Finance Minister AHM Mustafa Kamal on Wednesday said that the option for whitening black money will continue until it is erased from the existing system.
“This is not black money but undisclosed money and the provision to disclose it will continue in the next fiscal as well,” he told reporters after a meeting on the Cabinet Committee on Public Purchase.
The undisclosed money comes into the system in many ways on many occasions, Mustafa Kamal said adding, “This undisclosed money is created by the weakness of our system. So, the provision will continue as long as undisclosed money is not disclosed. If you don’t regularise this money and bring it into the mainstream of the economy, it won’t get the due treatment in the economy.”
For instance, he said, the land registration fee is very high and the actual land price is even much higher than the market price.
Mustafa Kamal said undisclosed money is created by the way of dealings of land sellers and buyers. “But we’re now lowering the registration fee and stamp duty.”
The Finance Minister said it is too early to say the provision will continue as usual or remain changed. “You better wait until June 3 (unveiling of national budget).”
Responding to another question, Mustafa Kamal said the per capita income in the country has recently increased to $2,227 from $2064 as a result of good economic performance despite the pandemic.
All the economic indicators are positive, he said adding, the export grew by 8.7 percent to 32.1 until May, inflation now stands at 5.4 percent, revenue collection grew by 40 percent, foreign exchange reserves reached $45 billion, remittance grew by 40 percent and the country received $22 billion in last 11 months, non-performing loans declined to 7.6 percent from last year’s 9.16 percent.
