VOCTA stands against scope to legalise undisclosed money- THE BUSINESS POST

The Voluntary Consumers Training and Awareness Society (VOCTA) on Thursday called on the government not to keep the scope for legalising undisclosed money in the upcoming budget of the 2023-24 Fiscal Year.

The non-government organisation also demanded to contain price hikes of commodities and increase of inflation after placing the budget in the Jatiya Sangsad, legal action against undisclosed money holders, and taking stringent actions against the bank loan defaulters.

Khalilur Rahman Sajal, executive director of VOCTA, came up with the demands at a pre-budget press conference held at the National Press Club in the capital ahead of the national budget 2023-24 to be placed in the budget session of Jatiya Sangsad in the first week of June.

In his written statement, Khalilur Rahman said, “The scope of black money whitening has now become a ‘farce’ in the country. No one has shown interest in whitening their black money. Rather, taking the unethical scope, the errant money launderers have been laundering more money. It’s absolutely unethical.”

Instead of giving such scopes, the government should take strict actions against the launderers, so that they are compelled to bring their money back. Such a decision would discourage the launderers to launder huge money, he said.

VOCTA also called for taking action against bank loan defaulters, introducing software for keeping statements for using materials, production and marketing in the business entities or factories mandatorily to avert tax dodging and ensuring an effective audit system.

Khalilur said the country’s people have been suffering from unusual price hikes of products and inflation. In this situation, the government must have to put attention that the suffering of the people is not increased more after placing the budget in the session. The import tax and VAT for importing essential commodities including rice, sugar and edible oil must be kept at a reasonable stage.

He also asked the government to take legal action against the businessmen and groups involved with market manipulation and syndication for pocketing huge profits by increasing prices unethically. VOCTA also recommended taking steps for taking projects to create more employment for the unemployed people, continued its cost management policy and continue providing subsidies in the agriculture sector including fertilizer despite the pressure of the development partners.

VOCTA Chairman Prof Dr Hossain Uddin Shekhar, vice chairman Sanowar Hossain Nawroz, and Director (Finance) Lutfar Rahman Leeton were also present at the press conference among others.