“Since the tenure of the existing law is going to expire in 2021, the proposed law was brought to extend it by another five years till 2026,” said cabinet secretary Khandker Anwarul Islam while briefing reporters after the meeting.
He said the cabinet gave the final approval to the draft of Quick Enhancement of Electricity and Energy Supply (Special Provision) (Amendment) Bill, 2021 in order to ensure uninterrupted supply of electricity and energy for the sake of making Bangladesh into a higher middle-income country by 2030 and a developed country by 2041.
The tenure of the special provision, enacted in 2010, was extended on several occasions in the past, he said.
“But no change other than time extension has been made to the proposed law,” said the Cabinet Secretary.
Besides, the Cabinet gave the final approval to the draft of Public Debt Bill, 2021 to make the existing as a time-befitting one.
Anwarul Islam said the Public Debt Act of 1944 is a very old law, which was extended on several occasions. “Since the debt system witnessed a radical change, the Finance Division designed the new law,” he said.
According to the proposed law, the government will give a precise guarantee against the debt taken by the government from the people that they would get back the deposited money anyhow, he said.
New provision was also incorporated in the draft law for running a Shariah-based deposit system alongside the normal deposit system, said the Cabinet Secretary, adding the public would be informed about the profits or interest against their deposits.
If anyone does not provide false information in obtaining the issued certificates under the government security and saving certificate schemes, he or she would face maximum six-month imprisonment, Tk one lakh fine or both.