The cabinet on Monday approved in principle the 'One-stop Service Act, 2017' to facilitate domestic and foreign investors in getting various services with regard to their business under a package programme from one centre.
The approval was given at the weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair, reports BSS.
"Under the law entrepreneurs or investors having registered companies will get 16 types of services from the one-stop service centre within a stipulated timeframe for implementation of any project," Cabinet Secretary Shafiul Alam told a media briefing after the meeting.
The services include issuance of trade license, land registration and mutation, environmental clearance, construction permit, connections of power, gas and water, telephone and internet, explosive license and boiler certificate.
Four organizations - Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zone Authority (BEZA), Bangladesh Export Processing Zone Authority (BEPZA) and Bangladesh Hi-tech Park Authority- would act as the 'Central One-stop Service Authority in their respective areas, he said.
The law would supersede all related previous laws to overcome their limitations, the cabinet secretary said adding that the act has been framed to encourage local and foreign investors "by making the procedure of doing business easier".
The one-stop service would be delivered to both local and foreign investors and the service would be given centrally and regionally, he said.
Alam said rules to be framed under the law would describe elaborately about the timeframe of getting the services individually.
"Failure in giving a service within the stipulated timeframe would be considered as 'misconduct' under the law and action would be taken against the responsible person as per the rules," he said.
Alam said the law was expected to enhance Bangladesh status in the index of "Globally Doing Business' where the country currently ranked 176th among 188 countries.
"The government wants that Bangladesh to be one of the first 100 countries in the index in next five years," he said.
The cabinet also approved in principle the Bank Company (Amendment) Act, 2017 bringing some changes in the process of nomination to the top positions of the bank and tenure of the directors.
Under the new law approval of the central bank has been made mandatory after giving nomination of a person to the posts of director, managing director or chief executive officer (CEO).
The amendment also proposed that four members of a family instead of two can be inducted in the board of directors of a bank at a time, and a person can hold the post of a director of a bank for nine years continuously instead of existing three years.
On completion of nine year tenure a person may be nominated again for next tenure after a recess of three years, the new law proposed.
The cabinet secretary said the amendment to the Bank Company Act was brought to fulfil a long-run demand of the private bank owners particularly the promoters.
The cabinet also approved the draft an agreement between Bangladesh and Mexico on Mutual Administrative Assistance on Customs Matters.
At the beginning of the cabinet meeting, Bangladesh Bank Governor Fazly Kabir informed the cabinet of getting the 'Global Inclusion Award, 2017' by Bangladesh for its sustainable progress in the field of youth economic empowerment.
Child Youth Finance International (CYFI) and German Presidency of the G20 gave the award to Bangladesh in a ceremony in Berlin on May 3, 2017.
Bangladesh was chosen for the award from 19 countries of world's five regions, the cabinet secretary said.