Returning surplus funds by autonomous bodies
FE REPORT | March 25, 2020
The Ministry of Finance (MoF) has asked the Civil Aviation Authority of Bangladesh (CAAB) to return Tk 6.0 billion to the public exchequer by this fiscal year.
In a meeting on Tuesday, the CAAB was asked to return the money in three instalments until June.
Finance Division additional secretary Sheikh Mohammad Salim Ullah presided over the meeting, attended by high officials of the ministry and the CAAB.
Sources said the meeting reviewed the financial statements of CAAB until December last and decided that it can return Tk 6.0 billion from the surplus fund this fiscal.
When contacted, Mr Salim Ullah declined to comment on meeting outcomes without the finance minister’s approval to the decision.
Until now, various autonomous and semi-autonomous bodies returned some Tk 55 billion to the public exchequer from their surplus fund.
After passing a law in parliament, the government published a gazette on February 12 last.
According to the law, the autonomous, semi-autonomous and public non-financial corporations will have to deposit surplus funds after keeping total operational expenses, an additional 25 per cent of operational expenses, and expenses related to development works.
The government has identified 61 such organisations whose surplus funds will have to be deposited to the public exchequer. The funds will mainly be used to support government’s ongoing development activities amid low revenue collection by the National Board of Revenue (NBR).
Earlier, Petrobangla was asked to deposit Tk 40 billion from its surplus fund and Titas Gas Transmission and Distribution Company asked to deposit Tk 18.70 billion from the proceeds the company got from selling shares.
Petrobangla deposited Tk 10 billion as first instalment on March 10. The rest of the amount has to be deposited during the April-June period, Tk 10 billion each month.
Bangladesh Power Development Board (BPDB) will have to deposit Tk 20 billion as surplus fund in the fiscal year 2019-20.
The board has been asked to deposit the first instalment of Tk 5.0 billon by mid-June and the rest Tk 15 billion by June in three instalments.
