The National Board of Revenue has brought the banking business of cooperative societies and cooperative banks under its scrutiny. The tax administrator also asked its field offices to examine tax records of the cooperatives that are doing banking business
cooperative society
No banking by cooperatives
Cabinet endorses 7-yr jail for unauthorized banking The Cabinet on Monday approved the draft of the “Cooperative Society (Amendment) Act 2012” prohibiting banking without prior permission of Bangladesh Bank with a provision of seven years of jail and a fine of Tk 10 lakh for violating the rule. The cabinet meeting was held at the ... Read more
Gone with greed
It was the lure of high profits that drove Mohiuddin Robin to deposit money with a cooperative society. But it wasn’t long before the 31-year-old was overcome with a sense of despair. Robin found out that the cooperative society was a fraud and all his money was gone. Robin, his family members, relatives and friends ... Read more