The 'Payment and Settlement Systems Bill, 2022 was placed in Parliament on Monday with a provision for punishing top bank officials for committing bank fraud through digital cheques, reports UNB.
Finance Minister AHM Mustafa Kamal placed the bill before it was sent to the respective parliamentary standing committee. The committee was asked to submit its report within 30 days.
A bill styled the Mass Media Employees (Services Conditions) Bill 2022 was also placed in Parliament. The bill details the terms and conditions of service of journalists and other employees in the media.
Information and Broadcast Minister Hasam Mahmud placed the bill and it was sent to the respective parliamentary standing committee. The committee was asked to submit its report within 60 days.
The mass media bill provides for recognising journalists in the media industry as employees instead of workers.
The wage board will be applicable for journalists and employees of all the media outlets, including print and electronic, as per the proposed law.
As per the 'Payment and Settlement Systems Bill', punishment could be a maximum five years of imprisonment or Tk 5.0 million fine, or both.
A provision has been included in the draft law to remove the owner, director, chief executive, manager, secretary or any other official of the company in the case of offences committed by the bank or the company.
The proposed law has mentioned punishment for various crimes, but it is not applicable for mobile banking services.
There were regulations, but no precise law governing bank payments and settlements was there. Now it's going digital.
These were not there in the regulations. That's why the whole system has been brought under the proposed law separately.
In the bill, there are 47 sections, including provisions for electronic money transfers, but cryptocurrency, or virtual currency has not been included in it.
Cryptocurrency is not approved as a medium of exchange by the central bank.
The law has particular sections that outline offences. Section 4/5 defines how transactions will be conducted, how payments will be made, how they'll be managed and how services will be offered.
The draft also includes rules regarding board management, the minimum investment needed to be a member of the board, ownership and management, management of inspections, and rules of service.
Provisions include the transfer of funds through electronic means and the issuing of digital funds by the central bank."
Section 37 of the draft law outlines the punishment for those who commit offences.
Section 39 specifies that Bangladesh Bank can remove the owner, director, chief executive, manager, secretary or any other official of a company because of any offences they commit or are involved in.
Meanwhile, according to the mass media bill, the working hours for media employees will be 36 hours in a week instead of 48 hours, while the casual leave will be for 15 days instead of 10 days and the earned leave will be 100 days instead of 60 days annually.
Besides, the festival leave will be for 10 days in a year, recreation leave for 15 days instead of one month after every three years, and the maternity leave for six months in place of the existing eight weeks.
If anyone or organisation violates the provisions of the bill, s/he will be fined Tk 50,000-Tk 500,000.
On October 15, 2018, the cabinet cleared the draft 'Mass Media Employees Act (Conditions of Service)' at a meeting chaired by Prime Minister Sheikh Hasina at the Secretariat.
The government will be able to cancel the licences or registration of the media. The owners of media outlets will also face punishment for violation of the proposed law.
If anyone or any organisation violates the provisions of the bill, he/she will face monetary fine or imprisonment, Cabinet Secretary Khandker Anwarul Islam said.
