The approval came from the Cabinet meeting held with Prime Minister Sheikh Hasina in the chair at her office.
Cabinet Secretary Mohammad Shafiul Alam briefed reporters at the Secretariat after the meeting.
“The punishment for providing false statements deliberately to take loan from the corporation has been proposed for a five-year jail term or Tk five lakh fine or both raising that from a two-year jail term or Tk 2,000 fine or both,” he said.
If anyone uses the name of the corporation in any advertisement or prospectus without any written permission, he or she will be sentenced to six months’ jail or be fined with Tk 50,000 or both.
The punishment was six months’ jail or only Tk 1,000 fine in the existing Bangladesh House Building Finance Corporation Order 1973, he said.
In the draft bill, some words, including ‘loan default’, ‘chairman of the corporation’, and ‘director’ have been incorporated, said the Cabinet Secretary.
A superseding clause has been inserted in the bill to give it priority over other laws, he said.
Shafiul Alam said the authorised capital for the corporation has been raised to Tk 1,000 crore from the existing Tk 110 crore, while the paidup capital to Tk 500 crore from the exiting Tk 110 crore.
At the meeting, the quarterly (April-June 2019) report of the cabinet’s decisions was placed, he said.
According to the report, 82 percent of the cabinet’s decisions (59 decisions out of 72) during the period were implemented.
The cabinet also approved the draft of ‘Leather and Leather Goods Development Policy, 2019’ putting emphasis on attracting foreign investment as Bangladesh has set a target to earn five billion US dollars from export in this sector by 2024.
The meeting also approved a draft pact to be signed between Bangladesh and Czech Republic to avoid the double taxation and stop dodges of revenue.
Besides, the cabinet also approved the proposal of Bangladesh’s accession to Patient Corporation Treaty (PCT), said the Cabinet Secretary adding that as many as 152 countries including India and Sri Lanka have already signed the treaty.
The cabinet also adopted a condolence motion at the death of veteran politician and adviser of Mujibnagar government Professor Muzaffar Ahmed.
State Minister for Primary and Mass Education Md Zakir Hossain and secretary Md Akram-Al-Hossain handed over a five-year work plan to the Prime Minister for the ministry in line with the election manifesto.