Shop owners' association seeks immediate withdrawal of 1% supervision charge in CMSME loans
If the supervision charge is not withdrawn and the money taken already is not returned by 15 October, shop owners will move against it, across the country, said Helal Uddin, president of the association
The Bangladesh Dokan Malik Samity (shop owners' association), an association of shop owners, has demanded withdrawal of 1% supervision charged in cottage, micro, small and medium (CMSME) loans.
The association made the announcement today (24 September) in a press conference held at its office in Moghbazar, Dhaka.
Leaders of the association presented a written note at the press conference stating that the Bangladesh Bank raised the interest from 9% to 10.10% and its rate will be hiked further, as indicated by high-ups.
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"Shop owners are running their businesses with marginal profits and at times, counting losses, due to raised VAT, tax and utility charges, and fall in sales volume. The central bank's 1% supervision charge, in addition to the interest rate, is illogical and should be withdrawn immediately," said Helal Uddin, president of the association.
If the supervision charge is not withdrawn and the money taken already is not returned by 15 October, shop owners will move against it, across the country, he further said.
"We have sent a letter on behalf of the association to the governor of Bangladesh Bank on 27 August, requesting him to withdraw the circular and take necessary measures to return the deducted money to the accounts of all traders."
The association is not aware of any action taken in this regard so far. Such a decision during a prolonged downturn in sales is a serious threat to entrepreneurs in the CMSME sector, Helal Uddin said.
Besides leaders of the shop owners' association, 23 other bodies from different sectors were present at the press conference.
