Tk 120bn whitened in 8 months

Money was invested mostly in flats, land property

Staff Correspondent

7 May, 2021 12:00 AM printer

Undisclosed money amounting to around Tk 120 billion has been whitened in eight months (July-February) of the current 2020-21 fiscal year.

The National Board of Revenue (NBR) earned Tk 13.2 billion in revenue from the whitening of the liquid assets.

NBR sources said over 10,000 people took the opportunity of legalizing their undisclosed money by paying 10 per cent tax. Some 90 per cent of the undisclosed money was in the forms of deposits including FDR, saving certificates or cash in banks.

According to NBR, between July and February of FY21, a total of 9,934 people invested undisclosed money in stocks, land or flats. Some 9,623 people have taken this opportunity to buy flats or land.

 During the period, around 311 investors have legalized their undisclosed money of Tk 4.30 billion in the stock market, sources said.

 Earlier, a total of 6,938 taxpayers have legalized their money on land, apartments, bank deposits and other assets till December of FY21. In the provisional estimate, NBR earned around Tk 8.85 billion in revenue from these assets.

Only 16 people have legalized undisclosed money by investing around Tk 2.25 billion in the stock market. NBR earned Tk 22.52 crore in revenue from the investments.

In FY20, the government has also allowed investing laundered black money in economic zones and high-tech parks at the same rate to boost domestic investment. This opportunity will remain valid till June 2024.