but they are weighing heavily on it. The economies of America and its allies are collapsing. The crisis that has arisen in the banking sector in America and Europe has increased concern. All the economic forces necessary for growth have weakened. India is benefiting from its neutral policy. International economic organizations clearly believe that by 2035, our country will become the third-largest economy in the world, keeping behind Germany and Japan. And the global footprint of Indian currency is an important step in that direction. More and more countries of the world are coming closer to India. At the time of independence, the world called India a country of snakes and snake charmers, but now the world needs India. Economists of the world are saying that no one can stop the progress of India’s economy. India has proved its strength. Source: Good Morning Kashmir

The Indian rupee has strengthened against the British Pound in 2022 though it has depreciated against the US dollar, Finance Minister Nirmala Sitharaman said on Tuesday. Global factors -- such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of global financial conditions -- are the major reasons for the weakening of the Indian Rupee against the US Dollar, she said in a written reply to the Rajya Sabha. "The British Pound, has weakened more than the Indian rupee against the US dollar and therefore, the Indian rupee has strengthened against the Pound in 2022," she noted. The nominal exchange rate is only one of the factors that impact an economy, the minister said. The depreciation of a currency is likely to enhance the export competitiveness, which in turn impacts the economy positively while it is also likely to impact the imports by making them costlier. In reply to another question, Sitharaman said GST rates or rate slabs applicable on goods and services are prescribed on the recommendations of the GST Council. GST Council has not made any recommendation for change in the existing GST rate slabs so far, she said, adding that a Group of Ministers (GoM) has been constituted by the council in its 45th meeting held on September 17, 2021. One of the terms of reference of the GoM is to review the current rate slab structure of GST, including special rates, and recommend rationalisation measures, including a merger of tax rate slabs, required for a simpler rate structure in GST. Regarding Centrally Sponsored Schemes (CSS), she said a new procedure for the flow of funds to the state governments was introduced with effect from July 1, 2021. As per the revised procedure, each state has to notify a Single Nodal Agency (SNA) for each CSS and open a bank account of each SNA, she said in another reply. The CSS funds flow from the Centre to the consolidated fund of the respective state and further to the bank account of SNA, she said. The new procedure has brought more transparency to the availability of CSS funds in state treasuries and bank account of SNAs, and this has led to better monitoring of the utilisation of funds and availability of funds with SNAs for CSS implementation. Source: Business Standard  

Pakistani rupee neared an all-time low after another fall against the US dollar. As per the State Bank of Pakistan (SBP), the currency closed at 168.02 against the dollar in the inter-bank market, registering a decline of Rs 0.36 or 0.21 per cent. Dropping below the 168 level, the Pakistani rupee inched near all-time low recorded against the US dollar on August 26, 2020, reported Business Recorder. As per Arif Habib Limited, the Pakistani rupee has lost 6.2 per cent since June 2021 and 9.4 per cent against the USD since its recent high recorded on May 14, 2021. "Rupee's decline can only be stopped if imports are curtailed, and exports/remittances increase," said, Malik Bostan, Chairman, Forex Association of Pakistan. Pressure on the rupee has increased due to Pakistan's current account deficit that has widened in recent months due to the high import bill. The rise in import bills is attributed to a hike in international oil prices in August, import of commodities, raw materials, and machinery. However, some luxury items also seem to be part of the mix. Bostan said that the government should take strict measures to curb the import of luxury items, especially autos. Source: ZEE News