Govt may consider amending proposal on black money whitening

Finance Adviser Salehuddin Ahmed on Tuesday hinted at making changes in his budgetary proposal to allow whitening of black money in fiscal year 2025-26.

“We are not saying that we have done a great job by giving the chance to whiten black money, this might happen sometime due to compulsion, we will look into the matter,” he said.

The adviser made the statement while responding to a question at the post budget press conference held at Osmani Memorial Auditorium.

He said that the provision given in the proposed budget is to legalise the legally earned money that was not disclosed due to various reasons.

“It has two aspects: one is ethical and the other is practical. We will consider the matter,” the adviser said while responding to a question.

He said that repatriating siphoned-off money is a tough job as the people involved in this are very intelligent and they use layering system for it.

He mentioned it needed time elsewhere.

In this connection, he said that it took 18 years for Ferdinand Emmanuel Edralin Marcos and 20 years in Nigeria.

“We have said that it would take time, we have started the process,” he said adding that it would have been better for him to formulate the budget easily if the laundered money could be brought.

The adviser said that it would be better for him if he got more internal resources, tax and VAT.

“If we make the country corruption free, could bring back the siphoned money, then we do not need budget support from the IMF and World Bank,” he said.

He also mentioned that Bangladesh economy is now on the highway crossing the muddy roads.