Wednesday, June 19, 2024

Tough act to control MLM business in the offing

Direct sales law in a month: Faruk Khan
The government is going to enact a tough law barring Multi-Level Marketing (MLM) companies from running the business of immovable properties like lands, buildings, smuggled goods, extreme fundamentalism books and office spaces.
Besides, proposed law will restrict MLM companies conduct buy and sale of 21 products. The commerce ministry at a meeting on Wednesday finalised the proposed Direct Sales Law 2011. Commerce secretary Ghulam Hossain presided over the meeting.
“We finalised the draft Multi-Level Marketing (Control) Act 2011 on Wednesday,” said a senior official of the ministry.
The final draft will be sent to the cabinet committee this month for approval, he said adding the bill will then be tabled at the parliament.
Commerce Minister Faruk Khan told daily sun on Wednesday that there would be maximum five years imprisonment for volition of the rule of the proposed law.
“We will place the proposed direct sale law in the parliament within this month for approval,” he added.
The list of 21 items and products include virtual products, lottery tickets, platinum, gold, hydro carbon, acid, firearms, banned im-ported products, metal coins, radioactive materials, adult films, saving certificates, harmful colour, date expired products, anti-religion books and films.
As per the proposed law, the maximum fine and imprisonment will be Tk 5 million and five years imprisonment if any person breaks the rule of proposed law.
A total of Taka 50,000 will be fined if the MLM companies supply their products without packaging.
Officials of MLM companies will face three years of imprisonment if they are found supplying products violating the rule, the law proposed.
Besides, the owner of an MLM company having no license will face minimum imprisonment of three years.
The officials or owners even might face one year imprisonment for making false advertisements for services and goods. There will also be a provision of freezing a company’s assets if it runs a business despite a government ban.
The law will also restrict the companies from being involved in businesses which are banned by the existing consumer rights protection law.
The draft proposal contains 13 clauses and a total of 50 provisions along with two schedules. The proposed law will restrict activities of MLM companies in a number of areas such as sale of business negotiation instruments, shares, debentures and currency.
The law will define the MLM products in accordance with the definition of Consumer Rights Protection Law 2009.
Under the new law, the Director General (DG) of proposed Directorate of Direct Sale will be authorised to control the local MLM companies.
For license, new MLM companies will apply to the DG who will give them permissions to start businesses within 45 days.
The existing MLM companies will get their licenses from the DG within 90 days after submitting applications, according to the draft.

 

Courtesy of Daily Sun

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