Cashless transactions can curb corruption: Finance Minister

Increasing cashless transactions will help reduce corruption and lower the cost of doing business, Finance Minister Amir Khasru Mahmud Chowdhury said on Tuesday.

He made the remarks at a programme titled “Launching of Dynamic Bangla QR for Universal Pension Scheme, Powered by Trust Bank” at a hotel in Dhaka.

The minister stressed the need to promote digitalisation and cashless transactions to make the economy more transparent and dynamic.

“Reducing cash transactions and increasing digital payments will enhance transparency in economic activities and reduce opportunities for corruption,” he said.

He said Bangla QR should be developed into a more effective and dynamic platform, with interoperability among banks and mobile financial services being essential to ensure its wider use.

According to the minister, digital transactions will create data-based records of financial activities, making it easier to collect taxes and track economic activities. Such data can also support policymaking.

Referring to complaints from businesses, Amir Khasru said some businesses and taxpayers currently face repeated increases in their tax burden. An effective trace-and-track system, he said, could bring greater transparency to tax administration and reduce undue pressure on taxpayers.

He also said wider digital services would reduce the need for people to visit government offices physically to access various public and financial services.

“Economic activities should be taken outside physical contact as much as possible,” he said.

The minister said greater automation would reduce the cost of doing business and make the country's businesses and services more competitive in domestic and international markets.

He called for digital technology and automation to be introduced across all stages of the economy, from ports to airports.

A cashless economy, he said, would improve transaction transparency and strengthen tax collection, while digitalisation and automation would reduce business costs and make the economy more efficient and competitive.

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