Why action is not taken against money launderers – 2024-04-25 11:48:36

Noting that 7 billion dollars are being smuggled every year, prominent economist and former governor of Bangladesh Bank Mohammad Farasuddin said, why does the government not take action against currency smugglers? Even after being caught why no action is taken regarding them. i don’t understand

He said these things at the pre-budget discussion meeting for the financial year 2024-25 organized by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on Tuesday (April 23). State Minister for Finance Wasika Ayesha Khan was present as the chief guest.

Farasuddin said, why the Bahadur government does not take such action against currency smugglers? 7 billion dollars are being smuggled every year. I’m saying… everyone is saying. Why can’t we keep it after catching it? Why not take action on them. i don’t understand

At the same time, this economist suggested to increase the grain stock of the government by two and a half times and said, we have to increase our supply. How to increase? There are excellent boro crops, sometimes we can’t collect them. Why can’t I? middlemen Dishonest officers and mill owners go to my farmers and ask them to sell their paddy. They are in danger.

He said that the government should give top priority to Bahadur and store two and a half times the current stock and sell it in the open market for at least 3-4 months. Monitoring should be done on everyone including retailers.

Commenting that the scope of the budget needs to be bigger, the former governor said, the scope of the budget needs to be bigger. The ideal is 20 percent of GDP, one-fifth. We cannot go above 17 percent in any year.

He said there are limitations. The big question of all questions is we can’t collect revenue. Our 9 million people are supposed to pay a lot of revenue, of which we can only collect from 9 million people. This I would say is a failure of our system. Not blaming them (those who don’t pay revenue), we have to go to them.

Regarding interest rates and inflation, he said, interest rates are discussed. Interest rate is only one instrument. Was there inflation during the Six-Nine? Then we said increase the interest. It was said that inflation cannot be reduced by increasing the interest rate. Then it was said that if there is inflation, can economic development be done?

Mohammad Farasuddin also said, we have no foreign debt. When depreciation occurs, his debt multiplies. Why we have not been able to make a standard till today Entrepreneurs suffer due to foreign exchange.

He said, there are no multiple exchange rates anywhere in the world. Multiple exchange rates are kept here, only for the convenience of middlemen. If the exchange rate is the same, the remittance provider will get more money. Do this exchange rate as it was calculated in 90s. Do not keep a gap of more than 2-3 rupees with the curb market. Then you will see remittance.

At this time, he said to the government, please do not take loans from the banking sector. Then the private sector will suffer. World Bank, IMF proposed to withdraw from savings bonds. They do it in their interest. Now with interest rates that take quite a bit-less. Those who have served the country with all their life and youth should benefit. If you take from them, there will be no inflation, the deficit will be reduced.

MAS/ZH/ASM

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