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Financial Loan Court Act amended

By Staff Correspondent
The Jatiya Sangsad yesterday adopted an amendment to the Artha Rin AdaTat (Financial Loan Court) Act by voice vote
The amendment will help the government to deal with the loan defaulters more effectively. said Finance Minister Shah AMS Kibria.
Piloting the amendment bill, the finance minister told the House that, if adopted by the House, the amendment would reduce complexities of the loan realisation process of various banks and financial inslitu-
The bill was promulgated earlier by the president as an ordinance.
Before passage of the bill. Shaikh Razzak Ali. former Speaker and a BNP legislator, strongly supported the "apparent motive" of enacting the law.
He. however, argued that the proposed amendment would neither realise the huge amount of loans taken by the big shots, nor stop them from taking fresh loans. "The increase of power of the loan courts suggested in the proposed amendment is already there in the original law." Razzak All noted.
The former Speaker suggested that there should be a new law which would empower the authorities to take over the property of the defaulters.
The Finance Minister agreed with Shaikh Razzak Alt and said the government would need to do so in the future.
Mashiur Rahman of the BNP told the House that although the idea of strengthening the Financial Loan Courts was good, practically the big loan defaulters always went unpunished. "The big defaulters rather move around the world with the Prime Minister, while the government issues certificate cases against the poor farmers," Mashiur Rahman said.
Another BNP legislator, Shahidul Islam, who opposed the approval of the presidential ordinance, said the loan courts had so far failed to punish the big defaulters.
Referring to the recent scandal regarding the IFIC Bank, the BNP lawmaker said a section of the people took huge amount of loans to their own banks, and (hen drew loans from their private banks. "But none of them has been punished by the court, while it has punished the poor farmers." Prof Shahidul Islam said.
Acknowledging the contention of the BNP MPs. the finance minister said non-payment of loan is a long-standing problem of the country. The minister, however, reminded them of the fact that the situation had aggravated during the past BNP government.