The Financial Express

Finance minister places bill to utilise 'idle money' of state entities

| Updated: January 15, 2020 14:51:08

Finance minister places bill to utilise 'idle money' of state entities

Finance Minister AHM Mustafa Kamal placed a bill in the parliament on Tuesday to bring the surplus money of different autonomous, semi-autonomous and statutory agencies and non-financial corporations to the national exchequer.

The bill was sent to the respective Parliamentary Standing Committee and it was asked to submit its report within seven working days.

According to UNB, an amount of Tk 2.121 trillion of self-governed agencies remains stagnant in different banks.

The government plans to bring the surplus money to the national exchequer with the proposed law for financing different development projects and supporting public welfare.

The title of the bill is ‘Deposition of Surplus Money of Self-Governed Agencies including Autonomous, Semi-Autonomous and Statutory Government Authorities and Public Non-Financial Corporations to the National Exchequer Bill 2020’.

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.

While briefing reporters after a cabinet meeting on September 2, the cabinet secretary said the latest balance of 68 organisations, an amount of Tk 2.121 trillion remains stagnant as FDR in different banks and the money is not being invested for its better use.

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