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.
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.
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.
Source: United News of Bangladesh