The cabinet has given final approval to the draft of the 'International Finance Corporation Bill 2015' to make the existing ordinance, promulgated during military regime, more time befitting and effective.
The approval came at the regular weekly meeting of the cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair on Monday, reports BSS.
The Economic Relations Division (ERD) under the Ministry of Finance has placed the draft law in Bangla in line with an earlier cabinet decision, said Cabinet Secretary M Musharraf Hossain Bhuiyan while briefing reporters after the meeting.
The proposed law is aimed at giving a new legal shape to the International Finance Corporation Ordinance of 1976.
The ordinance, promulgated in 1976 during the martial law regime, was nullified by the Supreme Court in 2010.
Under the proposed law, he said, all financial assistance received from the IFC would be deposited to a consolidated fund of the government while any kind of subscription or payment to the IFC would also be made from the consolidated fund.
The cabinet secretary said that Bangladesh Bank would be the custodian of all assets of IFC in Bangladesh.
Besides, as per the suggestion of the NBR, a provision has been incorporated in the law so that IFC officials could not get any additional undue privilege while enjoying duty free facility of different commodities for their use.
