The New Nation - Internet Edition

Staff Reporter

National Board of Revenue (NBR) Chairman Abdul Mazid yesterday called upon the people to take up savings as a social movement for the betterment of the country.

"The Government is trying to encourage people to take to savings by reducing taxes from savings schemes," Abdul Mazid said while speaking as a chief guest at the inaugural ceremony of National Savings Week 2008 at Jatiya Press Club.

Stressing the need for savings, he said it is not possible to lift the burden of foreign loan without internal resources mobilisation. Foreign direct investment does not come in the country without internal resources mobilisation," he added.

He urged all to popularise the habit of savings among themselves and also among family members for the economic progress of the country.

The NBR Chairman pointed out that the country had to depend on foreign loans as mobilisation of its savings is very meager. Today Bangladesh is burdened with foreign loan ranging from Tk 12,400 crore to Tk 12,800 crore, he added.

He said only mobilisation of internal resources and savings could rid the country of the burden of foreign loan.

Speaking on the occasion, Morshid Kuli Khan, Deputy Governor of Bangladesh, said that increase in domestic investment was linked with the increase in savings.

"The domestic savings of Bangladesh is 20.5 per cent as against 32.4 per cent in India," Muli Khan said adding, " We have already received 6.5 billion US dollars in loan from different aid agencies during the 2007 -08 fiscal and it would increase to 8 billion US dollars in the next two months.

He regretted many were squandering staggering amount of money in purchasing land and enjoyment of life.Describing such huge expenditure as wastage, he pointed out that if we saved the money it would have reduced our dependence on foreign loan substantially.

Mobasherur Rahman, Director General of Bangladesh Post Office, said shortage of manpower in post offices was the main hurdle in the activities of deposit savings. 8,000 posts of rural post offices out of total 10,000 across the country had no role to play in savings activities due to shortage of manpower, he mentioned.

Saifuddin Ahmed Mojumder, Director of DNS presided over the inaugural ceremony of National Savings Week 2008.