Bangladesh
Savings Certificates Bills in Parliament with provision of penalty for buying savings certificates with false information
Dhaka, November 16: A bill has been raised in the parliament with the provision of penalty for buying savings certificates with false information. The bill has been brought for repeal by repealing the law of 1988. The draft law states that any person who gives false information to acquire the rights to a certificate issued under a government security or national savings scheme on behalf of himself or anyone else will be liable to imprisonment for a maximum of six months or a maximum fine of taka one lakh. The current law did not specify fines.
The bill titled 'Government Debt Bill-2021' was introduced in Parliament on Tuesday (November 16). After Finance Minister AHM Mustafa Kamal raised the issue, the bill was sent to the Parliamentary Standing Committee on the Ministry of Finance for scrutiny and report to Parliament within 15 days.
The draft law is intended to provide a more modern approach to debt consolidation, formulation of sustainable credit policies and plans, and preparation of credit strategies for the departments involved in government debt management, with a view to further expanding the path of debt risk assessment and government liability calculation.
The bill states that no court can take cognizance of an offense related to false information without a complaint from Bangladesh Bank or the Department of National Savings.
The government will no longer have any liability in this regard after paying the original and profit after the completion of the mayor in the certificate of any government security or national savings scheme.
