The Parliament on Thursday unanimously passed a bill providing for precise guarantee that the government will return the money taken as debt from the public under any circumstances. The Public Debt Bill, 2022 was passed by voice vote after Finance Minister AHM Mustafa Kamal introduced it in the House. It will now be sent to the president for signing it into a law. Also read: Law minister introduces Evidence (Amendment) Bill in Parliament The proposed legislation will replace the British-era law, The Public Debt Act 1944, which was extended on several occasions. The Finance Division said the law is necessary as the debt system witnessed a radical change over the years. According to the proposed law, the government will give a precise guarantee against the debt taken by the government from people that they would get back the deposited money anyhow. Also read: Mass Media bill goes back to JS committee for second time A new provision was also incorporated in it for running a Shariah-based deposit system alongside the normal deposit system. The public would be informed about the profits or interest against their deposits. If anyone does provide false information in obtaining the issued certificates under the government security and saving certificate schemes, that person would face maximum six-month imprisonment plus Tk one lakh fine or both.

The Public Debt Bill, 2021 was placed in Parliament on Tuesday to make the existing law a time-befitting one. Finance Minister AHM Mustafa Kamal placed the Bill and it was sent to the respective scrutiny committee for further examination. The Committee was asked to submit its report within 15 days. Read: Patents bill placed in Parliament The Public Debt Act 1944 is a very old law, which was extended on several occasions. The Bill said since the debt system witnessed a radical change, the Finance Division designed the new law. According to the proposed law, the government will give a precise guarantee against the debt taken by the government from people that they would get back the deposited money anyhow. A new provision was also incorporated in the draft law for running a Shariah-based deposit system alongside the normal deposit system. Read: Parliament mourns death of 6 ex-MPs, others The public would be informed about the profits or interest against their deposits. If anyone does not provide false information in obtaining the issued certificates under the government security and saving certificate schemes, he or she would face maximum six-month imprisonment, Tk one lakh fine or both.

The Cabinet on Monday cleared a proposal for the extension of the Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010 for another five years till 2026. The approval came from the virtual cabinet meeting held with Prime Minister Sheikh Hasina in the chair. The PM joined it from her official residence Ganobhaban. Other cabinet members were connected with the meeting from the Bangladesh Secretariat. Read: Cabinet body okays proposal for setting up 42,500 solar systems in 3 hill districts “Since the tenure of the existing law is going to expire in 2021, the proposed law was brought to extend it by another five years till 2026,” said Cabinet Secretary Khandker Anwarul Islam while briefing reporters after the meeting. He said the cabinet gave the final approval to the draft of Quick Enhancement of Electricity and Energy Supply (Special Provision) (Amendment) Bill, 2021 in order to ensure uninterrupted supply of electricity and energy for the sake of making Bangladesh into a higher middle-income country by 2030 and a developed country by 2041. The tenure of the special provision, enacted in 2010, was extended on several occasions in the past, he said. “But no change other than time extension has been made to the proposed law,” said the Cabinet Secretary.