Checking the outflow of resources

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A country will experience inflows and outflows of resources from it and these are to be considered as legitimate activities in many cases. But when the outflows to a large extent are the outcome of illegitimate operations, then the economy of the country stands threatened. This has been the case in respect of Bangladesh, one of the poorest countries in the world which should normally aspire to keep within its boundaries as much resources as possible for its own utilisation when the realities seem to different. It is no more a matter of speculation but a well known fact that a substantial amount of resources were drained away from Bangladesh by a class of wastrels and parasites. Such quarters are least motivated by ethical or patriotic feelings.
In the pre-independence days, one major economic argument for the establishment of Bangladesh was based on retention of local resources for the benefit of the local economy. A question arises: to what extent is this principle being applied now in the free country? This merits consideration in the context of a substantial outflow of resources out of the country through illegal and unethical means. This flight of resources from the country, its level and impact on the economy, calls for an urgent study. If it is carried out, the same would likely establish that the resource flight is on a large scale.
Persons with otherwise modest incomes in Bangladesh are found in not very few cases to have sent their offsprings for education abroad and for their maintenance, good amounts of money are regularly remitted abroad through different means, over and above the legitimate bounds of foreign currency available to them for the same. A good number of such persons, even before their retirement, were known to have acquired permanent resident status abroad. In some cases, they even sold off their assets and remitted the whole amounts in foreign currency. Clearly in such cases, the unlawful 'hundi' or the clandestine way of resource transfer is involved. In many cases, even rents and other income, derived locally, have reportedly been unlawfully going out of the country to foreign lands and getting invested there which should have been retained by the country for its own use. Then, there are also aspects of undeclared incomes of some unscrupulous businesses similarly leaving for foreign destinations. One may point to the inflow of remittance from expatriate Bangladeshi workers as a positive sign. However, the cumulative effect of such inward remittances could be much greater if it was matched by a hard brake put on the illegitimate outflow of resources.
It is so necessary to strengthen the barriers against such freestyle and unauthorised transfer of resources to the overseas. The enforcement bodies presently are little equipped to take actions against such illegal flight of capital. The authorities concerned do need to take early steps to stop this.
Raquibul Hasan
Mohammadpur, Dhaka