New bill proposes govt guarantee on public debt

The Public Debt Bill 2021 was placed in the parliament today.

Finance Minister AHM Mustafa Kamal placed the bill which was sent to the respective parliamentary standing committee for further evaluation.

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The committee was asked to submit its report before the House within 15 days.

The Public Debt Act 1944 is a dated law, which was extended on several occasions.

Since the debt system has witnessed a radical change, the Finance Division has designed the new law incorporating necessary changes.

According to the proposed law, the government will give a precise guarantee against the debt taken by it from the people -- that they would get their deposited money back under any circumstance.

Provision was also incorporated in the draft law for running a Shariah-based deposit system alongside the regular deposit system, the finance minister said while placing the bill.

The public would be informed about the profits or interests against their deposits.

If anyone provides false information in obtaining the issued certificates under the government security and saving certificate schemes, he or she would face maximum six-month imprisonment, Tk one lakh fine or both.

Jatiya Party MP Fakhrul Imam strongly opposed the bill, saying that the government cannot enact a law to take loan from people.