BSCIC bill placed to punish borrowers taking loans providing false info

Bangladesh Small and Cottage Industries Corporation (BSCIC) Bill, 2022 was placed in parliament today (November 1, 2022) keeping a provision of two years jail and fine worth of Tk 50,000 for providing false information for borrowing money from the corporation.

Industries Minister Nurul Majid Mahmud Humayun placed the Bill which was sent to the respective Parliamentary Standing Committee for further examination. The committee was asked to submit its report within 30 days.

The bill said that if anyone damage or replace any border wall, the punishment will be maximum six months imprisonment or Tk one lakh fine maximum or both.

If anyone creates obstacles in any work of BSCIC appointed developer or contractor then the punishment will be the same.

For illegal land grabbing and construction of infrastructures the punishment will be the same also.

If anyone transfers any plot illegally then the punishment will be one year imprisonment maximum or Tk 50,000 maximum or both.

The bill, if passed as a law, will make the industrial entities under the BSCIC more effective.

The proposed law will promote women entrepreneurs as the existing law, 1957 is an old one.

The bill said that the corporation can take necessary steps to create women entrepreneurs in industrial sector and give them protection.