ing up first high speed and high power mass transport in Bangladesh. The cabinet gave the final nod to the draft of Metro Rail Bill 2014, keeping a special provision of land acquisition for the project. According to the proposed law, a law violator would face 10 years’ imprisonment and a maximum fine of Tk 10 million. It also keeps a provision of realising 10 times higher than the fare as fine for travelling the mode of the transport without ticket or six month imprisonment for being unable to pay the fine. Cabinet secretary Musharraf Hossain Bhuiyan told reporters that a Mass Rapid Transit Development Project (Line 6) was a priority project of the government. “The cabinet has approved the bill, keeping a special provision of land acquisition for the project,” he said, adding that the project would be run under the supervision of the Dhaka Mass Transit Company Limited while Dhaka Transport Coordination Authority would supervise the operation of the service. The cabinet secretary said the proposed law provides for fixation of passenger fair, appointment of inspector and punishment for accidents and violation of law. The cabinet secretary said work is going on to finalise the design of the project. “Apart from this, the authorities have been conducting different sorts of survey,” he said, adding that the trains would carry some 60,000 passengers an hour. Japan International Cooperation Agency will provide Tk 165.95 billion for the mass transit system while the government will bear the remaining cost. Bhuiyan said any future project of such nature would also come under the purview of the law. “If any other company (public/private) wishes to operate the metro rail in future, it will have to obtain licence,” he said, adding that the public companies won’t have to pay the license fee. A committee, led by DTCA executive director, will be in charge of providing licence. The cabinet secretary said the proposed law also provides a guideline on ticket fare, appointment of inspectors, penalties for accident and violation of laws. Insurance for the metro rail and passengers has been made mandatory, he said. “There has been a provision for 10-year imprisonment and a penalty of Tk 10 million for transferring licence without permission and two years in jail and Tk 200,000 fine for disrupting the train operation,” he said. Apart from that, if someone thwarts the construction and maintenance of a metro rail or if a person trespasses in restricted areas, he or she will be liable for a year in prison and a fine of Tk 500,000. If someone breaches security of the metro rail, the person will face a jail term of five years and a fine of Tk 5 million, according to the law. “If anyone travels without ticket, the individual will have to pay 10-times higher price of the ticket and will be jailed for six months if he or she is unable to pay the fine.” The secretary said provision for penalties of 10-year of imprisonment and Tk 10 million fine has been kept in the draft if someone uses fake tickets. The Executive Committee of the National Economic Council approved the project in 2012. The under-construction Metro Rail will go through Mirpur-Farmgate, starting from Uttara and ending at Motijheel. The trip will take less than 40 minutes. The metro rail stations will be set up at Uttara (North), Uttara (Centre), Uttara (South), Pallabi, IMT, Mirpur 10, Kaziparha, Taltala, Agargaon, Bijoy Sarani, Farmgate, Sonargaon, National Museum, Doel Chattar, Bangabandhu National Stadium and Bangladesh Bank. Financial Reporting Act The draft of Financial Reporting Act (FRA) 2014 which remains in abeyance for years in the face of objection by auditors was given approval by the cabinet on Monday. Now after the passing of the law, the auditors will be awarded jail and fine if any wrong information is given in the audit report of any establishment. The government hopes that transparency in audit report will be ensured through this. As a result, it will be possible to check irregularities in the capital market also. Finance Minister Abul Maal Abdul Muhith told journalists recently that the bill is likely to be passed in the next session of parliament. Different establishments, specially enterprises enlisted with the capital market in many cases publish financial report giving wrong information or concealing real fact. As a result, the investors often incur losses stepping into this trap. There was no scope so long to take action against those who prepares report giving wrong information. If the draft bill is passed, the offender can be awarded five years in jail or fine of Tk 1 lakh or both for such offence. After the draft was approved at the cabinet meeting, cabinet secretary Md Musharraf Hossain Bhuiyan told journalists that through this law the quality standard of financial report can be ensured and international criteria can be determined. Besides, the transparency and accountability of the establishments will increase. The cabinet secretary stated a financial reporting council will be constituted under this law. One chairman and 10 members will comprise this council. The government will appoint the chairman on the recommendation of a search committee. The council will work as the regulator of the law enforcement. This law will enhance the confidence of the investors in capital market. It is learnt that a council will be formed under the Financial Reporting Act. This council will consist of member such as governor of Bangladesh Bank, chairman of Security and Exchange Commission, chairman of Insurance Development and Control Authority, chairman of National Board of Revenue (NBR), president of Institute of Chartered Accounts of Bangladesh (ICAB) and additional secretary of Finance Division, bank and financial establishments under the finance ministry and ICAB, Institute of Cost Accounts Management members. Public Private Partnership Act In the first budget of last government, the finance minister made allocation of Tk 3,000 crore raising the concept of public private participation to enhance investment in infrastructural sector but the private investors were not interested for business and investment with government in apprehension of debacle if the regime changes. From the private entrepreneurs, demands were raised at different times to formulate specific law and rules regarding ownership and direction. Against this backdrop the government took the initiative to enact PPP law. The draft PPP Act approved yesterday provides for mutual agreement, third party mediation and arbitration to resolve disputes. After the meeting, cabinet secretary Md Musharraf Hossain Bhuiyan has seven chapters and 44 articles. The PPP office will conduct the official and specialised works on PPP. Different ministries will take initiative for PPP. The PPP office will work for providing technical assistance to them. The secretary said there will be PPP advisory council led by the Prime Minister. The finance minister will be its vice chairman, PM’s principal secretary its secretary. They will give the guideline and will monitor the overall functioning. Meanwhile, the premier vented frustration over the Vested Property Return (Amendment) Bill 2014 and advised the ministry to place it after a scrutiny. Meeting sources said some 44 deputy commissioners sought more time to complete the listing of the vested properties.
Tuesday, November 11, 2014
Cabinet okays 3 draft laws:Daily Sun
ing up first high speed and high power mass transport in Bangladesh. The cabinet gave the final nod to the draft of Metro Rail Bill 2014, keeping a special provision of land acquisition for the project. According to the proposed law, a law violator would face 10 years’ imprisonment and a maximum fine of Tk 10 million. It also keeps a provision of realising 10 times higher than the fare as fine for travelling the mode of the transport without ticket or six month imprisonment for being unable to pay the fine. Cabinet secretary Musharraf Hossain Bhuiyan told reporters that a Mass Rapid Transit Development Project (Line 6) was a priority project of the government. “The cabinet has approved the bill, keeping a special provision of land acquisition for the project,” he said, adding that the project would be run under the supervision of the Dhaka Mass Transit Company Limited while Dhaka Transport Coordination Authority would supervise the operation of the service. The cabinet secretary said the proposed law provides for fixation of passenger fair, appointment of inspector and punishment for accidents and violation of law. The cabinet secretary said work is going on to finalise the design of the project. “Apart from this, the authorities have been conducting different sorts of survey,” he said, adding that the trains would carry some 60,000 passengers an hour. Japan International Cooperation Agency will provide Tk 165.95 billion for the mass transit system while the government will bear the remaining cost. Bhuiyan said any future project of such nature would also come under the purview of the law. “If any other company (public/private) wishes to operate the metro rail in future, it will have to obtain licence,” he said, adding that the public companies won’t have to pay the license fee. A committee, led by DTCA executive director, will be in charge of providing licence. The cabinet secretary said the proposed law also provides a guideline on ticket fare, appointment of inspectors, penalties for accident and violation of laws. Insurance for the metro rail and passengers has been made mandatory, he said. “There has been a provision for 10-year imprisonment and a penalty of Tk 10 million for transferring licence without permission and two years in jail and Tk 200,000 fine for disrupting the train operation,” he said. Apart from that, if someone thwarts the construction and maintenance of a metro rail or if a person trespasses in restricted areas, he or she will be liable for a year in prison and a fine of Tk 500,000. If someone breaches security of the metro rail, the person will face a jail term of five years and a fine of Tk 5 million, according to the law. “If anyone travels without ticket, the individual will have to pay 10-times higher price of the ticket and will be jailed for six months if he or she is unable to pay the fine.” The secretary said provision for penalties of 10-year of imprisonment and Tk 10 million fine has been kept in the draft if someone uses fake tickets. The Executive Committee of the National Economic Council approved the project in 2012. The under-construction Metro Rail will go through Mirpur-Farmgate, starting from Uttara and ending at Motijheel. The trip will take less than 40 minutes. The metro rail stations will be set up at Uttara (North), Uttara (Centre), Uttara (South), Pallabi, IMT, Mirpur 10, Kaziparha, Taltala, Agargaon, Bijoy Sarani, Farmgate, Sonargaon, National Museum, Doel Chattar, Bangabandhu National Stadium and Bangladesh Bank. Financial Reporting Act The draft of Financial Reporting Act (FRA) 2014 which remains in abeyance for years in the face of objection by auditors was given approval by the cabinet on Monday. Now after the passing of the law, the auditors will be awarded jail and fine if any wrong information is given in the audit report of any establishment. The government hopes that transparency in audit report will be ensured through this. As a result, it will be possible to check irregularities in the capital market also. Finance Minister Abul Maal Abdul Muhith told journalists recently that the bill is likely to be passed in the next session of parliament. Different establishments, specially enterprises enlisted with the capital market in many cases publish financial report giving wrong information or concealing real fact. As a result, the investors often incur losses stepping into this trap. There was no scope so long to take action against those who prepares report giving wrong information. If the draft bill is passed, the offender can be awarded five years in jail or fine of Tk 1 lakh or both for such offence. After the draft was approved at the cabinet meeting, cabinet secretary Md Musharraf Hossain Bhuiyan told journalists that through this law the quality standard of financial report can be ensured and international criteria can be determined. Besides, the transparency and accountability of the establishments will increase. The cabinet secretary stated a financial reporting council will be constituted under this law. One chairman and 10 members will comprise this council. The government will appoint the chairman on the recommendation of a search committee. The council will work as the regulator of the law enforcement. This law will enhance the confidence of the investors in capital market. It is learnt that a council will be formed under the Financial Reporting Act. This council will consist of member such as governor of Bangladesh Bank, chairman of Security and Exchange Commission, chairman of Insurance Development and Control Authority, chairman of National Board of Revenue (NBR), president of Institute of Chartered Accounts of Bangladesh (ICAB) and additional secretary of Finance Division, bank and financial establishments under the finance ministry and ICAB, Institute of Cost Accounts Management members. Public Private Partnership Act In the first budget of last government, the finance minister made allocation of Tk 3,000 crore raising the concept of public private participation to enhance investment in infrastructural sector but the private investors were not interested for business and investment with government in apprehension of debacle if the regime changes. From the private entrepreneurs, demands were raised at different times to formulate specific law and rules regarding ownership and direction. Against this backdrop the government took the initiative to enact PPP law. The draft PPP Act approved yesterday provides for mutual agreement, third party mediation and arbitration to resolve disputes. After the meeting, cabinet secretary Md Musharraf Hossain Bhuiyan has seven chapters and 44 articles. The PPP office will conduct the official and specialised works on PPP. Different ministries will take initiative for PPP. The PPP office will work for providing technical assistance to them. The secretary said there will be PPP advisory council led by the Prime Minister. The finance minister will be its vice chairman, PM’s principal secretary its secretary. They will give the guideline and will monitor the overall functioning. Meanwhile, the premier vented frustration over the Vested Property Return (Amendment) Bill 2014 and advised the ministry to place it after a scrutiny. Meeting sources said some 44 deputy commissioners sought more time to complete the listing of the vested properties.
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