The Bangladesh Small and Cottage Industries Corporation (BSCIC) Bill, 2023 was passed in parliament on Monday, keeping a provision of two years in prison and a maximum fine of Tk 50,000 for providing false information for borrowing money from the corporation.
The bill was moved in the House by Industries Minister Nurul Majid Mahmud Humayun and it was passed by voice votes with Speaker Shirin Sharmin Chaudhury in the chair, reports BSS.
The bill said that if anyone damages or replaces any border wall the punishment will be maximum six months of imprisonment or maximum Tk 100,000 as fine or both. The proposed bill will replace the Bangladesh Small and Cottage Industries Corporation Act, 1957.
If anyone creates obstacles in any work of the BSCIC-appointed developer or contractor then the punishment will be the same.
For illegal land grabbing and construction of infrastructures the punishment will be the same also.
If anyone transfers any plot illegally, then the punishment will be one year of imprisonment (maximum) or fine of Tk 50,000 (maximum) or both.
The bill will make the industrial entities under the BSCIC more effective.
The proposed law will promote women entrepreneurs as the existing law is outdated.
The bill said that the corporation can take necessary steps to create women entrepreneurs in industrial sector and give them protection.
As per the proposed law, the authorised capital of the corporation will be Tk 3,000 crore while the paid up will be Tk 2,637.22 crore.
There will be a 16-member board of directors for the corporation and chairman of the entity will be the president.
The corporation will have 10 directors and the government will appoint all the directors.
