The Parliamentary Committee Urged Bangladesh Bank to be Cautious

The finance ministry-related parliamentary committee thinks that the reputation of Bangladesh and Bangladesh has been hit by volatility in Bangladesh’s bank volumes. The committee asked Bangladesh Bank to be more careful. The parliamentary committee has expressed dissatisfaction as there was no significant progress in revenue collection.

A parliamentary committee meeting on the finance ministry held on Wednesday.

According to the sources, the issue of the meeting is not in the context of the meeting, but the issue of gold in Bangladesh Vault deposited in the VB came in the discussion. In the meeting, Bangladesh Bank claimed that the Vault’s gold is OK. Exaggerated information is provided in the media. Although the representatives of the National Board of Revenue were present in the meeting, they did not make any comment about this.

After the meeting, chairman of the committee, Abdur Razzak told reporters that the Bangladesh Bank said that the gold kept in the vault is okay. Vault security is very good. There are 42 CC cameras. However, the size of the modern machine and the size of the modern device has varied. Why such information came in the media? With such questions, the committee said that it has hurt Bangladeshi reputation abroad and abroad. Bangladesh Bank should be cautious in the future.

The Customs Directorate, conducted the inspection of Bangladesh Bank’s Vault from January to April, 2017. In January, the committee submitted its report to the Director General of Customs Directorate. On January 25, the report was sent along with the chairman of the National Board of Revenue. The inspection team presented several observations at the end of the vetting of gold. His first observation was a gold disc and a ring.

It is said that on 23 August 2015, custom house warehousing officer Harunur Rashid submitted a gold-plated black disc with a rounded black and a black-plated gold ring Bangladesh Bank. The Bangladesh Bank examined the disc and the appropriate person with 80 percent (19.2 percent) pure gold and accepted the certificate. But after two years, the inspection team examined the disc and ring and got 46.666 percent (11.2 percent) gold. 15.15 percent gold (3 decimal 63 carats) in the ring. It is assumed that they were changed after putting them in the vault. According to the report, after checking the vault on the gold disc and the ring, they were not made of gold, made from the mixture of other metals.

According to the report, the inspection team verified gold accumulated in favor of each receipt. It has been found that, the carpet in gold ornaments and gold bars vary. For most of the 24 to 20 carats 960 kg gold, the vault has been recorded as 18-carat.

Bangladesh below the revenue collection
In a meeting of the Ministry of Finance, a report said that Bangladesh receives total revenue from the GDP ratio, in comparison to other countries in the world, including South Asia. There has been no significant progress in this regard in last 10 years. In the last 10 years, the revenue collection was 10.3 percent for the country’s GDP ratio. But 19.7 percent in India, 19.6 percent in Nepal, 14.3 percent in Pakistan, 13.1 percent in Sri Lanka. Revenue collection was 35.8 percent of GDP ratio in developed countries. In the meeting, recommendations were made to increase VAT-tax coverage with the help of pilot projects, if needed, from the revenue collection system of other countries.

Committee chairman Abdur Razzak told reporters that the committee expressed dissatisfaction because there was no progress in revenue collection. The explanation given by NBR is in no way acceptable. The Finance Minister has failed to play a role in this regard.

A press release from the Parliament Secretariat said that investment in the banks was hampered due to overpriced interest and service charges. For this reason, it is suggested to lower interest rates to single digit. Apart from this, it is recommended to reduce the interest rate on the credit card of the bank and reduce customer suffering through secret charges.

Under the chairmanship of Abdur Razzak Committee member Mustafizur Rahman, Md. Abdul Wadud, Farhad Hossain and Shawkat Chowdhury took part in the meeting.