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Faculty Sections / History of shame
« on: August 02, 2019, 02:45:47 PM »

Faculty Sections / Money market of Bangladesh
« on: July 25, 2019, 12:36:19 AM »

Money Market is an integral part of the financial market of a country. It provides a medium for the redistribution of short-term loanable funds among financial institutions and non-financial institutions.  Participants in the money market are: central bank, commercial banks, government, finance companies, contractual saving institutions like the pension funds, insurance companies, savings and loan associations etc. The instruments that are generally traded in the money market constitute: treasury bills, short-term central bank and government bonds, negotiable certificates of deposits, banker’s acceptances and commercial papers like the bills of exchange and promissory notes, mutual funds etc.
The money market in Bangladesh is in its transitional stage. The various constituent parts of it are in the process of formation, while continuous efforts are being made to develop appropriate and adequate instruments to be traded in the market. At present, government treasury bills of varying maturity, Certificates of Deposits etc. in limited supply are available for trading in the market. Each bank maintains its liquidity and supply of fund is arranged throughout the country with the help of an interconnected network of branches. Bangladesh bank as central bank of the country exercises its role in this market through the use of instruments such as bank rate, open market operations and changes in statutory liquidity requirements.
Components of money market:  The money market comprises banks and financial institutions as intermediaries, 20 of them are primary dealers in treasury securities. Interbank clean and repo- based lending, BB's repo, reverse repo auctions, BB bills auctions, treasury bills auctions are primary operations in the money market, there are also active secondary trade in treasury bills.
 Bangladesh's money market is segmented into two groups: formal and informal. The formal institutions (up to 2010) include the Bangladesh Bank at the apex, 4 states owned commercial banks, 30 domestic and 9 foreign private commercial banks, 5 specialized (development) banks, 29 non-bank financial institutions, a number of non-scheduled banks. Informal institutions comprised mainly the moneylenders and small co-operative organizations, which are not under the control of the central bank.
 The four distinct components of organized segment of money market of Bangladesh are:
•   the inter-bank market,
•   Market for Repo and Reverse Repo,
•   Call money market,
•   Bill market.
Inter-bank market: This market operates within a limited scale, in the form of inter-bank deposits and borrowings and has virtually no fixed price fixing mechanism. Traditionally, scheduled commercial banks lend to each other when they are in need of temporary funds. Sometimes, banks also keep a part of their resources to other banks as deposits and borrow as and when needed against the lien of those deposits. Small banks usually keep their funds as deposits with large banks for safety.
Non-bank financial institutions also take part in inter-bank market operations in Bangladesh through the lending of their funds to deficit banks.
Inter-bank transactions, although constitute an integral part of money market, comprise a small portion of total banking activities. Inter-bank deposits as percent of total deposits varied between 2 and 5 percent during 2009-2010.
Certificate of deposit: CD was introduced as a money market instrument in Bangladesh in 1983. Its objective was to strengthen the money market and bring idle funds, including those arising from black money and unearned incomes, within the fold of the banking system. The Bearer of Certificate of Deposits (BCD) with a fixed maturity is issued by and payable at the bank to Bangladeshi nationals, firms and companies. The certificate does not contain the name of the purchaser or holder. The interest rate is not fixed as in the case of other deposit resources accepted by the banks at present.
The interest is determined on the date of issue of CDs based on the demand and supply of funds in the money market. The difference between the face value of CDs and the prepaid interest is received by the bank from the purchaser of CDs at the time of issue. The bearer of CDs can sell the same to another purchaser. The bank maintains no record other than the Certificate No., rate of interest allowed, and the date of sale and encashment. A bank does not issue certificate of deposits for the value exceeding the limit prescribed for it by the Bangladesh Bank.

Bill market: is restricted to buying and selling of government treasury bills. These bills are marketable papers that can be resold in the market at a competitive rate. Usually, the holders of these bills sell them for cash to the banks, which pays the holder the face value of the bills less collection charges and the interest for the remaining period of the bill. Net issuance outstanding for treasury bill in 2017-18 was tk.1795 crore.
The T-bill market is still a largely captive market by financial institutions having no SLR obligations and corporate or non-corporate firms. Semi-government or autonomous bodies having temporary surplus funds or the institutions having pension funds are investing in government treasury bills /bonds through auction mechanism under non-competitive bid. Thus, the scope of bill/bond market is growing in the recent year. Secondary market of this segment is increasing gradually which will largely remove the illiquidity of the instrument.
Recent trends: Last year, the money market in Bangladesh experienced a less liquidity pressure during FY 2017-18 as evident from a downward trend of moving interbank repo and call money rate. Bangladesh Bank (BB) provided Repo facility on rare occasions as well as BB also decreased the repo rate several times in accordance to the adjustment with the market. The call money market plays a significant role in day-to-day liquidity management of the money market in Bangladesh. The call money rate, unlike the interbank repo rate, includes a risk premium for being an unsecured type of instrument. An increased activity in the interbank call money and interbank deposit market was observed along with a almost stable call money rate since July, 2015. State-owned commercial banks (SCBs) were the top lenders in the call money market while PCBs and NBFIs remained top borrowers.
Inter Bank Repo Transactions: The interbank repo rate represents the money market rate as it is determined by the demand and supply of funds in the financial sector. Overall interbank repo transactions, which amounted to BDT 144,862.09 crore in FY 2017-18, showed a 24% decreased from FY 2016-17. The declining trend in interbank repo is consistent with the trend in the issuance of government treasury securities. Since interbank repo transactions are collateral based and government securities comprise bulk of those collaterals, adequate supply of government securities is required for smooth functioning of this market.
Reverse Repo: BB uses reverse repo operations as a monetary policy instrument which is used to control the money supply in the economy and it is provided overnight (one day) basis. Investment of banks in the reverse repo started to increase in the FY 2015-16 to sweep up the additional liquidity. In FY 2016-17, through focusing more on the BB Bills in parallel with reverse repo, helped to manage inflationary pressure and reduced excess liquidity in banks. BB issued BB bills worth for sterilization purpose as well as to manage liquidity in the banking system to keep reserve money growth in line with the program level. BB bills with different maturities such as 07, 14 and 30-days respectively were issued in this regard.
Call money market: The call money market is an essential part of our Money Market, where the day-to-day surplus funds (mostly of banks) are traded. Call money rate is the rate at which short term funds are borrowed and lent in the money market. The duration of the call money loan is 1 day. Demand and supply of liquidity affect the call money rate. A tight liquidity condition leads to a rise in call money rate and vice versa. The transactions in call money market usually take place on the basis of bilateral negotiations. Since call loans are made on clean basis, i.e, without any security, lending institutions/banks are always cautious in the selection of borrowing banks/institutions.

Faculty Sections / Leftist parties of Bangladesh
« on: July 25, 2019, 12:34:34 AM »
Do we know about leftist parties of our country?  Here is a short description:
Below are the leftist parties of Bangladesh:
•   Awami League (Grand Alliance)
•   Communist Party of Bangladesh
•   Communist Party of Bangladesh (Marxist–Leninist) (Barua)
•   Communist Party of Bangladesh (Marxist–Leninist) (Dutta)
•   Communist Party of Bangladesh (Marxist–Leninist) (Umar)
•   Jatiya Gana Front
•   Jatiya Samajtantrik Dal (Grand Alliance)
•   Jatiya Samajtantrik Dal-JSD
•   Maoist Bolshevik Reorganisation Movement of the Purba Banglar Sarbahara Party
•   Purba Banglar Sarbahara Party
•   Purbo Banglar Communist Party
•   Revolutionary Workers Party of Bangladesh
•   Sramik Krishak Samajbadi Dal
•   Socialist Party of Bangladesh
•   United Communist League of Bangladesh
•   Workers Party of Bangladesh (Grand Alliance)
•   Jatiya Oikya Front

Now we will be taking a look at their symbols and mottos:
Name: Awami League (Grand Alliance)
Motto: Joy Bangla
Name: Communist Party of Bangladesh

Ideology: Communism, Marxist-Leninism, Maoism
Slogan/Motto: Not specified

Name: Communist Party of Bangladesh (Marxist–Leninist) (Dutta)
Info: The Communist Party of Bangladesh (Marxist–Leninist) is a political party in Bangladesh led by Ajoy Dutta. Dutta's BSD(ML) is an underground party.
The party publishes the newspaper Porjash and is affiliated with the Revolutionary Internationalist Movement and CCOMPOSA

Name: Communist Party of Bangladesh (Marxist–Leninist) (Barua)
Info: The Communist Party of Bangladesh (Marxist–Leninist) is a political party in Bangladesh. The party's general secretary is Dilip Barua. The BSD-ML is part of the Left Democratic Front and the 11-Party Alliance. The electoral symbol of the party is a chair.

Name: Communist Party of Bangladesh (Marxist–Leninist) (Umar)
Info: The Communist Party of Bangladesh (Marxist–Leninist) is a Maoist political party in Bangladesh led by Badruddin Umar. Umar's BSD(ML) is an underground party and operates through its front Ganotantrik Biplobi Jote.

Name: Jatiya Gana Front
Info: Jatiya Gana Front (National People's Front) is a leftist political group in Bangladesh. JGF split from Workers Party of Bangladesh in 1995. JGF is led by Tipu Biswas.
In November 2007, JGF joined 10 other leftist political parties in forming the platform Gonotantrik Bam Morcha. The platform presented 15 demands, including that Fakhruddin Ahmed's caretaker government lift the state of emergency and allow political activities nationwide. In May 2010, JGF again joined most other leftist political parties to put forward a unified list of 11 demands in the areas of economics, justice, corruption, and abuse of power.

Name: Jatiya Samajtantrik Dal (Grand Alliance)

Ideology: Socialism

Name: Jatiya Samajtantrik Dal – JSD
Info: The Jatiya Samajtantrik Dal is a political party in Bangladesh. It was formed in 2002, through a split from the original Jatiya Samajtantrik Dal. The party is sometimes referred to as JSD (Rab) (after prominent party leader ASM Abdur Rab), to differentiate it from the mother party led by Inu. The Election Commission of Bangladesh calls the party Jatiya Samajtantrik Dal-JSD and the Inu-led party Jatiya Samajtantrik Dal-Jasad.

Name: Maoist Bolshevik Reorganisation Movement of the Purba Banglar Sarbahara Party
Info: Maoist Bolshevik Reorganisation Movement of the Purba Banglar Sarbahara Party is an underground communist party in Bangladesh. It was formed in 2001, following a split from the Purba Banglar Sarbahara Party.
PBSP(MBRM) has obtained observer status in CCOMPOSA. Moreover, the group has initiated contacts with the Maoist sectors that considers the Revolutionary Internationalist Movement as having taken a liquidationist direction. In November 2004 PBSP(MBRM) took part in an international conference in Malmö, Sweden, which was organized by opponents to the RIM leadership.

Name: Purba Banglar Sarbahara Party

Ideology: Communism, Marxism-Leninism-Maoism, Anti-revisionism, Anti-Imperialism

Name:  Purbo Banglar Communist Party

Ideology: The PBCP follows a Maoist and staunchly Nationalist ideology it aims to overthrow the Bangladeshi government and replace it with a Communist state inspired by Maoist era China. The PBCP is staunchly anti-India, it views India as a hegemon in the region.

Name: Revolutionary Workers Party of Bangladesh

Ideology: Communism, Marxism-Leninism

Name: Sramik Krishak Samajbadi Dal
Info: Sramik Krishak Samajbadi Dal (Workers Peasants Socialist Party) is a Marxist-Leninist political party in Bangladesh. The SKSD was formed in 1969 by sympathizers of the Revolutionary Socialist Party of India in East Pakistan.[1] The party was led by A. K. Fazlul Huq.
In April 1983, the SKSD joined the 15-party alliance, which included the Awami League, to oppose the Ershad regime. When the alliance split over the question of whether to participate in the 1986 general election, the SKSD remained allied with four other left-leaning parties that pledged to boycott any elections held under Ershad. In 1994, the SKSD joined eight other left-wing parties to form the Left Democratic Front, which formed the core of the 11-party alliance in 1996. The alliance contested the June 1996 and 2001 general elections, but failed to win any seat. In the 2001 parliamentary elections, Nirmal Sen was the sole SKSD candidate. The 11-party alliance disintegrated in 2005.
The general secretary of the party is Nirmal Sen. The party publishes Samajbadi (The Socialist).
SKSD is currently (2005) the coordinator of LDF. The student wing of SKSD is the Samajbadi Chhatra Jote and the agricultural labour wing is the Khet Majdur Sabha.

Name: Socialist Party of Bangladesh

Ideology: SPB follows a Marxist-Leninist ideological line. The party claims to uphold the original intent of Karl Marx, Friedrich Engels, Vladimir Lenin, Joseph Stalin and Mao Zedong. SPB holds that Bangladesh is a capitalist country. In line with that analysis, the party works toward a socialist revolution in the country.
Political position: Far left

Name: United Communist League of Bangladesh
Info: The United Communist League of Bangladesh is a political party in Bangladesh, founded in April 2013 through the merger conference of the Communist League of Bangladesh and the Workers Party of Bangladesh (reconstituted) held in Dhaka. Mosharraf Hossain Nannu is the general secretary of the party, Abdus Satter, Azizur Rahman, Ranjit Chattapadhya and Afsar Ali serve as secretariat members. The founding conference elected a 19-member Central Committee. The party is aligned with the Left Democratic Alliance (Bangladesh).

Name: Workers Party of Bangladesh (Grand Alliance)

Ideology: Communism, Marxism-Leninism-Maoism, Anti-revisionism

Name: Jatiyo Oikya Front (note: Not leftist, rather a big tent with a lot of leftist parties under it)

Ideology: Bangladeshi Nationalism
Political Position: Big tent.

So, this is a brief list of all the leftist parties of Bangladesh.

Looking for some contemporary research topics in Financial Accounting. Need cooperation.

'ফরমালিন ফল এবং সবজিতে কাজ করে না। ফরমালিন উদ্বায়ী পদার্থ, কাজেই মাছ মাংস সব সময় ডুবিয়ে না রাখলে কাজে  দেবে না।'
বিস্তারিত লিংক এ:

Faculty Sections / Issues regarding intellectual property.
« on: March 30, 2019, 02:06:21 AM »
   Trade secret -  A secret device or technique used by a company in manufacturing its products.
   Trade mark – A symbol, word, or words legally registered or established by use as representing accompany or product.
•   Logo/name (innovative)
•   Trade mark act 2009
•   Priority date
•   Permitted use
•   Registration
•   Certified trade mark.
•   Limitations.
•   Pre-requisite
•   Inabilities
 Patent - A government authority or license conferring a right or title for a set of period, especially the sole right to exclude others from making using or selling an invention.
•   Application date.
•   Permission.
•   Renewal.

Anti Monopoly law (upper price) 
1.   No monopolistic mentality can be showed in case of import. Example: can‟t import sugar rice alone.
2.   Franchise can be brought by anyone, no restriction can be applicable by any one who brought the franchise first.
3.   No channel can be developed where there is no competition.
[Circuit breaker:
The automatic response, usually a halt or slowdown, in activity at an exchange in response to certain occurrences in trading. Circuit breakers are designed to reduce market volatility]
4.   Lower value and upper value is fixed.
5.   Product is a kind of product that no one can compete, example:  iron 
6.   If there is no competitor then government will fix the price
   Anti Dumping Law (lower Price)
Dumping is when a country's businesses lower the sales price of its exports to gain unfair market share. It usually drops the price below what it would sell for at home. It may even push it below its actual cost to produce. 
Anti dumping is A country prevents dumping through trade agreements.  If both partners stick to the agreement, they can compete fairly and avoid it.
1.   Lowest price is fixed 
2.   can‟t fix such a low price which can‟t be granted by other competitor
3.   WTO can imply rules and regulations upon such exporters countries govt. for revising price
4.   exporters can increase tax to avoid WTO rules
   Price discrimination
Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets.
1.   Price discrimination is not applicable in different layer of same own channel.
2.   Deviation should be less
   When price discrimination is allowed
1.   If product is parishable then price can be low
2.   Promotional Law: if product is distributed for promotion, then price can be low
3.   But if customer is is buying from a retailer than price can‟t be low.
   Merit goods
Merit goods are those goods and services that the government feels that people will under-consume, and which ought to be subsidised or provided free at the point of use so that consumption does not depend primarily on the ability to pay for the good or service.
Example:books, research data, consultancy
Don‟t need to be maintain any channel for distributing this goods.
   Country of origin
Country of origin (COO), is the country of manufacture, production, or growth where an article or product comes from.
Made in china- tag is not enough for proving origin of product. It should be determined that basically where the product is manufactured.
   Exclusive dealing
In competition law, exclusive dealing refers to an arrangement whereby a retailer or wholesaler is 'tied' to purchase from a supplier on the understanding that no other distributor will be appointed or receive supplies in a given area.
Its illegal in our country.
   Full line forcing
full- line forcing. a business practice whereby a supplier encourages distributors/ retailers to stock or provide not only his principal products or services but additionally other products or services from his range.
In that case distributor can complain to regional head and regional head can sue against full line forcing business practice company.
   Consortium
A consortium is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a common goal.
Can‟t  practice as syndicate group.
 Syndicate loan
A syndicated loan, also known as a syndicated bank facility, is a loan offered by a group of lenders – referred to as a syndicate – that work together to provide funds for a single borrower. The borrower could be a corporation, a large project or a sovereignty, such as a government
 Free riders
The free rider problem is a market failure that occurs when people take advantage of being able to use a common resource, or collective good, without paying for it, as is the case when citizens of a country utilize public goods without paying their fair share in taxes.
Example:  hawker sales a product at a low price than that of   Basundhara shopping complex   Price maintenance
Resale price maintenance (RPM) (US) or retail price maintenance (UK) is the practice whereby a manufacturer and its distributors agree that the distributors will sell the manufacturer's product at certain prices (resale price maintenance), at or above a price floor (minimum resale price maintenance) or at or below a price ceiling (maximum resale price maintenance). If a reseller refuses to maintain prices, either openly or covertly (see grey market), the manufacturer may stop doing business with it.
This maintenance is not applicable for retailers, this term is only for distributors. 
 Free trade law
 Free trade is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries. Free trade is exemplified by the European Economic Area and , which have established open markets.
No control over price also.

   Terms:
   FOB Shipping Point
The term FOB shipping point is a contraction of the term "Free on Board Shipping Point." The term means that the buyer takes delivery of goods being shipped to it by a supplier once the goods leave the supplier's shipping dock. Since the buyer takes ownership at the point of departure from the supplier's shipping dock, the supplier should record a sale at that point.  FOB shipping point terms, the buyer is responsible for the cost of shipping the product to its facility. If the goods are damaged in transit, the buyer should file a claim with the insurance carrier, since the buyer has title to the goods during the period when the goods were damaged.
FOB Destination FOB destination is a contraction of the term "Free on Board Destination." The term means that the buyer takes delivery of goods being shipped to it by a supplier once the goods arrive at the buyer's receiving dock. There are four variations on FOB destination terms, which are:
•   FOB destination, freight prepaid and allowed. The seller pays and bears the freight charges and owns the goods while they are in transit. Title passes at the buyer's location.
•   FOB destination, freight prepaid and added. The seller pays the freight charges but bills them to the customer. The seller owns the goods while they are in transit. Title passes at the buyer's location.
•   FOB destination, freight collect. The buyer pays the freight charges at time of receipt, though the supplier still owns the goods while they are in transit.
•   FOB destination, freight collect and allowed. The buyer pays for the freight costs, but deducts the cost from the supplier's invoice. The seller still owns the goods while they are in transit.
   Knock for  Knock
A knock-for-knock agreement is an agreement between two insurance companies whereby, when both companies' policy-holders incur losses in the same insured event (usually a motor accident), each insurer pays the losses sustained by its own policy-holder regardless of who was responsible.
   About Ship
   Bill of Lading
A bill of lading is a legal document between the shipper of goods and the carrier detailing the type, quantity and destination of the goods being carried. The bill of lading also serves as a receipt of shipment when the goods are delivered at the predetermined destination. This document must accompany the shipped goods, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper and receiver. 
   Cargo
in economics, cargo or freight are goods or produce being conveyed – generally for commercial gain – by water, air or land. Cargo was originally a shipload. 
   Container
A shipping container is a container with strength suitable to withstand shipment, storage, and handling. Shipping containers range from large reusable steel boxes used for intermodal shipments
   Difference between cargo and container
   A cargo ship can be any type of vessel which carries cargo in bulk or packaged form.
These can be bulk carrier, container ship, oil tanker, lpg tanker etc.
   However a container ship carries cargo only inside a container. The cargo is stuffed inside a container and they are carried. The containers are of standard size ( 20 foot, 40 foot, 45 foot etc ) These containers occupy slots on a container ship and the ships are designed just to carry containers.There are exceptions to these as large cargoes can be carried on a container vessel outside a container if they are properly lashed and have the space for them. These are called OOG cargoes ( out of gauge).
   Cargo Insurance
Cargo insurance provides protection against all risks of physical loss or damage to freight from any external cause during shipping, whether by land, sea or air Subject to certain packing exclusions, this freight insurance policy pays regardless of which carrier is ultimately responsible for the loss or damage.
   Hull and machine Insurance
In many cases the ship will be liable in law for any damage caused to the other ship or object. The hull and machinery policy, although mainly a physical damage policy, does provide an element of liability cover so long as the collision is with another ship.
   Hague Visby Rules
The Hague–Visby Rules is a set of international rules for the international carriage of goods by sea.
Shipper's duties
By contrast, the shipper has fewer obligations (mostly implicit), namely: (i) to pay freight; (ii) to pack the goods sufficiently for the journey; (iii) to describe the goods honestly and accurately; (iv) not to ship dangerous cargoes (unless agreed by both parties); and (v) to have the goods ready for shipment as agreed
Carriers' duties
Under the Rules, the carrier's main duties are to "properly and carefully load, handle, stow, carry, keep, care for, and discharge the goods carried" and to "exercise due diligence to ... make the ship seaworthy" and to "... properly man, equip and supply the ship". It is implicit (from the common law) that the carrier must not deviate from the agreed route nor from the usual route; but Article IV(4) provides that "any deviation in saving or attempting to save life or property at sea or any reasonable deviation shall not be deemed to be an infringement or breach of these Rules".
The carrier's duties are not "strict"

Faculty Sections / Causes of Insolvency and It's Consequences.
« on: March 30, 2019, 01:56:59 AM »
   What is Insolvency?
Insolvent: An insolvent is one who is unable to pay his debt.
 But no man can be called “insolvent” unless the competent court declares him an insolvent. 
Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts 
   Business insolvency is defined in two different ways: 
1).Cash flow insolvency: Unable to pay debts as they fall due. 
2) Balance Sheet insolvency: Having negative net assets – in other words, liabilities exceed assets. It includes its contingent and prospective liabilities. 
 The object of the insolvency
Insolvency legislation has two fold objective: 
1.   Protection of debtors and
2.   Safeguarding the interests of creditors, as far as possible. 
These objects are sought to be achieved in the following way: 
1. Distribution of insolvent‟s property: 
-   After a person is declared insolvent by the court, his properties are taken over by an officer of the court, known as Official Assignee or the Official Receiver. 
-   The properties are converted into cash and distributed among his creditors in proportion to the claim of each.
2. Cancellation of debt and removal of disqualification: 
-   After the distribution is complete, the unpaid debts are cancelled 
-   the insolvent is allowed to engage in trade or services without any of his former obligations. 
-   The creditor lose a part of their claims,  -    the debtor gets a fresh start in life. 
3. Benefits of creditors: 
-   It ensures the equitable distribution of the debtor‟s remaining properties among all the creditors. 
-   If there were no insolvency laws there would have been free dispose of insolvent‟s properties in any way he liked. 
-   He might have wasted the properties 
-   might have paid one creditors proportionately more than the other creditors. 
4.  Fresh start in the life of debtors: 
-   Prior to the passing of insolvency legislation, a debtor who was unable to pay debts was regarded as a sort of criminal and was very often sent to jail. 
-   It was realized in course of time that inability to pay debt is more often due to misfortune than to misconduct and sending the debtor to jail is oppressive.
-   Insolvency legislation provides a method by which the debtor can free himself from his past obligations and get a fresh start.
 When can a person be declared insolvent?
Two conditions must be satisfied before a person can be adjudicated insolvent: 
1.   He must be a debtor, that is he must owe money to others and his assets must be insufficient to meet all claim upon them; 
2.   The debtor has committed an „act of insolvency‟. 
   Act of Insolvency
An act of insolvency is some act of the debtor which shows that he is financially embarrassed. 
Only those acts which are listed by the insolvency act are considered to be acts of insolvency. 
   Each of the following acts committed by the debtor is an act of insolvency: 
 (1). If he makes a transfer of all or substantially all his property to a third person for the benefit of his creditors generally. 
 (2). If he makes a transfer of his property or any part thereof  to defraud or to delay his creditors. 
 (3). If he makes a transfer of his property or any part thereof it would under this act or any other enactment for the time being in force, be void as a fraudulent preference if he were adjudged as insolvent.   
 (4). If, with intent to defeat or delay his creditors- 
   i) He departs from or remain out of Bangladesh    ii) He departs from his dwelling house or usual place of business or otherwise absent himself   iii) He keep himself away  from contract with other people to deprive his creditors of communicating with him. 
(5). If any of his property has been sold or attached for a period of not less than 21 days in execution of the decree of any court for the payment of money. 
 (6). If he petitions to be adjudged an insolvent 
 (7). If he gives notice to any of his creditors that he has suspended, or that he is about to suspend, payment of his debt. 
 (8). If he is imprisoned in execution of the decree of any court for the payment of money.   (9). If a creditor has served an “insolvency notice” in respect of any decree or order for payment of money, and if the debtor has not paid the money within the period specified in notice. 
 The rules regarding notice are stated below: 
1.   The notice must be given according to the prescribed form and prescribed manner 
2.   It must specify the amount due. 
3.   It must specify the period for its compliance, i.e., not less than 01 month. 
4.   It must specify the consequences of non-compliance (The practice of obeying rules). 
   Procedure of adjudication
   What is the order of adjudication? 
The order of court by which a person is declared to be insolvent is called the Order of adjudication. 
Before the court can pass an order of adjudication there must be a petition presented to it either by a creditor or by the debtor. The petitioning creditor or debtor must fulfill certain conditions. 
   Conditions of a creditor’s petition: 
The following conditions must be fulfilled before a creditor can present a petition for the 
   adjudication of a person as insolvent: 
1.   The amount owned must be Tk 500,000 or more. 
2.   The debtor must have committed an act of insolvency within one year before the presentation of the petition. 
3.   If he is a A secured creditor that is one who holds some movable or immovable property of the debtor out of which he can realize his claims. 
 A secured creditor can present an insolvency petition if the following conditions are satisfied: 
1.   He gives away his security in favor of all the creditors, or 
2.   The security is insufficient to meet his claim of minimum Tk 500,000. 
 Conditions of a debtor’s petition: 
1.   His debt amount of Tk 500,000 or 
2.   He has been arrested and imprisoned in execution of the decree of any court for the payment of money, or 
3.   An order of attachment in execution of a money decree has been made and is subsisting against his property. 
 Debtor's bankruptcy petition
A debtor can petition for his own bankruptcy only on the grounds that he is unable to pay his debts. The petition must be accompanied by a statement of affairs in the prescribed form
 Form and content of the petition
The petition must contain the following information in relation to the debtor:-
a.   His/her name, addresss and occupation; 
b.   the name(s) in which he/she carries on business and whether he/she carries on that business alone or with others; 
c.   the nature of his/her business and the trading address(es); 
d.   the names or names in which he/she has carried on business during the period in which the bankruptcy debts were incurred and whether he/she carried on those businesses alone or with others; and
e.   any address(es) at which he/she has resided or carried on business during that period, and the nature of that business.
If the debtor has used any other names than the one given, these must be included in the petition. 
 Admission of insolvency
1.   The petition must contain a statement that the debtor cannot pay his debts and a request that a bankruptcy order be made against him.
2.   Details of previous bankruptcies together with information regarding any composition scheme of arrangement or voluntary arrangement into which the bankrupt has entered or administration order to which he has been subject in the previous 5 years must be given and if there is a voluntary arrangement currently in force, the name and address of the supervisor must also be given. 
   Statement of affairs
The petition must be accompanied by a statement of affairs verified by a statement of truth, prepared on the statutory forms. The statement of affairs should contain details of the debtor‟s creditors and his assets and liabilities 
   Who can not be declared insolvent?
 Any person, man or women, who has attained majority can be declared insolvent if the conditions laid down in the insolvency act. 
The following persons can be considered:
1.   Companies: A company can not be declared insolvent because companies are directed by the Company Act-1994 approved by the govt. 
2.   Govt. Body: Any govt. body can not be declared insolvent. If any creditor claim any due from the govt. organization, it is considered as the liability to the government. And government is bound to pay the amount at any time. 
3.   Convict: A prisoner in the jail can be declared insolvent. 
4.   Deceased Person: A dead man can not be declared insolvent. If a debtor dies after the presentation of the insolvency petition, his estate will be administered by the Official Assignee as upon insolvency, unless the court otherwise directs. 
5.   Minor: A minor is not personally responsible for his debts and is not capable of entering into the contracts. Therefore a minor can not be declared an insolvent. 
6.   Partner: Since every partner is responsible for his debts of the firm, the creditor of a firm can file an insolvency petition against any partner or all of the partners for any debt due and owned by the firm. 
   Activities After announcing as  insolvent:
An insolvent can‟t be:
1.   Can‟t be a magistrate
2.   Can‟t be a part of local authority (councilor etc.)
3.   Can‟t be a candidate of public voting
An insolvent should do:
1.   Should help an assignee to perform his duty
2.   Should help to find out each and every creditor
3.   Can‟t change title of property
4.   Can‟t change ownership of property or transfer the property to other person
   Reputed ownership or re-known ownership:
Goods that at the beginning of the bankruptcy of a trader are in his possession with the consent of the true owner Such goods are:
1.   Returned to true owner if true owner claims
2.   Treated as the bankrupt's own goods and are therefore available for distribution to his creditors and that‟s why submitted to assignee if- a) Goods are in insolvent‟s position.
b)   If those goods are used for insolvent‟s business or activity purpose
c)   If true owner handovers owner ship to reputed owner
   Adjudication of insolvency will be cancelled if:
1.   Different result is given by the higher court
2.   Its proved that the person who is announced is minor
3.   Its proved that the person who is announced insolvent is mentally unsound
4.   Fraudulent activity is find out to prove someone insolvent
5.   Discharge or withdrawal of case 
   In which condition insolvent person can’t be discharged from case:
1.   If holds government debt
2.   If fraudulent activity is proven for bringing money.

Faculty Sections / Cyber Law : An Overview (ICT Act 2006)
« on: March 30, 2019, 01:23:08 AM »
   What is Cyber Law?
Cyber law is a term used to describe the legal issues related to use of communications technology, Particularly cyberspace.
   Why Cyber Law?
1.   To control the misuse of the technologies in order
2.   To protect nations/states and bring the criminals within the jurisdiction
3.    An effective cyber law can play a vital role in ensuring that national and global criminals are fairly and successfully tried and judged for their crimes.

   Cyber crimes:

 Hacking: Unauthorized access to computer systems or networks.

Email bombing: refers to sending large numbers of mail to the victim and there by ultimately
resulting into crashing.

Data diddling: an attack involves altering raw data just before a computer processes it and
then changing it back after the processing is completed.

Salami Attacks: demonstrated by the Ziegler case wherein a logic bomb was introduced in the
bank’s system, which deducted 10 cents from every account and deposited it in a particular account.

Denial of Service attack/Distributed Denial of Service (DDoS): When a user is illegitimately prevented from accessing a service such as Amazon or Yahoo.

Virus / worm attacks: an example of this being the love bug virus, which affected at least 5 %
of the computers of the globe

Logic bombs: some viruses may be termed logic bombs because they lie dormant all through the year and become active only on a particular date, like the Chernobyl virus),

Trojan attacks: its origin in the word ‘Trojan horse’ as the unauthorized program is inside what
 appears to be an authorized application.

Cyber Crimes use computers and networks for criminal activities.
Computers can be used for committing a crime in one of the following three ways
1.   As a tool
2.   As a target
3.   Both as a tool and a target

   A partial list of cyber crimes are as follows:
1.   Hacking of computer systems and networks
2.   Cyber pornography involving production and distribution of pornographic material, including child pornography
3.   Financial crimes such as siphoning of money from banks, credit card frauds, money laundering
4.   Online Gambling
5.   Intellectual property crimes such as theft of computer source code, software piracy, copyright in fringement, trademark violations
6.   Harassments such as cyber stalking, cyber defamation, indecent and abusing mails
7.   Cyber frauds such as forgery of documents including currency and any other document
8.   Launching of virus, worms and Trojan
9.   Denial-of-service attacks
10.   Cyber attacks and cyber terrorism
11.   Economic espionage
12.   Consumer harassment and consumer protection
13.   Privacy of citizens
14.   Sale of illegal articles such as narcotics, weapons, wildlife, etc Cyber crimes that can generally occur within organizations are as follows
15.   E-mail abuse
16.   Spam mails
17.   Cyber defamation
18.   Theft of source cod
19.   Exchange of business secrets and documents
20.   Insider attacks on personal database
21.   Use of office computer for running other business
22.   Transmission and viewing of pornographic materials
23.   External cyber attacks on an organization resulting in denial-of-service
24.   Information espionage

   Scenario:

In Bangladesh, 4 students of a private technology institute hacked the RAB web site. On 23 June 2009 RAB arrested JMB IT chief Rajib who used the internet as an engine of resources to make explosives to use in terrorism activities, which is a serious concern for our national security.

In 2008 a petty hacker of Bangladesh named Shahi Mirza hacked the RAB’s website. Moreover he confessed to police that not only RAB’s website but also other national govt. and non govt. and international site had been hacked by him for a long time. Totally he hacked 21 website together with Army’s website. So it is clear to us that the cyberspace of Bangladesh is
not secured.
Few months ago Bangladesh government imposed restriction on opening you- tube video site because it contains an audio recording of a March 1 encounter between angry army officers and the prime minister. The recording was made on March 1 during an emotional meeting at the Dhaka cantonment. Hundreds of officers were present, distraught after paramilitary soldiers brutally killed more than 50 members of the army, including many of the leaders of the Bangladesh Rifles border force. Bangladesh government says in front of media that you-tube has been blocked in the interest of national security.

In September 2007, most internet service providers (ISPs) in Bangladesh were affected by the Denial of Service (DOS) attack. A large volume of data packets was transmitted from an American data centre and caused server failure, slowing the performance of almost all ISPs. The attack was initially attempted on one ISP, Global Access Limited (GAL). Such attack causes serious damage. But our government remains silent after the attack and said in front of media that we have nothing to do.

   Cyber Act 2006:
To define and amend certain parts of law relating to legal security of information and communication technology and related matters the Information Communication Technology Act-2006 was enacted.

 According to the ICT Act the cybercrime shall be treated as non cognizable offence
that is why the police can’t arrest the criminals without warrant except some cases.
 Chapter eight section 54 to 67 of the ICT Act 2006 describe the cybercrimes both civil and criminalmatters.

   The followings shall be treated as crime :

1.   Unauthorized copying, extracting and downloading of any data, database-
2.    Introduction of virus- Damage and disruption to computer system and computer network
3.   Denial of access to authorized person to computer
4.   Providing assistance to make possible to commit to crime
5.   Hacking with computer system
6.   Tampering computer source documents-
7.   Electronic forger for the purpose of cheating and harming reputation-
8.   Using a forged Electronic record
9.   Publication of digital signature certificate for the fraudulent purpose
10.   Confiscation of computer, network etc
11.    Publication of information which is obscene in electronic form
12.   Misrepresentation and suppressing material facts for obtaining digital signature certificate
13.    Breach of confidentiality and privacy
14.    Publishing false digital signature certificate

   Penalty or Punishment:

1.   Maximum 10 years rigorous imprisonment or fined up to 10 lacs taka or for the both: unauthorized access to protected system.
2.   Maximum 10 years imprisonment or fined up to 1 crore taka or for the both: uploading an obscene content on web
3.   Maximum 5 years or fined up to 5 lacs or with both: violation of the order of the controller in emergency period maximum
4.    3 years imprisonment or fined up to 1 crore taka or with both: hacking
5.   Maximum 2 years imprisonment or fined upto 2 lacs or with both: discloser of confidentiality and privacy, publishing false digital signature certificate, publication of digital signature certificate for the fraudulent purpose.
6.   6 month imprisonment or fined up to 10 thousand taka or with both: failure to surrender license

   Issues on Cyber Act 2006:
The Information Technology Act 2006 was undoubtedly a welcome step at a time when there was no legislation on this specialized field. The Act has however during its application has proved to be inadequate to a certain extent.

   The various loopholes in the Act are:

1.   Published without sufficient public debate & didn’t serve  desired purpose
2.   ICT act 2006 has not dealt with cyber stalking , cyber harassment, cyber nuisance, cyber defamation
3.   Nether comprehensive nor exhaustive
4.   Ambiguity in definition
5.   Need to be worldwide uniform law
6.   Lack of awareness among the people
7.   Extra territorial application
8.   Raising a cyber army: By using the word ‘cyber army’ by no means I want to convey the idea of virtual army, rather I am laying emphasis on the need for a well equipped task force to deal with the new trends of hi tech crime. The government has taken a leap in this direction by constituting cybercrime cells in all metropolitan and other important cities.
9.   Time limitation
10.   Dynamic form of cyber crime

   Conclusion:

The policy maker may formulate a baseline security procedures policy outlining the minimum requirements which must be met by agencies regarding information security and may also develop a special analysis site which will be observed 24/7 and will provide real-time monitoring of cyber activities.

‘Cyber incident response unit’ and ‘a cyber crime investigation cell’ may be built within law enforcement authority to fight cyber crime successfully by adopting the enhancing ‘capacity’, good police work, Skilled investigators by sharing the ‘too few’ professionals skilled in cyber security and by training new officers to become experts in the field and providing adequate logistic support/equipment.

Moreover, to keep the national security uninterrupted and avoid hacking, web servers running public sites must be physically separate protected from internal corporate network and web site owners should watch traffic and check any inconsistency on the site by installing host-based intrusion detection devices on servers.

Finally, we can say that the collective effort of state and nations is only a possible way to see the peoples’ dream of a Digital Bangladesh in existence and could protect individuals and national security and aggregation of cyber criminals.

Faculty Sections / Agent banking
« on: March 28, 2019, 02:10:58 AM »
Que 1: What is agent banking?
Ans: Agent Banking means providing limited scale banking and financial services to the underserved population through engaged agents under a valid agency agreement, rather than a teller/ cashier. It is the owner of an outlet who conducts banking transactions on behalf of a bank.
Que 2: Necessities of agent banking.
I.Collection of small value cash deposits and cash withdrawals (ceiling should be determined by BB from time to time);
II.Inward foreign remittance disbursement;
III. Facilitating small value loan disbursement and recovery of loans, installments;
IV. Facilitating utility bill payment
V. Cash payment under social safety net programmee of the Government
VI. Facilitating fund transfer(ceiling should be determined by BB from time to time)
VII. Balance inquiry
VIII. Collection and processing of forms/documents in relation to account opening,loan application, credit and debit card application from public;,
IX. Post sanction monitoring of loans and advances and follow up of loan recovery.
X. Receiving of clearing cheque.
XI. Other functions like collection of insurance premium including micro ‐  insurance etc

=> Agent banking supports on condition that banking facilities to those bank customers channel through the associated agents under a legal agency agreement, compare to any standard means of teller/ cashier/ATM booth service.
=>The designated and lawfully associated agent of a government approved bank, who is also the proprietor of an outlet, basically carries out all the banking activities on behalf that bank.
=> There are specific set of guidelines, rules and regulations and agent selection criteria in order to open an agent banking outlet.
 =>The categories of banking services may vary from country to country but there are certain levels of services that agents are not allowed to perform.
=> Only a branch bank can authorize and perform those tasks.
 => agents can collect all the required information and hand them over to the bank for further official process

Que3: Necessity requirements of agent banking to commerce.
1.   Without having approval from Bangladesh Bank no bank shall be allowed to undertake agent banking business
2.   Banks willing to launch Agent Banking Business shall seek prior approval from Bangladesh Bank, with full details of the services including tentative implementation schedule.
3.   Transaction currency will be taka only
4.   Banks shall have to submit copies of agreement(s)/MOU(s) signed between banks and their agents to Bangladesh Bank before launching the product.
5.   The agents shall be selected by the bank and a list of the agents with their names and addresses shall have to be submitted to the Green Banking and CSR Department, Bangladesh Bank and will be updated on monthly basis including changes,n additions and deletions, if any.

Que4: List the name of banks that are performing  agent banking in Bangladesh.
Ans: A total of 14 banks are now running agent banking services:
1.   Dutch-Bangla,
2.    Bank Asia,
3.   Al-Arafah Islami,
4.   Social Islami,
5.    Modhumoti,
6.   Mutual Trust,
7.   NRB Commercial,
8.   Standard,
9.   Agrani,
10.   Midland,
11.   City,
12.   Islami Bank Bangladesh,
13.    First Security Islami and
14.   Premier.

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