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A saver will face a maximum of six months of imprisonment, Tk 100,000 in fine, or both, if he or she provide false information while buying savings certificates under the new Public Debt Act 2022, which replaced the British-era law.
The government issued a gazette to this effect on Wednesday. It came into effect immediately.
The bill was passed by a voice vote after Finance Minister AHM Mustafa Kamal tabled it in parliament last week. The legislation replaced the Public Debt Act 1944, which was extended on several occasions.
The old law did not define fines for law violations, whereas the new law includes 40 sections for a sustainable debt policy and planning, risk assessment, and the increase of government duties.
If anyone invests in savings certificates and does not withdraw the interest within six years, the government will not bear any liabilities
The law also states that a court can’t hear charges brought about by anyone other than the Bangladesh Bank or the National Savings Directorate.
If anyone invests in savings certificates and does not withdraw the interest within six years, the government will not bear any liabilities.
A new provision has been incorporated into it for running a shariah-based deposit system alongside the normal deposit system.
Since the debt system in Bangladesh has witnessed a radical change, the Finance Division has designed the new law with a precise guarantee against the debt taken by the government from people that they would get back the deposited money anyhow.
(TDS)
