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Sunday, September 6, 2015, Bhadra 22, 1422 BS, Zilqad 21, 1436 Hijr


JS passes two bills in financial sector
Observer Online Desk
Published :Sunday, 6 September, 2015,  Time : 9:41 PM  View Count : 0
The Jatiya Sangsad today passed two separate bills for ensuring transparency and accountability in financial organizations side by side with regulating purchase and sale of foreign currencies and securities.

Finance Minister Abul Maal Abdul Muhith piloted the bills- Financial Reporting Bill, 2015 and Foreign Exchange Regulation (Amendment) Bill, 2015 in the House, which were later passed in voice votes.

Moving the Financial Reporting Bill, 2015, the minister said it is necessary to pass the bill for ensuring transparency and accountability in accounting and auditing of financial organizations in government as well as autonomous and non-government institutions.

A financial reporting council would be formed through gazette notification after passage of the bill to this end. The council will be a statutory body with 12 members to be headed by a chairman.

The head office of the council to be set up in Dhaka and, if necessary, its branch offices can be established at any place across the country following the government's prior approval.

Later, the finance minister moved the 'Foreign Exchange Regulation (Amendment) Bill, 2015 in parliament aimed at updating the existing law for regulating purchase and sale of foreign currencies and securities. "In the wake of a huge expansion of foreign investment and international trade along with increasing the categories, volume and settlements of foreign transactions, it is necessary to amend the existing law," said the minister while piloting the bill.

Otherwise, he said, Bangladesh will face difficulties in foreign investment and international trade and taking time-befitting measures in the said areas. Apart from this, Shipping Minister Shahjahan Khan placed the "Port (Amendment) Bill, 2015" in the House for bringing further amendment to the existing law.

Later, the bill was sent to concerned parliamentary standing committee for scrutiny.

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