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Friday, April 10, 2009

DSE seeks undisclosed money in stocks

Dhaka Stock Exchanges on Thursday placed before the prime minister, Sheikh Hasina, a set of proposals, including allowing undisclosed money, a major part of the economy, to be invested in the capital market without tax.
‘The prime minister agreed on the proposals and extended her all-out cooperation in implementation of the DSE proposals,’ DSE president Mohammad Rakibur Rahman, who led a 31-member delegation, told reporters after the meeting.
‘If the huge undisclosed money could be brought into the capital market without imposing tax, it would make country’s capital market stronger, vibrant and remove liquidity crisis in the long term,’ he said.
Replying to a question, he said there is 400 to 500 crore-taka investment in the capital market and it could be raised to 1000 crore in future if proper steps were taken timely.
He said they proposed to introduce ‘refinancing scheme’ through Bangladesh Bank for the betterment of the capital market.
The chief of the premier bourse said there would be no bad impact of global financial crisis on country’s capital market.
‘We’ve proposed to reduce tax for financial institutions to 35 per cent from 45 per cent so that they can increase the rate of dividends for the investors in the capital market,’ he said.
The stock-exchange leaders suggested the government to give up the tendency of bank-based economy and make all-out effort to mobilise investment for the stock markets, which should be channelled for implementing much-needed big national projects like power plants, Jamuna Bridge and Padma Bridge. Forging public-private partnership would be the best mechanism to pool finances instead of ‘begging money’ from external sources, they said.
The DSE chief proposed to take appropriate steps to encourage entrepreneurs from home and abroad engaged in implementing vital projects like power plants and construction of bridges, to invest part of their capital-gains in the capital market.

The New Age



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