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Money laundering to be decreased if undisclosed investment resumes in housing

Md. Shadi-uz-Zaman, Managing Director of Notundhora Assets Limited shares his views on necessity of undisclosed investment in housing. 

Around 3 crore ‘new poor’ groups are likely to be created during this pandemic and so unemployment problem is seen to grow faster. Economists and businessmen find the stagnation in different financial sectors. They fervently feel the necessity of undisclosed investment in housing sector. If this investment increases in mills, factories including housing industry, the unemployment will be solved so soon and economy of the country will be turned around assuring the survival of people.

“Bangladesh will move fast if undisclosed investment comes unconditionally in housing sector and backward linkage industry and if it happens country’s economy will get its throne back”, says Shadi-uz-Zaman, Managing Director, Notundhora Assets Limited.

To get dynamism in housing industry, undisclosed funds through invoices need to be deposited in the government treasury. Besides, 211 backward linkage industries including 458 product-based sub-sectors will turn into fit. Employment will increase; even the revenue will be huge. It will not be necessary to print money to cut the ongoing crisis, inflation and extreme poverty might decrease.

He says, “To this end, at least two undisclosed funds should be allowed to invest in the budget for the next two fiscal years. This facility must be reviewed every six months necessarily. This will help people increase their purchasing power and economic activities through incentives in private sector”.

However, the Bangladesh Economic Association (BEA) has suggested investing undisclosed funds in the alternative budget proposal for the coming 2020-21 fiscal year to address the impact of the epidemic coronavirus. The organization also shows the way to deal with the damage caused by the infection of COVID-19 and the stagnation in businesses during lockdown.

According to the assessment of BEA, the catastrophic epidemic of COVID-19 has changed the class structure. In a country of 160 million people, there is a possibility of creating a huge “new-poor” group soon. The total number of poor people before lockdown was 34 million which may increase at least 58 million, informs Shadi.

“All activities in the housing sector, including building construction, land development, buying and selling, were completely shut down due to the epidemic crisis and the revenue in our real estate sector has decreased by 80 to 85 percent. Our government alone cannot solve this pandemic and it is not possible as well. The present government is taking different steps to overcome this crisis,” Shadi says.

He continues, “It’s a matter of joy that the government has given us the opportunity to convert our undisclosed income into displayed income which is great news. As a result, the country’s money will remain in the country and the possibility of money laundering from undisclosed income is getting reduced and I think the country’s economy will benefit a lot”.

“But the problem is banks are suffering from so many indecisions because they think the traders will not be able to repay EMI loan properly during this global pandemic. Besides, the previous experience of defaulted loans for banks is not positive. For this, many businessmen may be deprived of getting incentives”.

Shadi-uz-Zaman is nothing less than optimistic regarding country’s real estate management. He believes both mission and vision should be the motto for survival, not for making profit. If people survive, country’s economy will be multiplied creating many more employments in different sectors.

“So, we all need to continue,” says Shadi, “our activities maintaining the health rules to keep the wheel of economy moving forward”.

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