New bill to replace century-old Bankers’ Book law
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Thursday
February 09, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
THURSDAY, FEBRUARY 09, 2023
New bill to replace century-old Bankers’ Book law

Banking

TBS Report
14 June, 2021, 09:35 pm
Last modified: 15 June, 2021, 10:40 am

Related News

  • House Building Finance loan instalments can be deposited at any branch of Janata Bank
  • BHBFC distributes blankets in Chattogram
  • BHBFC observes Victory Day
  • BHBFC’S Khagrachari branch inaugurated
  • Access to easy loans stressed to ensure housing for all

New bill to replace century-old Bankers’ Book law

A law was also passed to regulate the salt market in the country.

TBS Report
14 June, 2021, 09:35 pm
Last modified: 15 June, 2021, 10:40 am
New bill to replace century-old Bankers’ Book law

Two draft laws were placed in parliament on Monday with one to sanction higher punishment than before for taking loans from Bangladesh House Building Finance Corporation using false information and another to support the digitalised banking system.

A law was also passed to regulate the salt market in the country.

Finance Minister AHM Mustafa Kamal introduced the "Bangladesh House Building Finance Corporation (Amendment) Bill-2021". It was later sent to the parliamentary standing committee concerned for scrutinising. The committee will file its report within a month.

As per the existing law, if anyone intentionally provides false information or uses false details to take out loans from the Corporation, he will face imprisonment for two years and fine up to Tk2,000 or both.

The bill proposes increasing the prison sentence to five years and fine to Tk5 lakh.

The use of the Corporation's name in the prospectus or advertisement without a written consent was earlier punishable by six months in prison and a fine of Tk1,000. The draft amendment suggests increasing the fine to Tk50,000.

The draft law also proposes increasing the capital of the Corporation. The authorised capital under the existing law is Tk110 crore and the paid-up capital is the same.

The proposed law, if passed, will allow up to Tk1,000 crore as authorised capital and Tk500 crore as paid-up capital.

The bill also states that the Corporation will be able to take long-term loans from the government.

Meanwhile, the finance minister placed another bill -- Bankers' Book Evidence Bill 2021 – in parliament. It was also sent to the respective parliamentary standing committee for further scrutiny and the committee will submit its report by a month.

The proposed law is going to replace Bankers' Book Evidence Act 1891 as many things in the current law are not consistent with the present-day situation. The draft law was brought to facilitate inclusion of digitally-recorded evidence.

The banks are now working digitally but the existing law does not make digital record keeping mandatory.

The proposed law has provisions of punishment and trial to prevent unauthorized and behind-the-scenes leak of information. It, however, suggested making information public except for data about banks' own operation. An individual/organisation will need permission from the court to get such information.

Further, the proposed law defines the jurisdiction of the court while the existing law does not have such provision.

Apart from the two bills, a new law, Iodised Salt Bill, 2021 was passed.

The law is aimed at ensuring proportionate use of iodine in salt, and regulating the salt market in the country, replacing Iodine Deficiency Disease Prevention Act-1989.

Under the law, there will be a separate cell under the industries ministry to ensure the proportionate mixing of iodine in salt.

A 14-member national salt committee, headed by the industries secretary as its chairman, will be formed to oversee production, processing, refining, storage, transportation and marketing of salt.

The committee will oversee the supply of iodine and salt import and ensure iodine in salt as well as place recommendations on salt management policy.

As per the new law, if anyone wants to produce, process, store, import and supply salt or set up a salt factory, he has to get his organisation registered.

If anyone produces, processes and imports salt and runs a salt factory without registration, or does not maintain the standard, the person will be sentenced to one to three years in jail and fined Tk50,000-Tk15 lakh or both.

Law violators can be punished through mobile courts.

Economy / Top News

Bangladesh House Building Finance Corporation (BHBFC) / House loan

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Illustration: Dalbert B. Vilarino for Bloomberg Businessweek
    If you have to have a recession, make it a rolling one
  • Turkey seeks Bangladesh's assistance to combat earthquake aftershocks
    Turkey seeks Bangladesh's assistance to combat earthquake aftershocks
  • Photo: PID
    Rail connectivity will ease Dhaka's traffic jam, says PM

MOST VIEWED

  • Illustration: TBS
    BB lifts daily transactions limit thru the 'Bangla QR' code
  • Mixed reactions as diploma made mandatory for promotion of bankers
    Mixed reactions as diploma made mandatory for promotion of bankers
  • Maqsuda Begum made new executive director of Bangladesh Bank
    Maqsuda Begum made new executive director of Bangladesh Bank
  • BB instructs checking dollars spent against each passport before fresh endorsement
    BB instructs checking dollars spent against each passport before fresh endorsement
  • Govt borrowing from commercial banks surges
    Govt borrowing from commercial banks surges
  • Photo: PR
    Bangladesh Bank, Brac Bank organise awareness programme on FX clearing through RTGS

Related News

  • House Building Finance loan instalments can be deposited at any branch of Janata Bank
  • BHBFC distributes blankets in Chattogram
  • BHBFC observes Victory Day
  • BHBFC’S Khagrachari branch inaugurated
  • Access to easy loans stressed to ensure housing for all

Features

Google’s investment bodes well for Ireland’s economy.Photographer: Hollie Adams/Bloomberg

Layoffs alone won’t solve tech's problems

5h | Panorama
Mirsarai Autism Centre has been established to facilitate 7,000 disabled, autistic children at a distant village of Mirsarai upazila. Photo Minhaj Uddin

Children are everyone's business

9h | Panorama
Caption1: One of Shaker Ibne Amin’s earliest and most favourite builds which he calls the ‘Soul’. Photo: Saikat Roy

3Monkey: Making the dream custom bike for every rider

9h | Wheels
Chinese automobile manufacturers dominate the 2023 Dhaka Motor Fest

Chinese automobile manufacturers dominate the 2023 Dhaka Motor Fest

8h | Wheels

More Videos from TBS

Quake death toll rising, passes 15,000

Quake death toll rising, passes 15,000

1h | TBS World
Ekushey book fair to see fewer releases this year

Ekushey book fair to see fewer releases this year

6h | TBS Stories
Sirajdikhan's delicious Patkhir is also in demand abroad

Sirajdikhan's delicious Patkhir is also in demand abroad

7h | TBS Stories
LeBron James NBA's all-time highest scorer

LeBron James NBA's all-time highest scorer

7h | TBS SPORTS

Most Read

1
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2
Master plan for futuristic Chattogram city in the making
Districts

Master plan for futuristic Chattogram city in the making

3
Photo: Collected
Crime

Prime Distribution MD Mamun arrested in fraud case

4
Maqsuda Begum made new executive director of Bangladesh Bank
Banking

Maqsuda Begum made new executive director of Bangladesh Bank

5
Photo: Rajib Dhar/TBS
Bangladesh

HSC results to be published Wednesday

6
30% companies see double-digit growth even in hard times
Economy

30% companies see double-digit growth even in hard times

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]