The cabinet has approved in principle the draft of “The Bangladesh House Building Finance Corporation Act, 2019” that provides for enhanced penalties for giving false information while seeking house building loan.
The approval came from the weekly cabinet meeting, with Prime Minister Sheikh Hasina in the chair, at the Prime Minister’s Office in Dhaka on Monday.
“The cabinet approved in principle ‘The Bangladesh House Building Finance Corporation Act, 2019’ bringing some changes to the existing ‘Bangladesh House Building Finance Corporation Order 1973,’ Cabinet Secretary Mohammad Shafiul Alam said at a news briefing in the Secretariat.
The draft law seeks to increase the punishment to five years of imprisonment from two years and the fine to Tk5 lakh from Tk2,000 for the offence.
“Some changes have been proposed in case of punishment. It has proposed increasing the jail term to five years from the existing two years and fine to Tk5 lakh from Tk2,000 in the draft law for giving false information to get loan from the Bangladesh House Building Finance Corporation,” he said.
The amendment proposal also sought to enhance the authorized capital to Tk1,000 crore and paid up capital to Tk500 crore from the existing Tk110 crore in both the cases, he continued.
