Let black money flow in: DSE chief

Ref: Dhaka Stock Exchange (DSE) wants the provision to legalise black money to stay for the companies listed in the share market.

“The opportunity to invest unaccounted income in government treasury bonds should be given to the companies listed in the share market,” DSE president Shakil Rizvi told a post-budget press conference on Saturday.

Finance minister A M A Muhith on Thursday proposed in parliament to keep the provision for another fiscal year to whiten the black money by giving 10 percent tax while investing in government treasury bonds.

He said Tax Identification Number (TIN) and tax on investment in share market will not be mandatory in the fiscal year.

A separate Clearing and Settlement Company will be formed for trading in the share market immediately, the finance minister said.

DSE and Chittagong Stock Exchange (CSE) organised separate press conferences on Saturday to express their views on the budget.

Rizvi and CSE president Fakhor Uddin Ali Ahmed suggested offloading the shares of state-owned companies immediately.

They demanded withdrawal of the proposal to increase tax at source on commissions of stock exchange members.

Muhith proposed increasing tax at source on the commissions of stock exchange members from 0.05 percent to 0.1 percent.

Rizvi said, “Trading will become costlier and the small investors will be harmed if the proposal is passed.”

He expressed satisfaction over the proposals for long-term development of the share market. “The budget could be called a share market-friendly one if the proposals are implemented.”

Ahmed said, “The steps taken can help restore the investors’ confidence in the market.”

He, however, called for resolving the liquidity crisis in the market. “The government can collect money by offloading the shares of state-owned companies to make up the budget deficit.”

0 comments on “Let black money flow in: DSE chief

  1. hemen parekh says:

    On 9th Day of the fast

    Here is my appeal to Baba / Anna / Pranab / Kapil / Advaniji :

    Please do not make this a personal prestige issue. Compromise for the sake of nation’s prestige.

    Settle on following compromise formula :

     Prime Minister and Chief Justice of India to be excluded from the purview of proposed Lokpal Bill

     All other ministers / judges to be included

     All MPs / MLAs to be included

     All government servants to be included, irrespective of rank

     Maximum punishment for those found corrupt to be life imprisonment

     Lokpal to be made answerable to the President of India and can be dismissed / punished by the President if deemed to be corrupt

     Lokpal shall not hold any other “ position of profit “, nor can be a retired government servant

     Black money ( whether illegally stashed abroad or within the country ) to be declared “ National Asset / National Wealth “

     Encourage black money to be repatriated legally – and without penalty – if invested in Govt approved Infrastructure Bonds / SPVs

     Gradually reduce personal income tax to a max of 15 % and Corporate tax to a max of 20%

     Start drafting a separate bill whereby voters can recall their elected representative to Panchayats / Municipalities / Legislative Assemblies / Parliament

    There are always two parties to a dispute. Any agreement reached must appear like a win-win situation to both. If any party gets a feeling that it “ lost out “, then it will find ways and means to sabotage the agreement.

    What good is an agreement that looks good on a piece of paper but just cannot be implemented ?

    Please forget the events of last few days. Make the first move towards reconciliation. Nation expects from you humility / magnanimity.Mud slinging will take you nowhere !

    With regards

    hemen parekh


    Jobs for All = Peace on Earth

    PS :

    11:30 am / Just heard Baba broke his fast. First step taken. Now it is your move, Pranabda !

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