Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Sunday, May 26, 2019 02:10:50 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Black money on rise: Muhith

By bdnews24.com
09th-Apr-2014       
Comments
Share your thought
Post a comment »
Read all () »

Finance Minister AMA Muhith has admitted that the amount of 'black money' in the economy is rising, adding that a study will be done to assess its exact proportion.
He said this on Monday night while talking to reporters after a pre-budget discussion with some of the country's top economists.
The minister said: "Black economy exists in the country and its size is growing. We'll launch a study on it in the second year of our government."
The results of the study might come in the third year of the government, he said.
In Bangladesh, 'black money' refers to funds generated by evading income and other taxes.
Muhith said a similar study had been conducted five years back.
Referring to that study, he said 'black money' accounted for 40-80 percent of Bangladesh's economy.
The finance minister said that the government is finding a way to best utilise the money sent by expatriate Bangladeshis.
"We will build the Padma bridge ourselves. Expenditure will shoot up, if we issue bonds to raise the funds. In this case, the remittance sent by expatriates might be used. Economists have also advised us to do that.
"A system has to be worked out on how to use the remittances for building Padma bridge, it will involve creating a Fund and we are working on that," said Muhith.
According to Bangladesh Bank statistics, remittance inflow touched $14.46 billion in FY13 . That is more than 10 percent of the national income.
In the nine months (Jul to Mar) of the current 2013-14 fiscal, remittances worth $10.48 billion have flowed in. The forex reserve now stands at $ 19.50 billion as of Monday (Apr 7). That's an all-time record.
"Everybody knows that capital is being siphoned out (invested abroad). The biggest proof of that is that savings are more than investments. Currently, investment stands at 26 percent of the GDP (Gross Domestic Product) while savings account for 29 percent," said Muhith.
"We have taken a lot of initiatives to boost investment and it is our priority to raise it further."
Replying a query from reporters, the finance minister said that action would surely be taken against the officials of the state-owned Basic bank, who were involved in graft.
"Wait and see, we are taking action."
Muhith said economists have recommended scrapping the mandatory requirement of holding 2 percent shareholding for an individual to become a listed company's director.
"I have told them it was done to stabilise the capital market. Now the market is stable. The requirement would be gradually withered down after considering the overall scenario."
The upcoming budget will focus on poverty alleviation, said Muhith adding: "The reach of the social safety net would be expanded. The deprived population including the sweepers will be covered under the scheme this time.
"Budget allocation will be increased to raise the quality of education."
Muhith will present his eighth budget, the first for the present government installed after the controversial Jan 5 polls.
In the run up to the budget , the finance minister usually holds pre-budget discussions with people from all walks of life. On Monday, he discussed the budget with top economists of the country.

Tariff
Add Rate

News Archive

Inside The New Nation

Sports »

A scene from the fifth round matches of the Walton International Rating Chess Competition at Bangladesh Chess Federation hall-room on Saturday.


Cricket »

Rubel eyes to finish World Cup as one of top five boawlers


Bangladesh speedster Rubel Hossain insisted on Friday he wants to finish the ICC World Cup 2019 as one of the best five bowlers.The right-handed pacer recovered from a side strain that prevented him to play all the matches during Bangladesh recent tri-series in Ireland. Before the main assault in the ...

International »

US troop move to ME dangerous for international peace: Iran's FM


AFP, Tehran  :Iranian Foreign Minister Mohammad Javad Zarif said Saturday a US decision to deploy 1,500 additional troops to the Middle East is a "threat to international peace," state media reported."Increased US presence in our region is very dangerous and a threat to international peace and security and must be ...

Editorial »

Take time-befitting diplomatic steps


THOUGH the foreign relation of Dhaka with New Delhi and Beijing is remarkably good, it is not working well especially in the Rohingya issue. Dhaka had requested both the nations for several times to mount pressure on Myanmar for Rohingya repatriation, but they kept limited their efforts in extending 'assurance' ...

Entertainment »

Dimple Kapadia bagged Christopher Nolan`s Tenet


Dimple Kapadia featuring in Hollywood director Christopher Nolan's Tenet has got everyone excited. From Bollywood celebrities to regular moviegoers, everyone has expressed their delight and congratulated the actress on social media for her achievement.  Dimple Kapadia's manager revealed to a daily how the actress bagged the role. The manager shared ...

Front Page »

290 migrants rescued near Tripoli


Egypt Independent , Tripoli :Libya's coast guard rescued 290 migrants clinging to inflatable rafts on Friday in two operations near the capital Tripoli, a naval forces spokesman said.The western coast of Libya is the main departure point of hundreds of thousands of migrants fleeing their countries from wars and poverty ...

Editorial »

HC concern over slow pace of banning toxic food items


THE High Court on Thursday rebuked Bangladesh Food Safety Authority (BFSA) for its failure of removing and destroying 52 substandard food products from the market. The HC earlier ordered the BFSA removing the substandard goods of 43 companies from the market but the BFSA did nothing except publishing only a ...

Entertainment »

Poppy, Hasan Jahangir’s Eid drama Nayikar Honeymoon


Sheikh Arif Bulbon :National Film Award winner actress Poppy earlier acted with actor and play director Hasan Jahangir in Innocent Love, Bhalobasha Du’jonai, Mental and Nayikar Biye. On the occasion of coming Eid to telecast on Asian TV, Poppy again paired up with Hasan Jahangir in a drama titled Nayikar ...

International »

Taiwan holds first gay marriages in historic day for Asia


AP, Taipei :Hundreds of same-sex couples in Taiwan rushed to get married Friday, the first day a landmark decision that legalized same-sex marriage took effect.Taiwan became the first place in Asia to allow same-sex marriage last week in a legislative vote on a cause that the island's LGBT rights activists ...

Editorial »

DMP fails to discipline city roads


TRAFFIC jam is a common scenario almost everyday in the capital city Dhaka. Usually, it intensifies every year during the Ramzan. This year it is no exception. But sufferings of commuters have been increased manifold this year because of constructing metro rail projects and unplanned digging in different areas under ...

Cricket »

T20 kings West Indies seek to make fresh World Cup mark


Can the West Indies take the form that has made them such a potent force in Twenty20 cricket into the World Cup?That is the question confronting Jason Holder's side as they head into the one-day showpiece in England and Wales that starts on May 30.The Caribbean team, who open their ...

International »

May clings to power as Brexit gambit backfires


Reuters, London  :Prime Minister Theresa May was clinging on to power on Thursday after her final Brexit gambit backfired, overshadowing a European election that has shown a United Kingdom still riven by division over its EU divorce.May's departure will deepen the Brexit crisis as a new leader is likely to ...

Entertainment »

Momtaz performs with her daughters at Eid Ananda Mela


Entertainment Report :Legendary folk singer and Member of the Parliament Momtaz Begum has been passing best time in her career. Recently her mother Uzala Begum got Gorobini Maa award on International Mother’s Day. Basically Momtaz is delighted with her success. On May 19, Momtaz along with her two daughters - ...

Editorial »

BB failing to lead banking sector


WHEN there are huge frustrations among the political circle, civil society members and the ordinary masses over ongoing banking irregularities, at that time the High Court has halted the loan rescheduling facilities for defaulters till June 23, earlier offered by the central bank, the Bangladesh Bank. The HC on Tuesday ...

Sports »

With the world at her feet, Osaka takes Paris in her stride


AFP, Paris :Twelve months ago at Roland Garros, an embarrassed Naomi Osaka bristled at being hailed as the 'coolest thing' in tennis.Now, however, the 21-year-old Japanese returns to Paris as comfortably the sport's hottest ticket with the world number one billing, a bank balance bursting at the seams and on ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news