JS passes bill to utilise ‘idle money’ of state entities

The Jatiya Sangsad today passed the 'Deposition of the Surplus Money of Self-Governed Agencies including Autonomous, Semi-Autonomous, Statutory Government Authorities and Public Non-Financial Corporations into the Government Exchequer Bill, 2020.'

It aims to allowing the government for using surplus fund of different government organizations for maintaining the ongoing nationwide development programmes.

Finance Minister AHM Mustafa Kamal piloted the bill in the House amid opposition from the opposition bench. Later, the bill was passed by a voice votes after Speaker Dr Shirin Sharmin Chaudhury, who was in the chair at that time, moved it for voting.

"It is necessary to enact the law for implementing the socio-economic development programmes and this huge fund deposited in the bank would be spent for the welfare of the nation," said the finance minister while flagging the necessity for enactment of the law.

Placing the bill, Mustafa Kamal said the enactment will help to bring financial discipline in economy of the country, adding that "the transformation of the idle fund which is an amount of Taka 2.12 lakh crore, would not hamper the development activities of these respective
organizations."

On January 14, 2020, the Finance Minister placed a bill in the parliament and was sent it to the respective Parliamentary Standing Committee.

Of the idle money, the surplus one will be deposited to the national exchequer after keeping aside the operational cost, additional 25 per cent of operational cost as emergency fund, money for general provident fund (GPF) and pension.

The respective organisation can estimate its operational cost.

The latest balance of 68 organisations, an amount of Tk 2.12 lakh crore remains stagnant as fixed deposit receipts (FDR) in different banks and the money is not being invested for its better use.

Earlier, the cabinet approved a draft law allowing the government to use the surplus funds of different self-governed agencies including autonomous, semi-autonomous, statutory authorities, public non-financial corporations for the 'welfare of the public.'

The government took the move to bring the surplus funds into its exchequer to ensure their 'better use' as Tk 2,12,100 crore remains idle with at least 68 such organisations, according to the government decision.

Of these idle money, official sources said some of those organizations which have highest amounts of such idle money are the Bangladesh Petroleum Corporation has Tk 21,580 crore idle money, while the Petrobangla (Bangladesh Oil, Gas and Mineral Corporation) Tk 18,204 crore, the Power Development Board Tk 13,454 crore, the Chattogram Seaport Tk 9,913 crore and the Rajuk (Rajdhani Unnayan Kartripakkha) has Tk 4,030 crore as idle.

Criticising the bill, opposition Jatiya Party lawmakers Kazi Feroz Rashid, Mujibul Haq, Shamim Haider Patwary, Fakhrul Imam and BNP lawmakers Rumin Farhana and Harunur Rashid called the minister to withdraw the bill.