BEA wants white paper, body to recover black money

Bangladesh Economic Association (BEA) has demanded the government to publish a white paper and keep a provision for forming a commission in regard to black money in the budget for fiscal year 2018-19.

Around Tk 5 to Tk 7 lakh crore black money are used in the country's economy, BEA President Prof Abul Barkat said at a press conference at National Press Club in Dhaka today.

"We propose a recovery of Tk 25,000 crore of the black money in the coming budget," BEA President Prof Abul Barkat said at a press conference at National Press Club in Dhaka.

Quoting the finance ministry, the BEA said that the total portion of the black money in the country's gross domestic product (GDP) is 42 to 80 percent.

It is a fact and also necessary to recover the money, Prof Abul Barkat saidwhile unveiling a 55-page budget proposal for next fiscal.

The association proposed a Tk 12.16 lakh crore budget for the fiscal 2018-19, which is two and a half times higher than the government's likely budgetary outlay of Tk 4.90 lakh crore for the next fiscal year.

The BEA comes up with its recommendation as the policy makers finalising fiscal measures which will be proposed in the parliament early next month.

The association proposed to fix Tk 9.90 lakh crore revenue collection target for the coming fiscal year pointing 22 new areas.

It said Tk 70,000-80,000 crore are siphoned off abroad every year and suggested recovery of Tk 30,000 crore by taking measures against money launderers and people sending funds abroad illicitly.

BEA General Secretary Jamaluddin Ahmed read out part of the proposal at the event.