The supervision committee for the Tk 900-crore government refinance scheme for the affected small-scale investors on Tuesday for the third time extended the deadline for receiving loan applications by another month as 98 per cent investors are yet to file applications.
The five-member supervision committee made the decision in a meeting presided over by Bangladesh Securities and Exchange Commission executive director Saifur Rahman.
The supervision committee for the first time had set November 30 as deadline to receive applications from the merchant banks and brokerage houses in fervor of affected small investors.
The deadline was extended by another month in two phases as the scheme did not get enough response from the merchant banks and brokerage houses.
As per the latest report, 11,897 affected investors out of 9,53,849 had so far filed applications with the loan approval committee headed by Investment Corporation of Bangladesh managing director Fayekuzzaman.
The loan approval committee for government refinance scheme has sanctioned around Tk 66.38 crore loans for 2,131 investors while 9,41,952 investors are yet to file applications.
‘The supervision committee on the day extended the deadline by another month as we are expecting more applications from the investors for the refinance loan,’ said Saifur Rahman, also the head of the supervision committee.
‘The loan approval committee has already got 35 applications from merchant banks and brokerage houses against Tk 346.11 crore loans from 12,604 affected investors,’ he said.
While asked about the merchant banks and brokers’ demand to waive some conditions of the loans, Saifur said, ‘We are yet to take decision about their demand, but the ministry has informed us that the National Board of Revenue will consider the demand to allow the 50 per cent interest waive for affected small investors.’
He also said that any chartered accountant firms approved by the board will be allowed to certify the accounts of the merchant banks and brokers instead of regular auditor of the company.
As per Bangladesh Securities and Exchange Commission report sent to the finance ministry in April this year, only 7,413 small-scale investors out of the 9,53,849 affected by the 2010-11 stock market crash got interest waiver under the government-announced compensation package.
The Bangladesh Bank on August 26 released Tk 300 crore to ICB as the first tranche of the Tk 900-crore refinance scheme.
On November 27, merchant banks and brokerage houses at a meeting with the BSEC had requested the commission to take steps to obtain a directive from the National Board of Revenue allowing the amount of loans waived for the affected small-scale investors as allowable expenses.
-With New Age input
