Lottery policy in the offing
Friday, 5 November 2010
Doulot Akter Mala
The government has initiated a first-ever move to bring the booming lottery business under a regulation with provisions for punitive measures for breach of contract and violation of rules.
Private, local and other organizations and corporations have to pay Tk 0.1 million as penalty and will be blacklisted for holding further lottery if they deceive people in the process.
There will be specific rules for selection of agents, sale of tickets through cell phone, government and private banks to check syndication on sale of lottery tickets.
The government has also set specific time-frame for maximum 45 days for selling lottery tickets, price fixed at Tk 10 per ticket, limiting expenditure of the lottery programme to check abuse.
The lottery policy 2010 is set to introduce the rules for the first time to regulate the sector and prevent corruption.
The new policy may also restrict sale of tickets and conduct lottery in the holy month of Ramadan.
Lottery has emerged as a major business tool to attract consumers during the last few years. It is growing without having any policy or regulations by the government. In 1975, some rules were framed by the government for holding lottery which are still followed in granting permission for conducting lottery.
The Internal Resources Division (IRD) of the Finance Ministry has prepared the draft policy for lottery programme. Officials expressed the hope to introduce the lottery policy by December.
The IRD will hold an inter-ministerial meeting today (Tuesday) to finalise the rules of the draft lottery policy. IRD secretary Dr. Nasiruddin Ahmed will chair the meeting.
Talking to the FE, Dr. Nasiruddin Ahmed said: "We have felt the necessity of an updated lottery policy to regulate the sector."
The IRD will frame the policy for different sectors for the use of lottery, he said.
"We will follow successful examples of the other countries to prepare an effective policy," he said. The draft policy has specified five selection criteria of organizations to be allowed for conducting lottery. An organization can conduct lottery once a year, according to the draft policy.
"Only government approved or registered organization, private and autonomous body and corporation willing to participate on voluntary basis for public welfare, health, education, sports and cultural sectors are entitled to apply for holding lottery," the draft policy said.
The applicant will have to submit all necessary documents, audit report, source of income with the application, it said. The organisation will have to conduct lottery within three to five days of the selling of tickets.
"Only a single organization will be allowed to sell lottery tickets in a specific timeframe,". the policy said.
Entire expenditure, including prizes of the lottery must not exceed the limit of 45 per cent of the total volume of sold tickets, it added. The permission of lottery programme is not transferable to other person or organization, it said.
The government has initiated a first-ever move to bring the booming lottery business under a regulation with provisions for punitive measures for breach of contract and violation of rules.
Private, local and other organizations and corporations have to pay Tk 0.1 million as penalty and will be blacklisted for holding further lottery if they deceive people in the process.
There will be specific rules for selection of agents, sale of tickets through cell phone, government and private banks to check syndication on sale of lottery tickets.
The government has also set specific time-frame for maximum 45 days for selling lottery tickets, price fixed at Tk 10 per ticket, limiting expenditure of the lottery programme to check abuse.
The lottery policy 2010 is set to introduce the rules for the first time to regulate the sector and prevent corruption.
The new policy may also restrict sale of tickets and conduct lottery in the holy month of Ramadan.
Lottery has emerged as a major business tool to attract consumers during the last few years. It is growing without having any policy or regulations by the government. In 1975, some rules were framed by the government for holding lottery which are still followed in granting permission for conducting lottery.
The Internal Resources Division (IRD) of the Finance Ministry has prepared the draft policy for lottery programme. Officials expressed the hope to introduce the lottery policy by December.
The IRD will hold an inter-ministerial meeting today (Tuesday) to finalise the rules of the draft lottery policy. IRD secretary Dr. Nasiruddin Ahmed will chair the meeting.
Talking to the FE, Dr. Nasiruddin Ahmed said: "We have felt the necessity of an updated lottery policy to regulate the sector."
The IRD will frame the policy for different sectors for the use of lottery, he said.
"We will follow successful examples of the other countries to prepare an effective policy," he said. The draft policy has specified five selection criteria of organizations to be allowed for conducting lottery. An organization can conduct lottery once a year, according to the draft policy.
"Only government approved or registered organization, private and autonomous body and corporation willing to participate on voluntary basis for public welfare, health, education, sports and cultural sectors are entitled to apply for holding lottery," the draft policy said.
The applicant will have to submit all necessary documents, audit report, source of income with the application, it said. The organisation will have to conduct lottery within three to five days of the selling of tickets.
"Only a single organization will be allowed to sell lottery tickets in a specific timeframe,". the policy said.
Entire expenditure, including prizes of the lottery must not exceed the limit of 45 per cent of the total volume of sold tickets, it added. The permission of lottery programme is not transferable to other person or organization, it said.