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FBCCI seeks action against certain banks -The Asian Age


Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has complained that some banks are showing unwillingness to disburse the money of the stimulus packages which the government announced to deal with the adverse effect of coronavirus on the country's economy. FBCCI has remarked that the government's deposits should be withdrawn from these banks.

FBCCI President Sheikh Fazle Fahim made these remarks on Saturday while speaking at a press conference on the proposed budget for the fiscal year 2020-2021. He said that some banks have made progress with the distribution of stimulus packages money but some banks seem to be reluctant.

Sheikh Fazle Fahim said that government deposits should be increased in the banks which are doing well with the stimulus packages while actions should be taken against the banks which are not doing the job properly. He proposed to waive 1% corporate tax for the banks which are doing well with the stimulus packages.

Bangladesh Bank has asked all banks to disburse the money of the stimulus packages quickly. Sheikh Fazle Fahim informed that FBCCI would send a letter to the Finance Minister about the banks' approach to the stimulus packages. He further said that FBCCI would not assist loan defaulters or financial scammers in getting the money of the stimulus packages.

Sheikh Fazle Fahim commented that the small, medium and cottage industries should be shifted from non-formal sector to a formal one right now. It will enable the small, medium and cottage industries to enter the global market by 2021--2022, he added.

He also said that it will democratize access of capital and cost of capital.He recommended the government to materialize integrated automated revenues system by initiating necessary reforms. He suggested that advance income tax should be reduced to 3% from 5%.