Govt to enact law on social business

http://www.daily-sun.com/details_ds-govt-to-enact-law-on-social-business_380_1_3_1_5.html

Govt to enact law on social business
Asif Showkat

The government is likely to form a five-member committee for formulating a social business law to regulate non-government organisations (NGOs).

The body would be formed next week to oversee the social business of the NGOs like Grameen Bank, aiming at preventing people from being deceived.

Finance Minister AMA Muhith asked the banking division for identifying a convener and four members of the committee which would be sent to Prime Minister Sheikh Hasina for approval.

Banking secretary Shafiqur Rahman Patwary told daily sun last week that they would form a five member committee to formulate a law on social business.

“We have already got information about capital, foreign investment and interest of 48 organisations,” he added.He also said that interest charged on credits to the poor should be monitored under the law.

Grameen Bank is now being regulated under the Grameen Bank Ordinance 1983 and the government owns 3 percent of its shares.

The secretary also said several subsidiary organisations of Grameen Bank are doing the same kind of business but none is regulated by any law.

The banking division has already received information about 48 subsidiary companies of Grameen Bank including Grameenphone, Gra-meen Udyog, Grameen Dannon Food Limited, Grameen Kal-yan, Grameen Tele-com Trust and Grameen Shakti.

Information on these aspects may help prepare the law on operation of these social businesses, said a senior official of the banking division.

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