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<p><strong>To rationalization of import tariff on Automated Teller Machine (ATM) to attain SDG 2030 benchmark indicator 8.10.1 by the establishment of ATM financial Services points throughout the furthest corners of the country for expediting inclusive growth of industry, trade and overall economy of Bangladesh</strong>. </p>



<p>Financial inclusion is one
of the most important Sustainable development Goals 2030 SDG “8.10 access to financial services for all” for Bangladesh to achieve where the large number of
people, especially women, marginal farmers, MSMEs, new entrepreneurs, informal sector enterprises and other socially excluded
groups are still far from the access to basic financial services and formal
financial institutions. </p>



<p>The benchmark indicators for SDG 2030 8.10 on “access to financial
services for all” are Indicator 8.10.1: (a)
Number of commercial bank branches per 100,000 adults and <strong>(b) number of
automated teller machines (ATMs) per 100,000 adults </strong></p>



<p>The Automated teller machine (ATM), a
technology-enabled platform, combine both demand and supply and enable the
economy to enter the “4<sup>th</sup> Industrial Revolution where physical
products and services can be enhanced with digital capabilities that increase
their value, easy to use by the smartphone, reach people, assets, and data—thus
creating entirely new and efficient ways of consuming goods and services in the
process. ATMs has thus emerged as the most indispensable vehicle to carry
forward the agenda of financial inclusion
throughout the furthest corners of Bangladesh. </p>



<p>Therefore, to achieve our national
economic development goals 2041 and Sustainable Development Goals 2030, it is
absolutely imperative to expedite inclusive growth of industry trade and
overall economy by setting up ATM Services points throughout the furthest corners
of Bangladesh in order to ensure digital financial services for all. </p>



<p>ATMs provide outside the
banking hall, replacing cheque, personal attendance of the customer, banking
hour’s restrictions and paper-based verification,a number of banking
functions– such as withdrawing cash from one’s account, account deposits,
making balance inquiries and transferring money from one account to another –
using an ATM card and personal identification number issued by the financial
institution. The most recent additions include bill payment and mobile banking.</p>



<p>Given that around 50 per cent
of its population remain unbanked, the initiative of the Government to allow
non-bank entities to set up ATMs and point-of-sale (POS) terminals is a bold
step towards achieving the goal of extending facilities to people in distant
parts of the country to settle their transactions without going to banks.
According to Bangladesh Bank some private companies already have plans to
install a large number of ATMs. </p>



<p>Moreover, Bangladesh Post has launched a
new financial service named Electronic Money Transfer Service (EMTS), commonly
known as Mobile Money Order Service.Presently 2811 post offices provide
the EMTS which is covering all district, upazilla/thana and important/busy
rural post office locations. All Electronic Money Transfer Service locations
(post offices) are equipped with computer, internet connectivity and/or mobile
phones which are used to send the issue or payment request to the server.</p>



<p>Another hallmark achievement of Vision 2021 and Digital
Bangladesh is the Union Digital Centers (UDCs) functioning as Union Information
Service Centers or UISCs. Stationed at the lowest tier of the rural local
government system in local government offices (i.e., Union Parishad), UDCs are
operating with the objective of taking servicing to rural citizens’ doorsteps.
The services include, among others, mobile financial services, money and remittance transfers etc. </p>



<p>The 5,865+ Digital Centers &#8211; one within 4 km of every
citizen in Bangladesh – now deliver over 150 services – both public and private
–to an average 6.5 million+ underserved citizens at a much lower TCV (the time,
cost and number of visits it takes citizens to access services) than before. <strong></strong></p>



<p>Police Stations (around 530)
and other Public offices throughout the nook and corners of Bangladesh are most
suitable and secure sites for the installation ATM Services points
(point-of-sale (POS) terminals) for the benefit of the people around. </p>



<p>According to the survey, there is a demand
of 15,379 more new ATMs by the banking sector alone all over the country in the
upcoming years. But huge investment is needed in this regard. Proper budget
allocation and policy support should be ensured which includes rationalization
of existing import tariff on Automated teller machine (ATM) H. S. Code
8472.90.10 Customs duty 5% + VAT 15%. </p>



<p><strong>To attain the SDG Benchmark
index 8.10.1 we therefore, most humbly request our Government to please-</strong></p>



<p>1. Encourage and facilitate
Banks, Non-Bank Entities, 2811+ Electronic Money Transfer Service (EMTS) of the
Bangladesh Post offices and 5865+ Union Digital Centers (UDCs), Police Stations
(around 530) and other Public offices to set up common and secure ATM Services
points (point-of-sale (POS) terminals for completing whole range of financial
transactions from cash withdrawal to cash deposit as the case may be. </p>



<p>2. Immediately
classify Automated teller machine (ATM) H. S. Code 8472.90.10 as essential
capital machinery with 1% Customs Duty and exempt from all other taxes
including 15% VAT at import stage under section 19 and 20 <strong>(General power to
exempt from customs-duties)</strong> of the Customs Act, 1969 and section 126 <strong>General
power to exempt from VAT &; SD) </strong>of the VAT and Supplementary Duty Act,
2012, in public interest, to streamline and strengthen inclusive growth of the
economic and financial life line throughout Bangladesh. </p>



<p>This will have a multiplying chain effect
on our rapidly developing economy expediting inclusive growth initiative all
around Bangladesh, more ventures, more jobs, more skilled and efficient
production chain, incremental income generation and GDP growth far outweighing
the very insignificant revenue loss. </p>



<p>Dr. Joshoda Jibon Deb Nath, CIP, Managing Director of Technomedia Limited.</p>

