Record amount of black money whitened in last year amid pandemic

Business Desk :
A total of 11,839 people have whitened about Tk 20,500 crore in 2020-21 fiscal year.
Of the amount, Tk16, 830 crore cash money has been whitened, which is the highest in the history of the country in a single year.
Some 7,055 taxpayers whitened this huge amount of money, which was kept in banks or cash as a temporary provision of the National Board of Revenue.
The rest of the money has been invested in land-flats or stock market.
Economist and former NBR chairman Dr Abdul Majid said, “Sending money abroad became unsafe because of Covid-19. On the other hand, the hundi is also closed. As a result, people have kept their illegal earnings in the bank.”
NBR officials said that a chance was given to whiten money in the stock market, cash, bank deposits and savings certificates by only 10 percent tax.
Apart from these, opportunity was given to whiten money in land and flats with the tax, determined according to the area and size. And the opportunity has taken the most in the case of the deposited money.
People from all professions, including doctors, engineers, and businessmen, have whitened their money during the time.
According to NBR sources, 4,518 people have whitened money by buying land and flats at the end of June. And 268 have invested black money in the stock market.
The opportunity to whiten black money was given during the rule of all previous governments.
In 1975, for the first time, such an opportunity came for the taxpayers of this country. In all, such opportunities were given at least 15 times so far.
But there was no response.
Economists think that the owners of black money have been encouraged as the opportunity has been given on a larger scale and at a low tax rate.
In addition, the possibility of money laundering abroad has become limited due to the closure of all communications amid Covid-19 pandemic, which might be another reason for whitening money.