The cabinet approved in principle the draft of “The Bangladesh House Building Finance Corporation Act, 2019” that provides for enhanced penalties for giving false information while seeking house building loan.
The draft law seeks to increase the punishment to five years of imprisonment from two years and the fine to Taka 5 lakh from Taka 2000 for the offence.
The approval came from the weekly cabinet meeting with Prime Minister Sheikh Hasina in the chair at the Prime Minister Office (PMO) in the capital on Monday. Reports BSS.
“The cabinet approved in principle ‘The Bangladesh House Building Finance Corporation Act, 2019’ bringing some changes to the existing ‘Bangladesh House Building Finance Corporation Order 1973,’ Cabinet Secretary Mohammad Shafiul Alam said at a news briefing in the Secretariat.
“Some changes have been proposed in case of punishment. It has proposed increasing the jail term to five years from the existing two years and fine to Taka 5 lakh from Taka 2000 in the draft law for giving false information to get loan from the Bangladesh House Building Finance Corporation,” he said.
The amendment proposal also sought to enhance the authorized capital to Taka 1000 crore and paid up capital to Taka 500 crore from the existing Taka 110 crore in both the cases, he continued.
Shafiul said, in the proposed law the legal terms default loan, corporation chairman and director have been added to the proposed law.
As per the law, a director of the corporation will be appointed for three years tenure.
He said the cabinet okayed in principle the draft of “The Air Transport (The Montreal Convention, 1999) Act, 2019,” to ensure air passenger rights that include compensation of US dollar 1.60 lakh for one’s death in an
accident.”
“The cabinet has in principle approved the draft of the law in accordance with “The Montreal Convention, 1999″ to give safeguard of the air passengers,” the Cabinet Secretary also said.
“The law has proposed 10 years’ jail and a fine of Taka 100 crore for airlines owners or company in case of failure to give the fixed compensation,” he continued.
About implementation of the cabinet decision, he said that around 82 percent of its decisions (59 decisions out of 72) in the quarter from April to June have been implemented.
He also said that the cabinet has approved the “Leather and Leather Goods Development Policy, 2019” giving emphasis on attracting foreign investment as
Bangladesh has set a target to earn five billion US dollars from export in this sector by 2024 and a pact signed between Bangladesh and Czech Republic to avoid dual taxation and stop dodges of revenue.
AH
