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Govt targets Tk 20,000cr deposit to exchequer

Published : 08 Oct 2020 09:30 PM | Updated : 09 Oct 2020 01:32 AM

The government targets deposits of Tk 20,000 crore to the state treasury from its different organisations and institutions to meet its own expenses in the current fiscal 2020-21.

For this, the finance ministry has asked six government agencies to deposit about Tk 4,800 crore last week from their surplus funds to the state treasury within the next one month.

Nine state-owned enterprises deposited a total of Tk 16,046 crore to the state exchequer last fiscal, according to the finance ministry.

A senior official of the finance ministry said the Ministry sent letters to six government organisations last week asking them to deposit money in the state treasury. 

Later, a few more companies will be added to the list of depositors, he added.

In the first phase, six companies have been asked to pay: Chattogram Port Authority (CPA), Mongla Port Authority (MPA), National University, Bangladesh Standards and Testing Institution (BSTI), National Curriculum and Textbook Board (NCTB) and Export Development Bureau (EPB), he informed. 

The government wants Tk 3,000 crore from CPA, Tk 1,000 crore from National University, Tk 300 crore from EPB, Tk 200 crore from NCTB, Tk 200 crore from MPA and Tk 100 crore from BSTI, a total of Tk 4,800 crore.

He mentioned companies have been asked to deposit money in accordance with the Autonomous, Semi-Autonomous, Statutory Government Authority Financial, Public Non-Corporate and the autonomous bodies to deposit their surpluses as per the government treasury Act, 2020.

The parliament passed the Deposit of Surplus Funds of Autonomous, Semi-Autonomous, State-Owned, and Public Non-Financial Corporations into the Government Treasury Act 2020 in January, he added.

In Bangladesh, there are 68 state-owned autonomous organisations, which hold Tk 212,100 crore in combined deposits in banks. 

The corporations have kept the money as deposit or investment.

According to the new law, the surplus funds have to be deposited to the state coffers after keeping aside the operational cost, additional 25 percent of the operational cost as emergency funds, money for general provident fund and pension.

The respective organisation would estimate its operational cost. The agencies will have to deposit the funds within three months after a fiscal year comes to an end.

If an organisation does not provide correct information about the funds, legal actions will be taken against it, according to the law.

Former finance secretary Mahbub Ahmed said many companies were keeping interest and bonuses by depositing money in banks. 

In that case, the new law has been very timely as Tk 16,000 crore came to the state exchequer at the end of the outgoing fiscal year during the coronavirus crisis, he added.

Professor Narayan Chandra Saha, Chairman of the National Curriculum and Textbook Board (NCTB), said, “I have received the letter. According to the government's decision, the surplus funds will be deposited in the treasury as requested.”

CPA chairman Rear Admiral S M Abul Kalam Azad said, “We are depositing money as per instructions.”