Finance ministry explains minister’s remarks on flat owners having black money

The finance ministry on Thursday explained Finance Minister Mustafa Kamal's remarks on flat and land owners in Dhaka.

Recently, many online editions of some dailies and news portals published articles with headlines such as "Finance Minister: All flat and land owners in Dhaka own black money", which have garnered much attention.

Such headlines with incomplete information are causing confusion among the people, reads a finance ministry press release published on Thursday (16 June).

"If someone does not read the whole story then such headlines are sending the wrong message. Therefore, it is requested to refrain from creating unwanted confusion and convey the actual message after listening to the whole statement", reads the press release.

According to the press release, responding to a question from reporters after a meeting of the Cabinet Committee on Economic and Public Procurement on 15 June, the finance minister had said the actual price of land in the capital's Gulshan is higher than the price it is registered for.

"However, as the price of land is fixed for each mouza (plot), it is not possible to register it at the actual price. So, black money is being created there. Who is out of the purview of black money?" the minister was quoted saying.

Answering the same question, the finance minister further said that the reality is that the flat which is being registered for Tk2 crore, might actually cost Tk10 crore. As a result, the government is not getting any additional registration fee. This is where black money is being created, said the minister.

As per the release, he said, "Everyone should understand these issues. Only the person who owns land or a flat in Dhaka city can tell you what price the land has been registered for and what the actual price was."

"So, everyone who owns land or flat in Dhaka is, in a way, owners of black money. However, our existing system is responsible for this".