Undisclosed income increases manifold: Muhith

Finance Minister AMA Muhith said Monday that undisclosed income in the economy has increased manifold.
The government will carry out a study to measure how much undisclosed income exists in the economy, Muhith said after a pre-budget discussion with the economists at the State Guest House Padma.
"Black economy exists in the country and its size is growing. We'll launch a study on it in the second year of our government," he said.
Muhith reiterated his position on using foreign exchange reserve to construct Padma Bridge and assured punitive action against people involved in public bank forgery cases.
Muhith said the government is trying to find out a way to best utilise the money sent by expatriate Bangladeshis for building the Padma Bridge.
"We will build the Padma Bridge with our own fund. We are planning to uitlise remittances in this purpose," he said.
Expenditure will shoot up, if the government issues bonds for Padma Bridge, he added.
About money laundering, Muhith said everyone knows that capital is being siphoned off abroad.
"The biggest proof of money laundering is that the national savings are more than that of the investments. Currently, investment stands at 26 per cent of the GDP (Gross Domestic Product) while savings account for 29 per cent," Muhith said.
Replying to a question about Basic Bank forgery the finance minister said action would surely be taken against those officials who are involved in the state-owned banks' forgery.
The Finance Minister said that the economists suggested scrapping mandatory requirement of holding two per cent shares for an individual to become a listed company's director.
He said the next budget will focus on poverty alleviation for which the social safety net would be expanded.