Borrowing large amounts from banks, some people set up industries in the country with a portion and launder the rest to other countries, the High Court observed yesterday, adding that those people consider the countries to be their second home.
On the other hand, retired and poor people purchase savings certificates in most cases. But the government, in the proposed budget, has hiked the tax on their profits from five to 10 percent, the court said, adding that it was like punishing the good and favouring the bad.
The HC also said the Bangladesh Association of Banks had promised the prime minister a year ago that they would bring down the lending rate to single digit, but it was still 17-18 percent.
The banks have not kept the promise and the Bangladesh Bank has not taken any action against them, it observed.
The HC bench of Justice FRM Nazmul Ahasan and Justice KM Kamrul Kader came up with the observations while hearing a writ petition challenging the government’s failure to stop various irregularities and corruptions in sanctioning loans.