Finance Minister AMA Muhith in his budget speech this time did not mention anything about whitening black money. He said only the money earned through legal ways could be whitened.
In a pre-budget meeting the business leaders demanded a scope for unconditional whitening of black money.
Former research director of Bangladesh Institute of Development Studies (BIDS) Zaid Bakht said there is no logic behind allowing whitening of black money.
He said it does not seem that many people are encouraged to take the existing provision. So there is no logic behind its continuation.
Bakht said those who would launder money would do so even if they are given a scope to whiten black money.
Many are in favour of the provision with the hope that it will bring the black money into the main stream of economy.
Bakht said this type of thinking is useless. Black money exists in the banking system, may be in another name, and is being invested anyhow, he added.
Former NBR member Syed Md Aminul Karim, however, supports continuation of the provision, saying it did not encourage much, but some people are still availing the scope.
Karim said those people have been enjoying the benefit by paying higher tax.
The money-whitening opportunity is given almost every year but never brought the government any substantial revenue.
Source: The Daily Star
