পাতা:বাংলাদেশের স্বাধীনতা যুদ্ধ দলিলপত্র (ত্রয়োদশ খণ্ড).pdf/৬৬৬

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638 ংলাদেশের স্বাধীনতা যুদ্ধ দলিলপত্রঃ ত্রয়োদশ খন্ড and demand has been very low. But trading links between jute farmers, the intermediate markets, domestic jute manufacturers and jute shippers will be put to a test in the near future, with serious implications if they should prove to be inadequate. 41. At the center of the credit system, the posture of the banks is vital. The banking system was seriously disrupted during the first week of March and again in the period after March 25; though it is now functioning in the main urban areas, the country branch network is still far from restored as a result of absence of staff, damage to property and records and lack of communication and-depending upon the bank-20 to more than 50% of branches are still not functioning. While the banks may be expected to restore their services and facilities within a reasonable period, the full restoration of the trading structure probably involving the mobilization of new traders with financial resources, will no doubt be a longer process. 42. Any tendency for the economy of East Pakistan to recover is likely to be constrained, possibly seriously, by a lack of liquidity. Banking statistics for East Pakistan separately are not available; however, deposits declined substantially during the first quarter and have not been fully restored. The position of Pakistani banks remains depressed; and Karachi-based banks indicated that, for the time being, their operations in the East would have to rely entirely upon the local deposit base, which has been always insufficient. Furthermore, it is not clear that in present circumstances the banks are willing to provide much credit. The recent "demonetization!' must have aggravated these problems substantially, introducing an added element of uncertainty and drastically reducing currency in circulation. All notes of Rs. 100 and 500 ceased to be legal tender and had to be deposited within three days. There is no basis for estimating how the impact was divided between. East and West Pakistan and illegal holdings abroad. According to the State Bank, demonetization affected more than half of the total currency issue, or Rs. 4,300 million out of Rs. 8,200 million. Roughly a quarter, or about Rs. 1,000 million, was not turned in even allowing for large holdings abroad, this is a large share which probably reflects not only a substantial amount of hot money in the system but also the unsettled conditions in East Pakistan, including the flight of large numbers to India. The Government has now raised the ceiling on deposits redeemable in full from Rs. 1,000 to Rs. 10,000; holders of larger deposits have the option of paying a graduated levy, which on average comes to about 40 per cent, or of having their deposits examined for possible tax evasion; 43. (iv) Industry-Manufacturing in general is in a very bad state. In early March, many plants shut down and others operated at low levels. During April and early May, there was practically no production. Since then, a number of factories have resumed operations however, the regional variation in performance is considerable. In Chittagong and the Tongi industrial area outside Dacca industrial activity is starting up only slowly. In Chittagong less than 25% of factories are open, but far less than that are really operating: at Tongi it is reported that only about 2,000 out of 12,000 workers are back on the job. In the Dacca-Narayanganj area and in Khulna most factories are open. It Jessore, Bogra and Comilla half may be open. It is evident that, of those factories which have resumed production, most are operating at very reduced levels of efficiency and output, many at on 10–20% of their former levels. Only a handful of industries are