The cabinet has approved the draft of the ‘Foreign Exchange Regulation (Amendment) Act, 2015’ empowering the Bangladesh Bank to seek information on any overseas assets owned by local and expatriate Bangladeshis. The draft also proposes to seek information about assets of foreign citizens living in Bangladesh. The Bangladesh Bank will be given the power to seek information on any overseas assets of Bangladeshi citizens wherever they reside and foreign nationals living in Bangladesh, cabinet secretary Muhammad Musharraf Hossain Bhuiyan told reporters after the weekly cabinet meeting. The approval of the draft was given at the weekly meeting of the cabinet held at the Secretariat on Monday with Prime Minister Sheikh Hasina in the chair. The cabinet thanked the Indian government and its citizens for clearing the long-pending land boundary agreement. The cabinet also congratulated three Bangladeshi-origin British citizens for being elected members of parliament in the UK general elections. The cabinet secretary said that the draft act would make easier for foreign exchange agencies and foreign companies for opening branches or liaison offices by waiving the existing mandatory provision of taking Bangladesh Bank’s prior permission. The Board of Investment will issue the permission, and Bangladesh Bank will be informed in this regard within 30 days, he added. At present, permissions are required from both the BoI and BB to set up such offices. The updated draft included new provisions for currency transaction by Bangladeshi citizens and foreign citizens living in Bangladesh to regulate the purchase and sales of foreign currencies and securities. The law also proposed for empowering Bangladesh Bank to impose fine against the foreign exchange dealers in case of violation of the law. A committee headed by an Executive Director of Bangladesh Bank prepared the proposal for the law reviewing the existing laws of other countries, particularly of neighbouring ones. Earlier on January 12, the Banking and Finance Division under the Ministry of Finance placed the draft law. On that day, the cabinet approved in principle the draft law with some observations. The Banking and Finance Division on Monday again placed the draft law before the cabinet incorporating the cabinet observations. The cabinet also in principle approved the draft of ‘The Rabindra University Law, 2015’ aimed at preserving the memory of Bishwakabi Rabindranath Tagore as well as pursuing study and practising and carrying out research on his works. Prime minister Sheikh Hasina on May 8 laid the foundation stone of Rabindra University at Shahjadpur, Sirajganj. The cabinet secretary said that not only the language and literature of Kabiguru will be practised at the university there would also be other disciplines of learning including arts, music, dance, fine arts, sociology, agriculture, cooperatives, law, business administration, science and engineering technology. ‘It is natural, the focus will be on arts, music, dance and fine arts, but there would be specific focus on creation and philosophy of Rabindranath,’ he added. 

News:New Age/12-May-2015