Competition bill gets a go-ahead in parliament

The Jatiya Sangsad passed a bill yesterday to set up Bangladesh Competition Commission (BCC) that will work to ensure and encourage healthy competition in business by busting syndicates involved in manipulating and controlling markets.
The BCC to be comprised of a chairperson and a maximum of four members may investigate any allegation on its own or on receiving complaints. And it will oversee the market situation and take necessary measures against unscrupulous businesses and organisations.
An individual may be punished with a jail term of a maximum of one year for violation of any order of the commission or a fine of Tk 1 lakh per day for the number of days it fails to comply with the order, according to the bill.
Commerce Minister GM Quader presented the bill in parliament. However, a number of BNP-led opposition lawmakers proposed changes to the bill but none of their recommendations were raised in parliament as they were not present there.
Independent lawmaker Fazlul Azim, who also submitted an amendment to the proposal, raised his suggestions. But all of his proposals were rejected by voice vote.
As per the bill, the government will constitute the BCC immediately after it is made into a law.
The BCC will be headquartered in Dhaka, but can set up branch offices outside the capital and it will have its own secretariat with necessary manpower.
The bill also has provision for imposing a bar on any individual from signing any agreement with a producer of any commodity or service that may have a negative impact or create a monopoly or oligopoly.
Upon investigation, the BCC can order the individual to refrain from signing such an agreement or misusing any power. It may also impose a fine on individuals if found guilty.
Defending the bill, GM Quader said different countries in the world had enacted such law. "People will get benefit once the law is implemented," he said.