The Bangladesh Small and Cottage Industries Corporation (BSCIC) Bill, 2022 was placed in Parliament keeping a provision of two years in prison and a maximum fine of TK50,000 for providing false information for borrowing money from the corporation.

Industries Minister Nurul Majid Mahmud Humayun placed in the House and it was sent to the respective Parliamentary Standing Committee for further examination. The Committee was asked to submit its report within 30 days.

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The Bill says that if anyone damages or replaces any border wall the punishment will be maximum six months of imprisonment or maximum Tk one lakh as fine or both.

If anyone creates obstacles in any work of the BSCIC-appointed developer or contractor then the punishment will be the same.

For illegal land grabbing and construction of infrastructures the punishment will be the same also.

If anyone transfers any plot illegally then the punishment will be one year of imprisonment (maximum) or fine of Tk 50,000 (maximum) or both.

The Bill will make the industrial entities under the BSCIC more effective.

The proposed law will promote women entrepreneurs as the existing law, 1957 is outdated.

The Bill said that the Corporation can take necessary steps to create women entrepreneurs in industrial sector and give them protection.

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As per the proposed law, the authorised capital of the Corporation will be Tk 3000 crore while the paid up will be Tk 2637.22 crore.

There will be a 16-member board of directors for the Corporation and chairman of the entity will be the president.

The Corporation will have 10 directors and the government will appoint all the directors.