2024-07-02 21:11:23
Parliament has handed the ‘Cost and Settlement System Invoice-2024’ to carry non-bank fee service suppliers into the authorized framework together with banks.
In the course of the passage of the invoice on Tuesday (July 2), a number of members of Parliament criticized the ‘chaos’ within the banking and monetary establishments sector. Nevertheless, Finance Minister Abul Hasan Mahmud Ali didn’t reply to the members’ criticism.
They mentioned, in the case of monetary establishments and banks, panic is available in everybody. Curiosity is usually waived for giant corporations. Bangladesh Financial institution is unable to train its powers.
On Tuesday, Finance Minister Abul Hasan Mahmud Ali tabled the invoice in Parliament for passage. After checking public opinion on the invoice, sending it to the choice committee and settling the modification proposals, the invoice was handed by voice vote.
In accordance with the invoice handed, the offenses underneath this Act can be cognizable, non-bailable and non-committable.
It’s mentioned within the invoice that no individual, establishment or firm can difficulty, purchase and promote ‘advance fee paperwork’ with out the approval of Bangladesh Financial institution. No such on-line or offline platform shall be operated with out the approval of Bangladesh Financial institution to obtain any sort of funding from the general public, present loans, lower your expenses or originate monetary transactions. Violation of those provisions can be punishable with a most imprisonment of 5 years or a most nice of Tk 50 lakh or each.
In accordance with the invoice, no banking firm can take part within the fee system, function the fee system or present fee providers in digital forex with out the approval of Bangladesh Financial institution. Equally, no individual, group or firm can function any fee system or present fee providers with out acquiring a license from Bangladesh Financial institution. Violation of this provision shall be punished with imprisonment for a most of 5 years or with a nice of as much as 50 lakh rupees or with each.
Concerning the aim and cause of the invoice, it’s mentioned that now there isn’t a legislation relating to fee and settlement system in Bangladesh. At present, all fee and settlement techniques are being operated underneath Bangladesh Financial institution Order-1972, Bangladesh Cost and Settlement Methods Laws-2014 and Laws on Digital Fund Switch-2014. As there isn’t a separate legislation on this regard, the banks are conducting actions by contracting with Bangladesh Financial institution to take part in numerous digital transaction techniques.
Aside from this, there may be at present no legislation regulating the fee actions of non-bank monetary establishments. In consequence, it’s essential to carry the non-bank fee service suppliers underneath the authorized framework so as to shield the pursuits of the purchasers. That is why this legislation is being enacted.
‘Authorities is at risk due to not controlling the market”Authorities is at risk due to not controlling the market”
Taking part within the dialogue of the invoice, Unbiased Member of Parliament Pankaj Nath mentioned {that a} report has been revealed in a nationwide every day concerning the curiosity waiver of 4 industrial institutions. Curiosity amounting to Rs 6,497 crore has been waived by 4 establishments for not complying with the foundations. For this, particular approval of Bangladesh Financial institution was required.
He mentioned that the state-owned Janata Financial institution is dying. I additionally know the standing of personal financial institution NBL.
Highlighting the media studies on curiosity waiver, he mentioned, when curiosity is waived. Resulting from pure storms, destruction by floods, dying of the borrower or acts of God. However nothing occurred. There was no catastrophe. They’re given curiosity waivers on lame pretexts. One other state-owned and personal financial institution is dying. If these individuals are not recognized, the good initiative of the Prime Minister is fading away.
He mentioned {that a} controversial individual’s identify is being mentioned on daily basis due to corruption. One individual holds three, 4 necessary positions within the state, from a authorities financial institution, director of NBR, chairman of Appellate Tribunal. The controversy over his political id started 15 years in the past. Who really useful him to be the director of NBR? Who made him the chairman of the tribunal and the director of Sonali Financial institution? Ghosts in autumn. Nobody can take away this ghost besides the Prime Minister.
Hafiz Uddin Ahmed, a member of the opposition Jatiya Occasion, mentioned that PK Halda went to India with the cash. Many corporations are bankrupt right this moment. Additionally it is not clear whether or not those that have left cash within the leasing firm and are destitute will get the cash again, whether or not it’s on this legislation. There’s a legislation however it isn’t enforced. Bangladesh Financial institution can’t train its powers. The financial institution has turn into like a frog’s umbrella. 10/20 banks are closed right this moment. Their monetary situation is fragile.
Unbiased member Hamidul Haque Khandkar mentioned that the lecturers and workers of the college are protesting by leaving lessons. They do not need to be a part of the general public pension. It is not going to be applicable to pressure something on anybody. I’ll inform the federal government to settle the matter. He mentioned, in the case of our monetary establishments and banks, there may be panic in everybody.