The Bangladesh Small and Cottage Industries Corporation (BSCIC) Bill, 2023 was passed in Parliament on Monday, keeping a provision of two years in prison and a maximum fine of TK50,000 for providing false information to obtain loans from the corporation.

Industries Minister Nurul Majid Mahmud Humayun moved the Bill and it was passed by voice vote.

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.

Also read: Land Reform Bill 2023 placed in JS

If anyone creates obstacles in any work of the BSCIC-appointed developers or contractors, then the punishment will be the same.

For illegal land grabbing and construction of infrastructure, 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.

Also read: Land Crime Prevention and Remedy Bill, 2023 placed in JS

The Bill aims to make the industrial entities under the BSCIC more effective.

The proposed law will promote women entrepreneurs as the existing law, dating from 1957, is outdated.

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

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.

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

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