August 17, 2008

Decrease in national savings certificates & relation to corruption

Sales of national savings certificates (Sanchaypatras) are down by almost 50% in 2007-08 (Tk 2,228.29 crore). Analysts say this is because of the price hike and inflation.

But from the stats we can see that in the year 2006-2007 (during the end of BNP rule) there was an increase of almost 40% than previous year (4,174.92 crore in 2006-07 & Tk 2,996.58 crore in 2005-06). Many black money were cleaned white by buying Sanhcaypatra's in relatives and family members name. There is a bar of purchasing Sanchay Patras by an individual. This was not maintained but the authorities could not prevent it in absence of a central database. However the anti-corruption commission later unveiled these and brought charges against the persons who violated this.

So actually this is the effect of the anti-corruption drive. Whether the drive is successful and done without any motive can be debated as we see some of the charged are gradually being released. If they can get out without paying a price for their criminal acts, there will be no one to stop them.


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