Regulatory reforms body formed to overhaul rules

The government yesterday formed a 17-member Regulatory Reforms Commission (RRC) in a bid to overhaul outdated administrative rules and regulations with specific focus on removing bottlenecks for economic investment, commerce and trade.
"The Regulatory Reforms Commission has been formed to prepare recommendations aiming to modernise the existing rules and regulations after necessary reform and review," stated a government notification.
With a tenure of one year, the commission will be chaired by former adviser and cabinet secretary Akbar Ali Khan and include former adviser Manjur-e-Elahi, former secretary Abdul Muyeed Chowdhury, FBCCI president, two prominent economists and government secretaries and executives concerned.
The commission will come into effect once the government issues a gazette notification, expected today, according to government sources.
The RRC would also be authorised to hire experts on particular issues, who would then be needed to be incorporated through another gazette notification.
The notification stated the Board of Investment (BOI) would serve as the secretariat for the RRC, while the BOI executive chairman will serve as the member-secretary of the commission.
The commission also has the power to gather information from government, semi-government, autonomous or private organisations, according to the notification.
In relation to investment, trade and commerce issues, the commission will also be able to receive recommendations from national, regional and international development partners, and the soon-to-be-formed Bangladesh Better Business Forum and its working groups.
The government notification explained, "In the present era of globalisation and regional cooperation the huge number of existing rules of the country are not suitable for a dynamic administration."
“The rules related to the country's economic investment, commerce and trade are complex, lengthy and unnecessary. Hence, modernisation of the rules is an imperative for expediting economic development," it stated.
The other members of the RRC are: the cabinet secretary, Bangladesh Bank governor, secretaries to the finance division, establishment, home, law justice and parliamentary affairs, commerce, environment and forest ministries, the NBR chairman, economist Hossain Zillur Rahman, Centre for Policy Dialogue Executive Director Mustafizur Rahman and Chairman of Marc Group MA Rouf Chowdhury.