Legalising black money

THE intention to legalise a huge amount of black (or, undisclosed) money in the country was indicated recently by the Finance Minister's statement to that effect. The apex chamber body of the country, the Federation of Bangladesh Chamber of Commerce & Industry (FBCCI), has supported this likely step on the part of the government. It appears that amount of 'black money' in the market is equivalent to a big chunk of the country's gross domestic product (GDP). If allowed to be whitened or given the seal of legality, it can be translated into a boon for the formal economy.
At a time when local investments are not up to the desired level and foreign investments as well as aid are likely to be scarce in the backdrop of the global economic crisis, the move to channel a huge amount of the so far undisclosed money into the formal sectors of the economy can be a smart one to solve the financial needs of the government as well as the private sector.
Md Alamgir Hossain
Agargaon, Dhaka.