Article 65 of the Bangladesh Constitution grants the Parliament of the Republic the authority to establish both primary and secondary laws.
The main principles to be followed are laid out in Articles 80 and 82 of the Constitution. Article 26 of the Constitution adds that all existing legislation that are inconsistent with fundamental rights protected by the Constitution are void to the extent of such contradiction. Furthermore, Bangladesh is banned from enacting laws that are inconsistent with any of the sections of the Constitution protecting basic rights, and any such law shall be declared void to the degree of the inconsistency.
Article 7 of the Constitution declares the Constitution to be the ultimate law of the Republic, saying unequivocally that if any other legislation is inconsistent with the Constitution, that other law shall be void to the extent of the inconsistency.
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Parliament is the exclusive source of statutory law. The executive proposes, prepares, and processes the majority of the law. The Cabinet is the true executive power, but in a parliamentary system of government, such as that found in Bangladesh, the Cabinet is also an integral element of the Parliament.
Except in a rare cases, all Cabinet ministers are members of Parliament and must answer to Parliament. Cabinet recommends a legislative initiative and arranges for a bill to be drafted by the Ministry of Law, Justice, and Parliamentary Affairs’ professional drafters. Cabinet then endorses the bill as a government bill ready for enactment.
The draft bill is presented to Parliament in order to establish new basic law. Parliament votes on the formal acceptance of a measure after deliberation and possible modifications. When a majority of the members present vote in favor of it, it is passed by Parliament. The bill is subsequently presented to the president for his signature.
Ordinary bills, money bills, and spending bills are the three types of legislative bills. Ordinary bills do not require the president’s prior approval before being introduced in Parliament. Money bills and measures involving public expenditure require the president’s prior approval before being tabled in Parliament. However, the president has no authority or discretion to refuse to approve the introduction of such laws into Parliament if recommended to do so by the prime minister. In actuality, it is the government’s recommendation, and the president’s involvement is essentially a mechanical formality.
Bangladesh’s legislative system is governed by the Rules of system of Parliament. They were first adopted on July 22, 1974. On February 5, 1992, a revised version of the Rules was published after various revisions. The Rules were revised further, and the alterations were approved by Parliament on June 10, 1997. The current Rules include all revisions made since October 1, 1997. The Rules’ Chapter XIII provides additional direction on the legislative process.
Policy formulation, drafting, and approval by the Cabinet:
Although Bangla is Bangladesh’s official state language, English was the primary language of legislative drafting until 1987.8 Legislation amending pre-1987 legislation is drafted in both English and Bangla, but modifications to the English text are made in English. Other modifying legislation and new laws are being drafted in Bangla. Bills and other government documents are frequently made available in both Bangla and English.
There are English language translations of laws produced in Bangla, and a bilingual system is recognized as a means of creating and structuring laws. As with the Constitution, if there is a discrepancy between the two language versions, the official Bangla version takes precedence.
Many laws that were created and passed in English must yet be translated into Bangla. The Ministry of Law, Justice, and Parliamentary Affairs is responsible for interpreting these legislation, and translation officers are stationed at the Ministry. However, extra personnel are needed to accomplish the work of fully translating all legislation into Bangla.
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Unlike in Canada and the United Kingdom, where the government’s legislative agenda is planned far in advance of the opening session of Parliament where legislative proposals are to be tabled, there is no central preparation for legislative ideas in Bangladesh. There is no legislative calendar, and there is no coordination among the many ministries that want to introduce new measures. Bills are only authorized individually by Cabinet, and there is no procedure in place to decide general priorities. Bills are introduced on an as-needed basis, with the administrative/sponsoring ministry in charge commencing the process.
According to Article 55(6) of the Constitution, the president determines rules for the allocation and transaction of government business. Several guiding documents are used in this regard. The Rules of Business, 1996 (updated up to August 2000), and the Allocation of Business Among the Different Ministries and Divisions (Schedule I to the Rules of Business, 1996) are two examples. Specific topic areas are allocated to the relevant ministries and divisions based on relevance under the Allocation of Business Among the Different Ministries and Divisions. Civil law and criminal process, for example, are assigned to the Ministry of Law, Justice, and Parliamentary Affairs, which is designated as the administrative ministry for these (and many other) matters.
Secretariat Instructions
Another document is the Secretariat Instructions, 1976 (Secretariat Instructions). This paper dates back to 1899, when Lord Curzon was the governor general of British India. Following the establishment of an independent Bangladesh in 1971, efforts were made to create new Secretariat Instructions. The Secretariat Instructions were completed in 1976, and a Bangla version was issued two years later.13 The Secretariat Instructions are made in accordance with Rule 4(10) of the Rules of Business, 1975.
The major goal of the Secretariat Instructions is to promote consistency and efficiency in the implementation of administrative policies and procedures. The secretary, who is the senior civil servant within each ministry or division, is in charge of ensuring that the Instructions are followed. The Cabinet Division is in charge of preparing and maintaining the Secretariat Instructions.
Both the Rules of Business, 1996, and the Allocation of Business Among the Different Ministries and Divisions are supplemented by Secretariat Instructions. All government business must be performed in conformity with the Rules of Business, 1996, as well as the Secretariat Instructions.
In Bangladesh, the same ministry prepares both the policy behind a legislative proposal and the basic draft bill outline. According to the Secretariat Instructions, a ministry or division is responsible for the creation of government policies within its authority, as well as their execution and review.
The Rules of Business of 1996, as well as the Secretariat Instructions, require that every legislative proposal be begun at the administrative ministry to which the law or subject matter is allocated. Policy papers are typically prepared by senior government officials such as joint secretaries.
A preliminary bill is normally drafted by ministry experts or, in some cases, outside lawyers. After the law is prepared, inter-ministerial consultations are usually held, and legislative drafters from the Ministries of Law, Justice, and Parliamentary Affairs are invited to attend these sessions to make comments and ideas on the draft bill.
Thus, drafters play an important role in policy formulation early in the process. Nonetheless, widespread public consultation is not the norm.
Cases involving legislation
Cases involving legislation, including the promulgation of ordinances, are to be brought before Cabinet for consideration under Rule 16(i) of the Rules of Business, 1996.16 Furthermore, under Rule 4(ii) of the Rules of Business, 1996, no important policy decision shall be taken without Cabinet approval. As a result, the administrative ministry will begin the legislative process by drafting a summary for the Cabinet. The format of the report is prescribed in Rule 19 of the Rules of Business, 1996.
The secretary of the appropriate ministry sends to the Cabinet secretary a succinct and unambiguous memorandum outlining the background and important data, the topics for debate, and the sponsoring minister’s suggestions. The summary should be as self-contained as practicable, with appendices containing any essential papers required for appropriate identification of the case.
The Cabinet Division will specify the quantity of copies of the summary to be sent for Cabinet consideration. In the case of proposals involving expenditure or revenue reduction, the Finance Division’s opinion must also be solicited and reported in the summary. When a matter affects more than one ministry or division, the summary must include all ministries’ recommendations. For a summary to be placed on the agenda of a Cabinet meeting, at least four clear days are generally required. In general, no issue will be discussed unless a summary of it has been distributed.
The summary
The summary, which typically runs one to three pages, is absolutely confidential. The summary is usually accompanied by the preliminary draft bill. The draft bill makes the Cabinet summary easier to understand. In both Canada and the United Kingdom, the proposal is first considered by a Cabinet committee. This committee is not a permanent entity and usually consists of four ministers.
Depending on the nature of the topic under consideration, various committees are formed. If the committee approves the plan, it will submit a report for full Cabinet consideration. If the idea is approved by the entire Cabinet, this stage is deemed Cabinet policy approval. All Cabinet meetings where proposed legislation is discussed require the law secretary to attend.
Approval of the proposal
Following proposal approval, the Cabinet secretary prepares a brief record of the discussions and records the decision made. This file is subsequently sent to the prime minister for final approval, and once approved, it is distributed to Cabinet ministers. Relevant decision extracts are provided to the sponsoring minister and ministerial secretary for action. At this point, the administrative/sponsoring ministry, also known as the ministry-in-charge, is authorized to proceed with the preparation of a final draft bill for Cabinet consideration.
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The Ministry of Law, Justice, and Parliamentary Affairs must be consulted on all legislative initiatives, according to Rule 14(1)(i) of the Rules of Business, 1996. Furthermore, the Ministry of Law, Justice, and Parliamentary Affairs’ business includes the drafting, scrutiny, and examination of bills, ordinances, and other statutory orders, rules, regulations, by-laws, resolutions, and notifications, according to section 30, paragraph 2 of the Allocation of Business Among the Different Ministries and Divisions.
After the Cabinet approves an initial legislative proposal, the administrative/sponsoring ministry will forward the file to the Ministry of Law, Justice, and Parliamentary Affairs for drafting a draft bill or vetting a preliminary draft bill that has already been prepared and approved in principle by the Cabinet. For this reason, the Ministry of Law, Justice, and Parliamentary Affairs has a Legislative Drafting Wing (the Drafting Wing).
It was estimated in 2004 that the Drafting Wing develops roughly. 50 new legislation and 20-30 amending bills each year. It also drafts around 1000 subordinate legislative instruments per year, in addition to 3000 notices and other orders. Nonetheless, it is anticipated that the Ministry drafts bills with no preliminary version of the text already created by the ministry-in-charge in just around 10% of all situations.
Referring to the Drafting Wing
No legislative bill will ordinarily be referred to the Drafting Wing, nor will the Drafting Wing undertake the preparation of a bill, unless Cabinet has approved the proposal.
Every file remitted to the Drafting Wing for the preparation of a legislative proposal will be accompanied by all background papers associated with the proposal, particularly the summary to the Cabinet. A separate memorandum of instructions should indicate with sufficient precision the contours of the proposal as approved by Cabinet and set out clearly in the form of a series of propositions all matters of substance that are to be included in the draft legislation.
Because the ministry-in-charge develops the preliminary draft of the bill in the majority of cases, it does not prepare drafting instructions for the Drafting Wing.
Employing Jurists
Administrative/sponsoring ministries do not often have legal services sections, however some may employ one or two jurists. As a result, the drafters are frequently the first jurists to read the measure, and they are expected to raise all legal difficulties raised by it. When the Drafting Wing receives a legislative proposal, it examines the file to ensure that it does not contain any measures that are in violation of the Constitution or inconsistent with fundamental principles of state policy.
If no problems are identified, the Drafting Wing will notify the administrative/sponsoring ministry. If any issues need to be reconsidered, the Drafting Wing will return the plan to the ministry or division in question and provide advice and recommendations for suitable changes. Once the proposal has been revised, it is returned to the Drafting Wing for redrafting.
The Drafting Wing, a self-contained subdivision of the Ministry of Law, Justice, and Parliamentary Affairs, is a centralized and specialized drafting service comprised of civil service legislative drafting officials known as assistant secretaries, senior assistant secretaries, deputy secretaries, and joint secretaries. The Drafting Wing is led by an additional secretary. Drafters must be able to draft in both Bangla and English, and they are accountable for the overall quality of their final writings, both legally and linguistically.
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The drafting officials of the Ministry of Law, Justice, and Parliamentary Affairs are responsible for translating the legislative proposal into an appropriate draft bill using legislative terminology. Ministry officials work in groups to achieve this goal. A team typically consists of three or four drafters, with each group including both senior and junior drafters. Senior drafters supervise junior drafters’ work, and file assignments are not based on competence or specialization.
Skills of Drafting officials
Drafters must have legislative drafting skills but are rarely specialists in any particular area of the law. In order to complete their work, drafters from the Drafting Wing frequently consult with officials from the administrative/sponsoring ministry or with outside experts and consultants who are knowledgeable about the subject matter of the bill. If there is any doubt about a constitutional or legal issue, the attorney general’s office may be asked to provide expert legal advice.
The Drafting Wing can also—and frequently does—request assistance from the Law Commission of Bangladesh in drafting specific bills, such as those relating to admiralty law.
After the Drafting Wing has finalized the text, it is forwarded to the secretary of the Ministry of Law, Justice, and Parliamentary Affairs for approval. Once the draft bill has been approved, it is sent to both the law minister and the state minister of law for preliminary political support.
The draft bill is then returned to the administrative/sponsoring ministry, the bill’s ministry-in-charge.
The ministry evaluates the bill once more to ensure that it accurately reflects both the ministry’s aims and Cabinet directions. The measure is then approved as written by the minister in charge. In circumstances where the Drafting Wing and the administrative/sponsoring ministry disagreed on the substantive provisions of the bill, the latter’s views would normally prevail. The Drafting Wing, on the other hand, would have the final say on legislative, linguistic, and drafting issues.
When an acceptable version of the bill is reached, it is forwarded to Cabinet for consideration as an official bill of the government. Once Cabinet has given the bill its final approval, the administrative/sponsoring ministry arranges for the parliamentary phase to begin.
When it comes to creating laws linked to the administration of justice, the Ministry of Law, Justice, and Parliamentary Affairs also has a policy development function. Traditionally, policy was formed while the law was being prepared, and issues were discussed and addressed among drafters during the drafting process. If a specific topic needed more clarification, it was referred to the Minister. However, subsequent reforms have resulted in the establishment of a separate policy formulation body within the Ministry.
This unit, led by the Secretary of the Ministry, will create the policy foundation for a proposed bill. Once a sufficient policy framework is obtained, the secretary will transmit it to the Drafting Wing for use in preparing the bill.
There is no distinct provision in the Constitution or the Parliamentary Rules of Procedure for amending a statute. As a result, when altering or repealing existing laws, the same general approach is followed as when creating new legislation.
The function of Parliament
Parliamentary democracy is not new to Bangladesh, and the current Parliament (the Jatiya Sangsad) is based on the British parliamentary model, despite being a unicameral political system. The Legislative Council of Bengal, ancestor to the current Parliament, was established in 1861, at a time when only a few jurisdictions outside of Europe and North America had established equivalent institutions.32 One of Parliament’s primary tasks is to debate and pass legislation. In Bangladesh, the legislative process is divided into three stages: deliberative, parliamentary, and administrative. Although the Rules of Procedure of Parliament do not specifically relate to terminology such as readings, the parliamentary stages are commonly referred to as first, second, and third readings—meaning introduction, consideration, and passing, respectively33. The House’s business is divided into two categories: government business and private member’s business. Government business, according to Rules 24(2) and (3) of the Parliamentary Rules of Procedure, comprises of legislation, the budget, resolutions, amendments, and other motions introduced or sponsored by a minister. Bills, resolutions, amendments, and other motions proposed or moved by private members constitute private member business.
Bills from the government
As in Canada and the United Kingdom, first reading is merely a formal procedure for introducing a bill into the House and announcing its title. Only a minister may present a government bill in Parliament. A motion for leave to introduce a bill generally requires seven days’ written notice to the secretary of Parliament.
If sufficient reasons are provided, the speaker of the House may suspend this rule and allow the motion to be made on shorter notice. The notice is accompanied by two copies of the draft bill, as well as a document referred to as a Statement of Objects and Reasons and Notes on Clauses for the proposed new statute.
The administrative/sponsoring ministry of the proposed law prepares this document in cooperation with the Ministry of Law, Justice, and Parliamentary Affairs as needed. The text includes any background information that may be required to clarify the bill’s substance and origin.
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If the measure requires the president’s advice before being introduced in Parliament, the notice must also include a certificate from the minister verifying that the president has recommended the bill. The motion to introduce the measure shall be entered in the Orders of the Day for a government business day. Orders of the Day are a formal listing of the day’s business written by the secretary of Parliament and approved by the speaker. Every member is provided with a copy.
The minister then moves for leave to introduce the bill when the item is called. A member may object to a bill’s initial introduction, but this privilege is rarely used. After the bill is introduced into Parliament, it is published in the Official Gazette. The secretary of the Parliament usually arranges for the bill’s publication as soon as possible, along with the Statement of Objects and Reasons and, if applicable, a financial memorandum.
At the second reading stage, the member-in-charge of the bill may propose that it be taken up for consideration, referred to a standing committee or a select committee, or circulated for public opinion.40 When a motion for circulation of a bill for public opinion is carried, Instruction 248 of the Secretariat Instructions states that the administrative ministry or division will supply Parliament, on request, with a list of the individuals, associations, and organizations that have signed on to the bill.
This is when the lengthy and frequently emotionally charged debate might take place. The administrative ministry or division will devise a strategy for shepherding a government bill through Parliament, as well as create a brief for the minister-in-charge to aid in explaining the substance and origin of the bill’s sections during parliamentary debate. Only the bill’s principles or general provisions may be debated. Details of the measure are not addressed beyond what is required to explain its ideas. At this time, no modifications to the bill are permitted.
It is a constitutional requirement for Parliament to appoint standing committees comprised of its members to investigate and supervise government operations.
The political parties are responsible for assigning members to various Parliamentary committees. However, there is no mechanism for automatic referral of any action, including bill consideration, to a parliamentary committee. It is only recently that bills have been systematically referred to committees. In fact, it was not uncommon for bills to be read for the second and third time on the same day.
Committees Under Article 76(1) of the Constitution
According to Article 76(1) of the Constitution, there must be a public accounts committee, a privileges committee, and any other standing committees required by Parliament’s Rules of Procedure. In addition to these committees, Parliament may appoint other standing committees to analyze draft bills and legislative initiatives, as well as to review the enforcement of laws and suggest enforcement actions.
A committee may also study any topic of public interest brought to it by Parliament, as well as any ministry’s actions or administration. A committee may request pertinent information and require an authorized representative of a ministry to respond to written or oral questions in this regard. Nonetheless, the government may refuse to release a document on the grounds that its revelation would jeopardize the state’s safety or interests.
The creation of specific committees is also provided for under Chapter XXVII of the Rules of Procedure of Parliament.
These are the business advisory committee, the committee on private member’s bills and resolutions, the select committees on bills, the committee on petitions, the standing committee on public accounts, the standing committee on estimates, the standing committee on public undertakings, the standing committee on privileges, the standing committee on government assurances, the standing committees on certain other subjects, the house committee, the library committee, the standing committee on Rules of Procedure, and other unspecified special committees.
Members of a committee are nominated by Parliament on a motion made by it, but no member of a committee may have a personal, financial, or direct interest in any topic presented to that committee. Committees are now chaired by members of Parliament who are not ministers, and the chair is generally elected by the committee from among its members. A committee can have members from both the government and the opposition. Ex-officio, the member-in-charge of a bill is a member of the committee reviewing the measure.
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A quorum of one-third of the committee’s total number of members is required to have a lawful meeting. A committee’s meetings are held behind closed doors.
Annual financial statements (commonly known as the budget) are brought before Parliament to emphasize the government’s expected receipts and expenditures. According to Rule 111(3) of the Rules of Procedure of Parliament, the budget is not submitted to any committee.
General budget debate takes place during a regular House session presided over by the speaker. The budget is prepared by the Ministry of Finance, and other ministries, divisions, or departments are required to provide the essential materials on which the estimates are to be based.
When a bill is introduced in Parliament and referred to a committee for further consideration, Drafting Wing officials might attend committee meetings to provide technical assistance as needed.
When a measure is referred to a standing or select committee for further consideration, the committee returns the bill to the House with a report that may or may not include proposed amendments. At this point, debate on the motion is confined to consideration of the committee report or any alternatives keeping with the principles of the bill. Additionally, any member may make revisions to the law. Members of the House are provided with copies of the committee report.
When a resolution to take the bill under consideration is carried, the speaker sends the bill to the House for a vote, either clause by clause or as a whole.
If no amendments are proposed, the member may move to pass the bill immediately. The debate on a motion to pass must be limited to the introduction of reasons in support of or against the measure.
Amendments are made with three days’ notice, and if this procedure is not followed, any other member may object. However, the speaker has the authority to overrule any opposition and allow the amendment to be presented with less notice.
A proposed modification must not be ambiguous, pointless, or frivolous. If an amendment is dependent on an amendment that has already been rejected by the House, it will not be considered. An amendment must be pertinent to and within the scope of the motion to which it is attached.
Furthermore, an amendment that solely has the effect of a negative vote cannot be proposed. Where any amendment submitted in a bill could influence the idea of the bill or the government’s expenditure, the minister-in-charge will not commit to acceptance until Cabinet has approved it.
If the government proposes changes to a law that is already before Parliament, the administrative ministry or division writes the changes in consultation with the Ministry of Law, Justice, and Parliamentary Affairs.
When a private member offers an amendment to an existing law in Parliament, copies of the proposed amendments are sent to the administrative ministry or division, as well as the Ministry of Law, Justice, and Parliamentary Affairs.
Following assessment, the administrative ministry or division will transmit its comments to the minister-in-charge, together with any received from the Ministry of Law, Justice, and Parliamentary Affairs. If a private member proposes an amendment on the House floor, the minister-in-charge will usually seek for a postponement of proceedings to a later date so that this procedure can be followed.
The third reading stage is usually brief. The member in charge makes a motion to pass the measure as presented, and the speaker normally brings the proposal to a vote without allowing more debate. A measure is carried by a majority of the members present and voting, subject to the session’s quorum. The person in charge of the measure may withdraw it with leave at any moment before it is passed. When the law is passed by the House, the speaker signs it three times and sends it to the president for his signature. Following the president’s assent, the secretary of Parliament publishes the measure in the Official Gazette as an Act of Parliament. One original signed copy of the measure is kept for verification and record purposes, and it is not allowed to leave the House’s custody without the speaker’s approval.
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Bills introduced by individual members
Private member’s bills, similar to the Canadian and British parliamentary systems, are legislative measures introduced not by government ministers but by private members of Parliament who may sit on either the government or opposition benches.
The precedence assigned to private member’s legislation is determined by a ballot system held in accordance with the procedure outlined in the Parliamentary Rules of Procedure, subject to the speaker’s discretion to make minor alterations in the procedure from time to time.
Members may prepare their own private bills, but they may also obtain assistance from the Parliament Secretariat if necessary. When a private member seeks to propose a bill into Parliament, the member must provide the secretary of Parliament with 15 days’ written notice of his or her intention to move for leave to introduce the bill.
Details of the notice
The notice must include three copies of the bill, as well as an explanation of the measure’s aims and reasons. At this stage, no arguments are required. If the bill requires the president’s previous approval, this must be included. A financial memorandum must be appended to any measure that includes the expenditure of public funds.
The Parliament Secretariat forwards a copy of the bill and the Statement of Objects and Reasons to the administrative ministry or division responsible for the subject area of the bill. A duplicate is sent to the Ministry of Law, Justice, and Parliamentary Affairs.
The administrative ministry or division will analyze the bill in cooperation with the Ministry of Law, Justice, and Parliamentary Affairs, which will advise where the bill requires the president’s prior approval or violates any constitutional provisions.
The administrative ministry or division evaluates the bill and delivers its comments, along with any received from the Ministry of Law, Justice, and Parliamentary Affairs, to the minister-in-charge, according to Secretariat Instruction 246. Unless there are compelling reasons to bring the topic before Cabinet, the latter decides on the policy to be implemented.
Orders of the Day on a day set aside for private members’ business include motions requesting leave to present private member’s bills. When leave is granted, the member formally introduces the measure when called. The bill is introduced as a result of the motion being carried.
After a private member’s bill is introduced in the House, the procedure is the same as it is for government bills. Nonetheless, private member’s legislation are rarely considered by the House.
The President’s Function
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Article 80 of the Constitution governs assent to an ordinary bill or a financial measure. The president must assent to a bill passed by Parliament within 15 days of its presentation, otherwise the bill is regarded to be automatically assented to after that period expires.
When a bill receives or is assumed to have received assent, it becomes law and is known as an Act of Parliament. Alternatively, the president may return the measure to Parliament with a message requesting reconsideration of revisions as indicated in the message. Parliament will then reconsider the bill and may pass it again with or without amendments.
However, in this instance, passing of the law will necessitate the backing of a majority of the entire number of members of Parliament. The reconsidered bill will then be offered to the president once more. However, assent must be provided within seven days or the measure is assumed to have obtained assent.
A money bill enacted by Parliament and given to the president for assent must be accompanied by a certificate under the speaker’s hand stating that it is a money bill. This method is likely to serve as a reminder to the president that, unlike a regular bill, a money bill cannot be returned to Parliament for reconsideration.
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Emissions Linked Trading in the US and EU: A Comprehensive Overview
Emission-linked trading has emerged as a pivotal tool in the global fight against climate change. Both the United States and the European Union (EU) have made significant strides in developing comprehensive frameworks to regulate and facilitate emissions trading. This article will explore the intricacies of emissions-linked trading in these two regions, shedding light on key documentation platforms, the use of derivatives, and recent developments that underscore the growing importance of carbon markets in addressing climate challenges.
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Documentation Platforms for Emission-Linked Trading
One of the critical aspects of emissions-linked trading is the documentation platforms that facilitate these transactions. In the United States and the EU, several platforms play a crucial role in ensuring the smooth functioning of carbon markets. Notable platforms include the International Swaps and Derivatives Association (ISDA), the International Emissions Trading Association (IETA), and the European Federation of Energy Traders (EFET).
Use of Derivatives in Carbon Markets
Derivatives are financial instruments that have gained significant traction in carbon markets. These instruments enable participants to manage risk and speculate on carbon credit prices. The most common types of carbon derivatives in over-the-counter (OTC) markets include forwards, options, and swaps.
Options, such as put and call options, provide buyers and sellers with the right, but not the obligation, to buy or sell carbon credits at predetermined prices on future dates. Put options allow the sale of credits, while call options enable the purchase of credits. Forwards, on the other hand, involve agreements to buy or sell carbon credits at a fixed price on a future date, with the buyer obligated to pay the agreed purchase price regardless of market conditions.
OTC Trading and Climate Exchanges
When engaging in carbon trading in the OTC markets, participants have three primary options for documentation platforms: ISDA, IETA, and EFET. These platforms serve as essential frameworks for structuring and executing emissions-linked transactions, providing clarity and legal certainty to market participants.
Furthermore, the development of climate exchanges has enhanced the carbon credit market by reducing credit risk through central counterparty arrangements and increasing liquidity. Europe, in particular, boasts a robust exchange-traded market with various exchanges offering standardized contracts.
Examples include the European Climate Exchange (ECX) in the UK, Powernext in France, and Nordpool in Germany. The ECX coordinates the marketing and sales of ECX Carbon Financial Instruments, which include futures and cash contracts for EU ETS allowances, further promoting transparency and liquidity.
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Carbon Pools
Carbon pools have emerged as innovative spot trading platforms, primarily catering to small emitters allocated allowances under the EU ETS. These pools match buy and sell orders, promoting counterparty anonymity and increasing liquidity by grouping smaller orders into larger transactions.
Key Differences Between ISDA, IETA, and EFET Platforms
Each of these documentation platforms differs in terms of their approach to excess emissions penalties, force majeure clauses, settlement disruption, and failure-to-deliver provisions. Additionally, variations in payment and delivery dates, as well as options to opt out of physical settlement obligations, distinguish these platforms. Suspension events are also handled differently, highlighting the importance of understanding these distinctions when engaging in emissions-linked trading.
Recent Updates in Emissions Trading
In recent years, the global carbon market has experienced impressive growth, with the total value reaching a record €760 billion in 2021, marking a 164% increase. Factors contributing to this growth include the rise of voluntary initiatives, corporate demand for voluntary offsets, and the implementation of compliance carbon programs.
Revenues from carbon taxes and emissions trading systems (ETS) also saw a significant increase, reaching nearly USD 95 billion globally in 2022. These trends indicate a growing commitment to combatting climate change through emissions-linked trading mechanisms.
Kyoto Protocol vs. Paris Agreement
Emissions trading has evolved significantly since the Kyoto Protocol, which aimed to reduce emissions by 5% (2008-2012) and 18% (2013-2020) relative to 1990 levels. In contrast, the Paris Agreement sets more ambitious targets, striving to limit global warming to well below 2°C, with efforts to keep it below 1.5°C. The Paris Agreement embraces a bottom-up approach, relying on Nationally Determined Contributions (NDCs) to guide emissions reductions. This shift in approach emphasizes the importance of carbon pricing initiatives, including emissions trading, in achieving climate goals.
Carbon Pricing Initiatives
Carbon pricing initiatives play a vital role in emissions-linked trading. These initiatives determine the price per tonne of CO2 equivalent and include concepts like the social cost of carbon, the polluter pays principle, and internalization of climate externality. Policymakers must choose between taxation and market-based mechanisms, each with its advantages and disadvantages. While taxation offers lower transaction costs, market-based mechanisms provide more robust tools for achieving reduction targets.
Regulated Carbon Markets: EU ETS
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The European Union Emissions Trading System (EU ETS) represents one of the world’s most prominent regulated carbon markets. Launched in 2005, the EU ETS covers over 10,000 installations, accounting for 45% of the European Union’s total greenhouse gas emissions.
The system employs a cap-and-trade approach, with a maximum threshold of emissions that decreases over time. Compliance entities trade allowances, and those falling short face fines. Over time, the EU ETS has undergone several phases, with changes to allocation methods and sector coverage to enhance environmental effectiveness.
Voluntary Carbon Markets
Voluntary carbon markets (VCMs) have gained prominence as businesses and individuals seek to offset their emissions voluntarily. These markets allow participants to acquire carbon credits to compensate for or offset their emissions. Carbon credits represent the reduction or removal of greenhouse gases from the atmosphere. VCMs offer a wide range of standards for verifying and validating projects, including the Verified Carbon Standard (Verra), the Gold Standard, and the Climate Action Reserve, among others.
Project Cycle and Registry
Projects within VCMs must adhere to specific cycles, including selecting a methodology, validation, verification, and issuance. Each step ensures that projects meet high-quality standards and deliver genuine emissions reductions. Registries track and record the issuance and transfer of carbon credits, promoting transparency and accountability in these markets.
Paris Agreement: Article 6
Article 6 of the Paris Agreement focuses on cooperation in the implementation of Nationally Determined Contributions (NDCs). It outlines mechanisms for internationally transferred mitigation outcomes (ITMOs) and the sustainable development mechanism (SDM). Corresponding adjustments ensure that emissions reductions are accurately accounted for and do not lead to double counting.
Recent Developments and Challenges
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As voluntary carbon markets continue to grow, several trends and challenges have emerged. These include the definition and pursuit of “net zero” emissions, concerns related to greenwashing, the development of climate transition plans, and the need for sustainability disclosures. Increased scrutiny of VCMs, along with controversies surrounding carbon credits’ environmental benefits, underscores the importance of regulatory oversight and market integrity.
The CFTC’s Role in Voluntary Carbon Markets
The Commodity Futures Trading Commission (CFTC) in the United States has identified carbon trading as a top priority. The CFTC aims to play a more substantial role in regulating and overseeing voluntary carbon markets. It recognizes the need for regulatory oversight, fraud prevention, and enforcement to ensure the integrity of these markets.
Carbon as a Commodity
The CFTC views environmental carbon products as commodities within its jurisdiction. Given the rapid
growth of carbon markets, the CFTC is actively seeking to define its role in regulating these markets. This includes exploring oversight approaches similar to those applied to digital assets.
CFTC Carbon Trading Initiatives
The CFTC has taken several initiatives to address climate-related risks and promote transparency in carbon markets. These initiatives include the creation of the Climate Risk Unit and hosting events to gather stakeholder input. Additionally, the CFTC has established an Environmental Fraud Task Force to investigate fraud and misconduct in voluntary carbon markets.
Emissions-linked trading has become a pivotal tool in the fight against climate change, with both the United States and the European Union actively shaping the future of carbon markets. As these markets continue to evolve, regulatory frameworks, documentation platforms, and transparency will play crucial roles in ensuring their effectiveness.
The CFTC’s growing involvement underscores the significance of regulatory oversight in maintaining market integrity and addressing climate-related risks. As global commitments to emissions reductions grow, emissions-linked trading will remain a central mechanism in the transition to a sustainable, low-carbon future.
পাওয়ার অব এ্যাটর্নি মূলত এমন একটি দলিল যেটার মাধ্যমে একজন ব্যাক্তি অপর কোন ব্যাক্তিকে তার পক্ষআইনসঙ্গত কোন কার্যক্রম গ্রহণের অধিকার প্রদান করে থাকে। সাধারণত এ ধরনের কার্যক্রম গ্রহণের অধিকারলিখিত দলিলের মাধ্যমে দেওয়া হয়।পাওয়ার অব এ্যাটর্নি আইনের ২ ধারার (১)উপধারা অনুসারে পাওয়ার অবএ্যাটর্নি বলতে এমন কোন দলিলকে বুঝায় যেটার মাধ্যমে কোন ব্যাক্তি তার পক্ষে উক্ত দলিলে বর্ণিত কায-সম্পাদনের জন্য আইনানুগভাবে অন্য কোন ব্যাক্তি নিকট ক্ষমতা অর্পণ করেন বা করে থাকেন।
পাওয়ারঅবএ্যাটর্নিপ্রকারভেদ
সাধারণ দিক থেকে পাওয়ার অব অ্যাটর্নি দুই ভাগে ভাগ করা যেতে পারে যথা-
সাধারন পাওয়ার অব এ্যাটর্নি (General Power of Attorney)
বিশেষ পাওয়ার অব এ্যাটর্নি ( Special Power of Attorney)
সাধারনপাওয়ারঅবএ্যাটর্নি (General Power of Attorney)
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সাধারন পাওয়ার অব এ্যাটর্নি সম্পর্কে সুনিদিষ্ট ভাবে পাওয়ার অব এ্যাটর্নি আইন ও বিধিমালায় আলোচনা করাহয়নি,
তবে আমরা এই ভাবে বলতে পারি যে–পাওয়ার অব এ্যাটর্নি আইনে ২(৭) ধারার অনুযায়ী
অপ্রত্যাহারয়োগ্য পাওয়ার অব এ্যাটর্নি চারটি (৪টি) ক্ষেএ রয়েছে ,
উক্ত ক্ষেএ ব্যাতীত স্থাবর বা অস্থাবর সম্পওি ছাড়াও যেকোন বিষয় সাধারন পাওয়ার অব এ্যাটর্নি দলিল সম্পাদন করা যায়।যেমন-স্থাবর সম্পওি ইজারা দেওয়ার ক্ষমতা অর্পণ,অস্থাবর সম্পওি বিক্রয় ক্ষমতা অর্পণ ইত্যাদি।
বিশেষপাওয়ারঅবএ্যাটর্নি ( Special Power of Attorney)
রেজিস্ট্রেশন আইনের ৩২ ধারার উদ্দেশ্য পূরণকল্পে একই আইনে ৩৩ ধারার অধিনে প্রস্ততকৃত পাওয়ার অবএ্যাটর্নি কে বিশেষ পাওয়ার অব এ্যাটর্নি বলে গন্য হবে। বিশেষ পাওয়ার অব এ্যাটর্নি দলিলকে খাস-মোক্তারনামানামেও সর্বাধিক পরিচিত।এখন কোন ব্যাক্তিকে যদি মোকাদ্দমা পরিচালনার জন্য ক্ষমতা দেওয়া হয়, তখন সেটাবিশেষ পাওয়ার অব এ্যাটর্নি অনুযায়ী করতে হবে;
পাওয়ারঅফএ্যাটর্নিশর্তগুলোকী
১) পাওয়ার অফ এ্যাটর্নি একটি নির্দিষ্ট মেয়াদ পর্যন্ত হতে হবে অবশ্যাই;
২) যদি পাওয়ার অব এ্যাটর্নি কোন জমি হলে অবশ্যাই দলিলটি রেজিস্ট্রেশন করতে হবে আইন অনুযায়ী;
৩) যে কারনে পাওয়ার অব এ্যাটর্নি করা হয়েছে তা স্পষ্টভাবে ব্যাখা করতে হবে;
৪) স্ট্যাম্প আইন অনুযায়ী তা স্ট্যাম্প করতে হবে এবং রিসিট গ্রহন করতে হবে;
৫) আবেদন অবশ্যাই রেজিস্টার্ড ব্যাক্তির কাছে
কোনকোনবিষয়েপাওয়ারঅফএ্যাটর্নিদলিলতৈরিকরাযাবেনা
ধারা ৪ অনুযায়ী এই বিষয়ে আলোচনা করা হয়েছে। তা হলেঃ
উইল সম্পাদন বা দাতা উইল নিবন্ধনের উদ্দেশ্য দাখিলকরন;
দত্তক গ্রহনের ক্ষমতাপত্র সম্পাদন বা দাতা দত্তক ক্ষমতাপত্র নিবন্ধনের উদ্দেশ্য দাখিলকরন;
দান বা হেবা সম্পর্কিত ঘোষনা সম্পাদান;
ট্রাস্ট দলিল সম্পাদন
সরকারীর দলিল বিশেষ বা সাধারন আদেশের মাধ্যেমে সম্পাদন;
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দাতারবিরুদ্ধেযখনগ্রহীতাপ্রতারনাকরে
দাতার এখানে আইনী প্রতিকার হলো দন্ডবিধি অনুযায়ী ধারা ৪০৬ এবং ৪২০ অনুযায়ী মামলা দায়ের করতেপারবে জুডিশয়াল মেজিস্ট্রেট বা মেট্রেপলিটন ম্যজিস্ট্রট এর নিকট।
পাওয়ার অব এ্যাটর্নি প্রস্ততকরণে যা লাগবে তা নিম্নরুপঃ
১।মূল পাওয়ার অব এ্যাটর্নি দলিলপত্র ।
২। ব্যাক্তিদের রঙ্গিন ছবি দিতে হবে অবশ্যাই।
৩।ক্ষমতা প্রদানকারী ব্যাক্তি (Power Giver) এর বৈধ বাংলাদেশী জাতীয় । পরিচয়পত্র/পাসর্পোট/ডিজিটাল(১৭ডিজিট) জন্মনিবন্ধন সনদ কপি। তাছাড়া বিদেশী নাগরিক এর ক্ষেত্রে তার নিজ দেশের পাসপোর্ট ।
৪।ক্ষমতা গ্রহনকারী ব্যাক্তি(Power Receiver) বৈধ বাংলাদেশী জাতীয়
৫।ক্ষমতা প্রদানকারী ব্যাক্তি (Power Giver)এবং ক্ষমতা গ্রহনকারী ব্যাক্তি (Power Receiver) এর সদ্যতোলা ২কপি ছবি।(সাদা ব্যাক-গ্রাউন্ডযুক্ত)।
৬।ফি প্রদানের প্রমাণপত্র।
৭।ডাকে পাঠানোর ক্ষেএ অর্থ পরিশোধিত ও ঠিকানা লিখা ফেরত খাম।
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একাধিক পাওয়ার অব এ্যাটর্নি গ্রহীতা নিয়োগ করা যাবে কিনা
পাওয়ার অব এাটর্নি একাধীক হবে কিনা তা পাওয়ার অব এাটর্নি আইনে সুনিদিষ্ঠ ভাবে উল্লেখ না থাকলেও ৯ধারায় একাধিক কথা উল্লেখ রয়েছে এই থাকে অনুমেয় যে-পাওয়ার অব এাটর্নি দলিল ক্ষে্েএ একাধিক পাওয়ারঅব এাটর্নি গ্রহীতা নিয়োগ করা যাবে, কিন্তু একাধিক গ্রহীতা নিয়োগ এ প্রধান উদ্দেশ্য থাকবে একজন কে মূখ্যএবং বাকিদের কে সহযোগী হিসাবে রাখা। প্রধান গ্রহীতার অনুপস্থিতে অন্যরা যাতে কাজ করতে পারেন।
পাওয়ারদাতাবিদেশেঅবস্থানকরলে
পাওয়ার অফ এটর্নি বিদেশ থাকা অবস্থায় ব্যক্তির দলিল বানানোর প্রক্রিয়া একটু জটিল।এই ক্ষেত্রে আইনটিসম্পর্কে সুস্পষ্টভাবে জানেন এমন কাউকে দিয়ে সঠিক ভাবে লিখে দূতাবাসের মাধ্যমে দলিলটি সম্পাদন ওপ্রত্যয়ন করে পাঠাতে হবে। যদি কোন ব্যক্তি দেশের বাইরে থেকে জমি বা সম্পত্তি বিক্রি করতে চায় তাহলেঅবশ্যাই তাকে রেজিস্ট্রেশন আইন এর ধারা ৩৩ অনুসরন করবেন। এখানে বলা হয়েছে পক্ষের নাম ও ঠিকানা, জাতীয় পরিচয় পত্র, রঙ্গিন ছবি দিতে হবে, গ্রহীতার ছবির উপর দাতা তা শনাক্ত করবেন , দূতাবাসে যাওয়া সিলনেওয়া, পররাষ্ট্র মন্ত্রালয়ে যাবে, ধারা ৮৯ অনুযায়ী রেজিস্ট্রেশন আইন অনুযায়ী, কালেক্টর এর নিকট পাঠাতেহবে। এবং স্ট্যাম্প করবেন এবং রেজিস্ট্রার অফিসে পাঠিয়ে দিবে এবং নং ১ বই জমা দিতে হবে। এই পর্যায়ে ওইদলিলের একটি ক্রমিক নম্বর ও তারিখ নির্দিষ্ট হবে। এই নম্বরটিই ওই পাওয়ার অব অ্যাটর্নি দলিলের নম্বর।তফশিল ক, ফর্ম ৩ অনুসরন করবে দলিল তৈরির সময়।
পাওয়ারঅবএ্যাটর্নিসম্পাদনেব্যক্তিগতউপস্থিতি
পাওয়ার অব এ্যাটর্নি সম্পাদনে ব্যক্তিগত উপস্থিতি ব্যক্তিগত উপস্থিতি বাধ্যতামূলক এবং আগমনের পূর্বে কবেযোগদান করবে সেটি নিচ্ছিত করতে হবে,,,তবে বিদেশে অবস্থান করে সেই ক্ষেত্রে ব্যাতিক্রম রয়েছে,উপস্থিতি বিষয়সিথিল করা হয়েছে।
এখন কেউ যদি ভার্চুয়াল পাওয়ার অব এ্যাটর্নি সম্পাদন করতে চাই সেটা সম্ভব নয় তবে, পাওয়ার অব এ্যাটর্নিদলিলপএ হাইকমিশনার এর কন্সুলার অফিসারের সম্মুখে স্বাক্ষর করতে হবে।
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পাওয়ার অব এ্যাটর্নি কখন অবসান বা বাতিল হয়ে যাবে
কি কি কারনে পাওয়ার অব এ্যাটর্নি বাতিল হবে/হয়ে থাকে তা নিম্নরু্পঃ
১।নির্দিষ্ট মেয়াদের জন্য পাওয়ার অব এ্যাটর্নি করা হলে মেয়াদ শেষে বা উদ্দেশ্য সফল তা বাতিল বলে গণ্য হবে।যেমনঃ ১ জানুয়ারী ২০২৩ থেকে ১ জুলাই ২০২৩ পর্যন্ত হলে, সময় শেষ হলে বাতিল হয়ে যাবে;
২।পাওয়ার অব এ্যাটর্নি বাতিল বা প্রত্যাহার করা যায়। বাতিল করতে চাইলে যে অফিসে রেজিস্ট্রি করা হয়েছিল, সেই জেলার রেজিস্ট্রার বরাবর মোক্তারনামা বাতিলের লিখিত আবেদন করতে হবে।
৩। পাওয়ার অফ এ্যাটর্নি জারীকারী ব্যাক্তি দেওলিয়া, মারা গেলে, আইনী স্বত্বা বাতিল হলে সেই দলিল ও বাতিলহয়ে যাবে;
৪। যদি পাগল বা উন্মাদ হয়ে যায় তাহলে বাতিল হয়ে যাবে;
৫। যেখানে দলিলটি আইন অনুয়ায়ী নিবন্ধন করার প্রয়োজন ছিলো, সেক্ষত্রে করে নাই;
৬। যে ব্যাক্তির কাছে ক্ষমতা দেওয়া হয়েছে সে ব্যাক্তি যদি পাওয়াকারীর নিকট আবেদনের মাধ্যেমে যখন বাতিলহয়ে যায়;
৭যখন আইনী কোন পর্যায়ের মাধ্যেমে সমধানের মাধ্যেমে যখন বাতিল করা হয়, যেমনঃ বিরোধ হলেমধ্যেস্থতাকারীর মাধ্যেমে যখন কোন বাতিল সিদ্ধান্ত আসে।
৮সাধারণ পাওয়ার অব এ্যাটর্নি অবসানের ক্ষেত্রে দাতা ক্ষমতা গ্রহীতাকে ডাক রেজিস্টার্ডর মাধ্যমে ৩০ দিনেরনোটিশ দিয়ে প্রদত্ত ক্ষমতার অবসান ঘটাতে পারবেন। তা ছাড়া ক্ষমতা গ্রহীতাও একইভাবে মালিককে ৩০ দিনের নোটিশ সাপেক্ষে অ্যাটর্নির দায়িত্ব ত্যাগ করতে পারেন।
পাওয়ার অফ অ্যাটর্নি সংক্রান্ত আইনি সমস্যা ?
কোন প্রশ্ন বা আইনী সহায়তার জন্য, বাংলাদশের সেরা ল ফার্ম এর সাথে যোগাযোগ করুনঃ-ই-মেইল: [email protected]ফোন: +8801847220062 +8801779127165, ঠিকানা– বাড়ি-810, রোড- 29 , Mohakhali DOHS, ঢাকা।
The Bangladesh Bank has authorized the institutions to maintain multiple types of foreign currency and convertible taka accounts. Bangladesh Bank’s rules for opening and maintaining these accounts.
Moreover, persons ordinarily residing in Bangladesh may establish and maintain ‘Resident Foreign Currency Deposit (RFCD)’ accounts in FC with foreign currency brought in upon their return from international travel. Detailed instructions for opening and administering these accounts are provided below.
Foreign Currency (FC) Accounts are available in the following foreign currencies:
Dollar (USD),
British Pound Sterling (GBP),
Euro, and
Japanese Yen.
Who can establish an FC account?
Bangladeshi nationals working or earning abroad, including self-employed Bangladeshi immigrants moving abroad for employment, are permitted to establish an FC Account without an initial deposit.
Foreign nationals residing abroad or in Bangladesh, as well as foreign firms registered abroad and operating abroad or in Bangladesh.
Missions abroad and their expatriate personnel.
Bangladeshi nationals employed by foreign or international organizations operating in Bangladesh, provided their salaries are paid in foreign currency or they receive consultancy fees or honoraria in foreign currency.
The customs authorities-licensed Diplomatic Bonded Warehouse (duty-free stores).
Local and Joint Venture contracting firms hired by foreign donors/international donor agencies to execute projects in accordance with the relevant contract, which will be closed as soon as the projects are completed.
Bangladeshi Shipping Firms and Airline Operators
Retention quota for merchandise exporters: Exporters providing inputs against back-to-back foreign currency letter of credit.
EPZ and EZ companies are permitted to establish foreign currency accounts.
Branch offices, liaison offices, and representative offices may establish FC accounts.
Foreign Currency Account In Bangladesh 40
Note: A Private Limited Company operating outside of EZ/EPZ and registered under RJSC cannot establish an FC account.
Conditions, terms, and specifics of numerous FC account types:
Account in a Private Foreign Currency (FC):
Foreign Currency Account In Bangladesh 41
Private FC Accounts can be opened at any of our Authorized Dealer locations.
Bangladeshi citizens living and working abroad;
Foreign Currency Account In Bangladesh 42
b. foreign nationals residing in Bangladesh or abroad;
c. diplomatic missions and their expatriate personnel;
d. foreign firms registered overseas and functioning in Bangladesh or internationally;
e. Bangladeshi nationals employed by foreign or international organizations in Bangladesh who are eligible to be paid in foreign currency.
Accounts of the Diplomatic Bonded Warehouse for FC
ADs may establish foreign currency accounts in the names of Diplomatic Bonded Warehouses (duty-free shops) under the following conditions:
a. These accounts may only be credited with convertible foreign currency (notes and coins, travelers’ cheques, drafts, cheques or credit card settlements) received on account of the sale of merchandise.
b. Foreign exchange may only be transferred overseas for the import of goods by the bonded warehouse. Foreign exchange may also be transmitted from these accounts to foreign currency accounts maintained with other ADs for the same purpose.
Local and joint venture contracting enterprises’ FC accounts
– Individuals, including Bangladeshi nationals and non-resident Bangladeshis (NRBs) – Companies, corporations, and foreign investors.
Currency Options
FCAs can be maintained in various foreign currencies, such as USD, EUR, GBP, JPY, and more, subject to Bangladesh Bank’s approval.
Purpose of FCAs
– Facilitating international trade – Remittance of foreign earnings – Investment in Bangladesh – Holding foreign currencies for future use, and more.
Documentation
– For individuals: Valid passport, visa, and other KYC documents – For businesses: Incorporation documents, trade licenses, and more, depending on the type of account.
Opening Process
– Visit a bank authorized for FCAs with required documents – Fill out an account opening form – Choose the type of FCA – Deposit the required initial amount – Sign an account agreement
Operation of FCAs
– FCAs can be operated freely for authorized transactions. – Funds can be transferred abroad and back without significant restrictions.
Interest Rates
– The interest rates on FCAs vary and are typically lower compared to local currency accounts. Interest is paid based on the respective foreign currency.
Taxation
– Interest income from FCAs is generally tax-exempt in Bangladesh. – Capital gains tax may apply when converting foreign currency back to Bangladeshi Taka.
FC Accounts of Bangladeshi residents working for foreign/international organizations
Accounts in a foreign currency may be opened:
Foreign Currency Account In Bangladesh 44
a. In the names of domiciled Bangladeshi nationals who are employed by foreign or international organizations operating in Bangladesh, if their salaries are paid in foreign currency.
b. This account may only be credited with the foreign currency portion of the salary and debited for all approved current transactions, such as travel expenses, the cost of children’s education, medical expenses, etc. These foreign currency accounts also allow for unrestricted local Taka withdrawals.
Foreign Currency Account In Bangladesh 45
c. Consultancy fees/honoraria received in foreign currency by the aforementioned category of residents may also be credited to foreign currency accounts, with debits to such accounts subject to the same conditions as stated above.
Account for Non-Resident Foreign Currency Deposits (NFCD):
NFCD accounts can be established at our Authorized Dealer locations by:
a. Bangladeshis living and working abroad
b. Bangladeshis with dual citizenship who reside abroad
c. Bangladeshi nationals operating abroad with Bangladeshi diplomatic missions
d. Officers/staff of the government/semi-government organizations/nationalized banks and corporate body employees posted abroad or deputed with international and regional agencies in foreign countries against foreign currency remitted through banking channels or carried in cash.
Account for resident foreign currency deposits (RFCD):
a. Individuals with a permanent residence in Bangladesh may establish an RFCD account with foreign currency brought back from a trip abroad.
b. Residents may establish this account at any time following their return to Bangladesh.
Account for Exporters’ Retention Quota (ERQ):
Retention quota accounts may also be established and maintained in the names of deemed exporters for supplying inputs against inland back-to-back foreign currency letter of credit.
ADs are required to strictly adhere to the following:
a. The total amount credited to the direct exporter’s retention quota account and foreign exchange paid to the presumed exporter for the supply of inputs cannot exceed the net repatriated amount.
b. FOB export value of the direct exporter; and The foreign exchange shall only be credited to the retention quota account of the deemed exporter upon resolution of the amount against back-to-back LC for deemed export.
Foreign currency accounts for enterprises in the EPZ:
The following procedures will govern the release of foreign currency to enterprises:
Exports originating from EPZs:
a. One hundred percent, eighty percent, and seventy-five percent, respectively, of repatriated export proceeds of Type A, B, and C and industrial unit in EPZ may be retained in FC account in the name of the unit with an AD in Bangladesh.
b. FC account balances may be freely used to satisfy all foreign payment obligations, including import payment obligations of the unit and foreign exchange payment obligations to BEPZA.
Individuals and businesses are able to establish FC accounts in Bangladesh based on their demand and requirements. Other FC accounts include Foreign currency accounts for Initial Public Offerings (IPO); Foreign currency accounts for shipbuilders (exporters); Foreign currency accounts of shipping companies, airlines, and freight forwarders; and Special FC accounts can be opened by obtaining BB’s permission and providing evidence.
Bangladesh Bank is the primary regulator of the country’s monetary and financial system, as well as the entity in charge of banking and financial legal services in Bangladesh. The Bangladesh Bank Order 1972- President’s Order No. 127 of 1972 (Amended in 2003) created it on December 16, 1971. The Governor is also the Chief Executive Officer of this historic institution.
Foreign Currency Account In Bangladesh 46
The key tasks of the BB are:
• design and implementation of foreign currency policy; • holding and managing Bangladesh’s official foreign reserves; • authority for issuing Taka; and • monitoring banks and other financial institutions. •BB is governed by a number of laws, rules, and guidelines that help it carry out its responsibilities in regard to the economy’s monetary and fiscal systems. Some of these laws are as follows:
· Bangladesh Bank Order 1972; · Bank Company Act 1991 · Bank Company (Amendment) Act 2013 · Negotiatble Instrument Act 1881 · The Bankers’ Book Evidence Act 1891 · Foreign Exchange Regulations Act 1947 · Foreign Exchange Regulations (Amendment) Act 2015 · Financial Institutions Act 1993 · Financial Reporting Act 2015 · Money Loan Court Act 2003 · Money Laundering Prevention Act,2012 · Money Laundering Prevention (Amendment) Act, 2015 · Anti-terrorism Act, 2009
Mr. Tahmidur Rahman Remura Wahid, a law company in Bangladesh, offers clients confronting legal challenges in banking and finance both litigation and corporate services. Our banking and finance legal services in Bangladesh are provided by a team of experienced lawyers who prepare various documents required to obtain finance, review documents to be submitted to regulatory authorities, provide advice on obtaining finance, and resolve disputes both inside and outside of court using effective dispute resolution skills.
TRW has a significant banking and finance legal services clientele base in Bangladesh, both local and foreign, in the form of banks and other financial institutions, including but not limited to insurance companies, asset management organizations, and so on.
We often represent our clients in money suits, Negotiable Instruments Act 1881 cheque concerns, Money Loan Court Act 2003, Bank Companies Act 1991 mortgage disputes and redemptions, regulatory compliance and communications.
Tahmidur Rahman Remura Wahid, a Dhaka law firm, assists clients in arranging and or structuring loan transactions, project finance, trade finance, construction finance, mergers and acquisitions of corporate entities, resolving transactional disputes, conducting due diligence on mortgaged properties, and so on.
GLOBAL OFFICES: DHAKA: House 410, ROAD 29, Mohakhali DOHS DUBAI: Rolex Building, L-12 Sheikh Zayed Road LONDON: 1156, St Giles Avenue, Dagenham
Written by – Sourav Das, Junior Associate, TRW Law Firm
বাংলাদেশে তালাক সংক্রান্ত আবেদন, রেজিস্ট্রেশন,ফিস এবং পদ্ধতি এইসব বিষয়ে আলোচনা আছে কয়েকটিআইনে। সেগুলো আমি নিচে বিশদভাবে আলোচনা করবো। যেসব আইনে আমি আলোচনা আনবো তা হলোঃ
The Muslim Family Law Ordinance, 1961;
The Family Law Ordinance Act, 1985;
The Divorce Act, 1860;
The Dissolution of Muslim Marriage Act, 1939;
The Muslim Marriages and Divorces (Registration) Act, 1974’
The Muslim Family Law Ordinance, 1961 অনুযায়ী তালাকের বিষয়ে যা আলোচনা রয়েছেঃ
বাংলাদেশের মুসলিম আইন অনুযায়ী তালাক প্রদানের পদ্ধতি 51
এই অধ্যাদেশের ধারা ৭ অনুযায়ী, তালাকের বিধানবলী আলোচনা করা হয়েছে। এখানে বলা হয়েছে যে, যদিকোন পুরুষ তার স্ত্রীকে তালাক ঘোষনার করে যেকোন পন্থা অবলম্বন করে। অতঃপর লিখিত ভাবে সেই তালাক নোটিশ ইউনিয়নের চেয়ারম্যানের এর কাছে এক কপি এবং স্ত্রী এর কাছে এক কপি সেন্ড করতে হয়। যদি তালাক বাতিলকরা না হয় প্রত্যেক্ষ বা পরোক্ষভাবে, তাহলে নোটিশ পাঠানোর ৯০ দিনের মধ্যে তালাক কার্যকর হবে নাহ।
নোটিশপাওয়ারপরচেয়ারম্যানএরদায়িত্ব
ধারা ৭ অনুযায়ী চেয়ারম্যান নোটিশ পাওয়ার পর, ৩০ দিনের মধ্যে চেয়ারম্যান দুইপক্ষের মধ্যে সালিশি এবং পুনর্মিলন এর জন্য সালিশি কাউন্সিল গঠন করবেন। সালিশি কাউন্সিল গঠনের মাধ্যেমে সকল রকমের পদক্ষেপনেওয়ার মাধ্যেমে পুনর্মিলন এর সব ধরনের ব্যবস্থা গ্রহন করবেন।
গর্ভাবস্থায়তালাকএরনিয়ম
যদি তালাক ঘোষনা দেওয়া অবস্থায় কোন স্ত্রী গর্ভাবস্থায় থাকে, যতদিন এর সময় থাকে অথবা ৯০ দিন যেটাআগে শেষ হয়।
তালাক দেওয়ার ছাড়া অন্য ভাবে তালাক এর পদ্ধতি
ধারা৮ অনুযায়ী বলা হয়েছে যে, তালাক দেওয়ার অধিকার যখন স্ত্রী এর উপর অর্পণ করা হয়েছে বা, দুই পক্ষআলোচনা সাপেক্ষে তালাক দেওয়ার জন্য সম্মতি প্রদান করেছেন সেই ক্ষেত্রে ধারা৭ প্রযোজ্য হবে।
The family Law Ordinance, 1985 অনুযায়ীতালাকদেওয়ারপদ্ধতি
১। এই অধ্যাদেশ এর অধীনে কোন ব্যক্তি যদি তালাক চায় তাহলে তাকে অবশ্যাই সহকারী জজ এর আরজি দাখিলের মাধ্যেমে তালাক গ্রহন করতে হবে তা করতে হবে ৩০ দিনের মধ্যে। আরজিতে ঠিকানা, কারন, ফিস, কাগজপত্র এইসব বিষয় উল্লেখ থাকবে এবং শুনানীর সময় কোন দস্তাবেজ যদি আদালতে পেশকরতে চায় তাহলে সেক্ষেত্রে অবশ্যাই আদালতের অনুমতি নিতে হবে।
২। আরজি দাখিলের পর সুমন প্রেরনের মাধ্যেমে ৩০ দিনের মধ্যে লিখিত জবাব দিতে হবে আদালতে সাথেপ্রাসঙ্গিক দস্তাবেশ এর মাধ্যেমে, এই সময়ের মধ্যে দাখিল করতে না পারলে আদালত ২১ দিনের বেশি নয়এমন সময় দিতে পারবে।
৩। যদি নির্ধারিত শুনানীর সময় কোন পক্ষ আদালতে উপস্থিত হতে ব্যর্থ হয় তাহলে আদালত মোকাদ্দমা টিখারিজ করে দিতে পারে এবং সেই খারিজ এর বিপরীতে দেওয়ানী কার্যবিধির আদেশ ৯, বিধি ৯ অনুযায়ীআবেদন দায়ের করতে পারে। যদি বিবাদী উপস্থিত না হয় তাহলে, বিবাদীর বিরুদ্ধে এক তরফা আদেশজারি হবে এবং বিবাদী উপযুক্ত কারন দেখালে তাকে আরো ২১ দিনে সময় দিবে আদালত।
৪। আদালত এই পর্যায়ে এসে মধ্যস্থতার কথা বলতে পারে যা আইনের ১০(৩), এবং ১৩(২) অনুযায়ী বলাহয়েছে।
৫। যদি মধ্যস্থতা করতে ব্যর্থ হয় পক্ষ তাহলে আদালত শুনানী এবং পক্ষের বক্তব্য শুনে রায় বা আদেশ দিতেপারে।
বাংলাদেশের মুসলিম আইন অনুযায়ী তালাক প্রদানের পদ্ধতি 52
তালাক এর জন্য ফিস
ধারা ২২ এ বলা হয়েছে যে, যখন পারিবারিক আদালতে মোকাদ্দমা দায়ে করা হবে আদালত ফিস দিতে হবে ২৫টাকা।
আপিলকরারবিধান
পারিবারিক আদালতের এর রায়, আদেশ বা ডিক্রির বিরুদ্ধে ৩০ দিনের মধ্যে জেলা আদালতে আপিল দায়েরকরতে হবে। জেলা আদালতের আপিল চাইলে অতিরিক্ত জেলা আদালতের কাছে পাঠাতে পারে সিদ্ধান্ত, রায় বাআদেশ দেওয়ার
জন্য।
পারিবারিকআদালতেরায়হওয়ারপরকার্যক্রম
ধারা ২৩ অনুযায়ী বলা হয়েছে যে, আদালত এই অধ্যাদেশ এর বিধি মেনে রায় বা আদেশ দিয়ে সেখানেঅবশ্যাই, সে ডিক্রি সালিশি কাউন্সিল এর কাছে ৭ দিনের মধ্যে পাঠাবে রিসিপ্ট সহ এবং চেয়ারম্যান এমনভাবেপদক্ষেপ নিবে, যা তার কাছে তালাক হিসেবে এসেছে। চেয়ারম্যান ডিক্রি রিসিপ্ট পাওয়ার ৯০ দিনের পূর্ব পর্যন্ততালাক কার্যকারিতা হবে নাহ।
The Divorce Act, 1860 অনুযায়ীতালাকপ্রদানেরনিয়ম
এই আইনের ধারা ১০ অনুযায়ী, পুরুষ এবং স্ত্রী উভয়পক্ষ পিটিশন দায়ের করার মাধ্যেমে তালাক চাইতে পারে। পুরুষ ব্যভিচারের এর ভিত্তিতে জেলা আদালত বা উচ্চ আদালতে পিটিশন দায়ের করতে পারে। স্ত্রী তালারপিটিশন দায়ের করার কিছু ভিত্তি প্রয়োজনীয়ঃ
ব্যভিচার করে
ব্যভিচার করার মাধ্যেমে অন্য মহিলার সাথে বিবাহ আবদ্ধ হয়;
ধর্ষণ, যৌনতা পাশবিকতা;
যদি শুনানী করে আদালত মনে করে কোন যে, কোন রকম ব্যভিচারে এর প্রমান পাওয়া যায় নি, তাহলে আদালতপিটিশন টি খারিজ করে দিবে। খারিজ করলে সেই আদালতে রেভিউ এবং উচ্চ আদালতে রিভিশন দায়ের এরঅধিকার থেকে বঞ্চিত হবেন না। প্রমান পেলে উচ্চ আদালতের বিভাগ এর অনুমতি ব্যাতিত কোন আদেশ বারায় বা ডিক্রি প্রদান করিবেন না।
বাংলাদেশের মুসলিম আইন অনুযায়ী তালাক প্রদানের পদ্ধতি 53
যদি খারিজ উচ্চ আদালত বিভাগ করে, তাহলে এর বিপরীতে কোন নতুন পিটিশন দায়ের করা যাবে নাহ। উচ্চআদালত কোন নিসি ডিক্রি দিলে তা ৬ মাস শেষ না হওয়া পর্যন্ত কার্যকর হবে নাহ।
The Dissolution of Muslim Marriages Act, 1939 অনুযায়ীতালাকপ্রদানেরনিয়ম
যদি বিনা কারনে ৩ বছর যাবত প্রাসঙ্গিক চাহিদা পূরন করতে ব্যর্থ হয়;
যদি স্বামী বিয়ের সময় থেকে পুরুষত্বহীন থাকে এবং চলতেই থাকে;
যদি স্বামী ২ বছর ধরে পাগল বা উন্মাদ অবস্থায় থাকে;
মহিলার অভিবাবক বা অন্য অভিবাবক ১৮ বছরের পূর্বে জোরপূর্বক বিয়ে দেয়;
স্বামী অমানবিক আচরন করে এবং শারীরিক ও মানসিক নির্যাতন করে;
মহিলার অনুমতি ছাড়া সম্পত্তি নিষ্পত্তি করা এবং তাকে কোন আইনী অধিকার চর্চা করতে বাধা প্রদান;
যদি এক বা একাধিক স্ত্রী থাকে মুসলিম আইন অনুযায়ী সমান ভাবে তার সাথে আচরন করে নাহ;
অন্য কোন আইন ধারা বিধিবদ্ধ বিবাহ বিচ্ছেদ এর কোন কারন;
কোন ডিক্রি স্বামীকে নোটিশ না দিয়ে করা যাবে নাহ, যদি তিনি নিখোজ থাকে তাহলে তার বৈধ প্রতিনিধির কাছেনোটিশ জারি হবে
২ধারারঅধীনডিক্রিকখনবাতিলকরাহয়
ডিক্রি ৬ মাস অতিক্রম না করা পর্যন্ত কার্যকর হিসেবে গন্য করা হবে নাহ, এই সময়ে যদি স্বামী আদালতে উপস্থিতহয়ে জবানবন্দি দেয় যে, তিনি সকল ধরনের চাহিদা এবং দায়িত্ব পালন করবেন, তাহলে আদালত ডিক্রি খারিজকরে দিবে।
The Muslim Marriages and Divorces Registration Act, 1974 এরআইনঅনুযায়ীবিবাহবিচ্ছেদনিবন্ধনএরপ্রক্রিয়া
এই আইনের ধারা ৬ এ বলা হয়েছে যে, বিবাহ বিচ্ছদ এর নিবন্ধন এর জন্য মৌখিকভাবে আবেদন দাখিলেরমাধ্যেমে করতে হবে বিবাহ নিবন্ধক এর কাছে। যদি বিবাহ নিবন্ধক আবেদন গ্রহন না করলে, ৩০ দিনের মধ্যেআবেদন কারী রেজিস্ট্রার এর নিকট বিবাহ নিবন্ধন এর জন্য আবেদন করবেন, অগ্রাহ্য নিবন্ধন এর কপি সহ।
যেসবকাগজপত্রবিবাহবিচ্ছেদএরসময়প্রয়োজনীয়
বিবাহ নিবন্ধন এর কপি;
জাতীয় পরিচয় পত্র এর রঙ্গিন কপি;
যদি কোন বৈধ কারনের প্রমান থাকে;
স্বামী সাজাপ্রাপ্ত থাকলে বা অসুস্থ থাকলে সেই কারনে বিচ্ছেদ এর প্রমাণস্বরূপ;
আইনের নাম
তালাক প্রদানের পদ্ধতি
The Muslim Family Law Ordinance, 1961
– পুরুষ যদি স্ত্রীকে তালাক ঘোষনা করে, তাকে লিখিত নোটিশ ইউনিয়নের চেয়ারম্যানের কাছে এবং স্ত্রীকে দেওয়া হয়। 90 দিনের মধ্যে তালাক কার্যকর হবে না। – চেয়ারম্যান নোটিশ পেলে 30 দিনের মধ্যে সালিশি এবং পুনর্মিলনের জন্য সালিশি কাউন্সিল গঠন করবেন।
The Family Law Ordinance Act, 1985
– তালাক চাইলে অবশ্যই সহকারী জজের আরজি দাখিল করতে হবে, তা হলো 30 দিনের মধ্যে। – আরজিতে ঠিকানা, কারন, ফিস, কাগজপত্র এইসব বিষয় উল্লেখ থাকবে।
The Divorce Act, 1860
– পুরুষ এবং স্ত্রী উভয়পক্ষ পিটিশন দায়ের করে তালাক চাইতে পারে। – স্ত্রীর পিটিশনে কিছু ভিত্তি প্রয়োজন, যেমন ব্যভিচার, ধর্ষণ, যৌনতা পাশবিকতা, ইত্যাদি। – তালাক নিয়ে প্রাসঙ্গিক দলিল হলে আদালত তালাক দেওয়া বাতিল করতে পারে।
The Dissolution of Muslim Marriage Act, 1939
– মহিলা বিবাহ বিচ্ছেদ এর ডিক্রি অর্জন করতে পারে, তবে কিছু শর্ত আছে, যেমন ব্যভিচার, ভরনপোষন দেওয়ার অসমর্থ, ইত্যাদি। – ডিক্রি স্বামীকে নোটিশ না দিয়ে করা যাবে না, এই সময়ে নোটিশ জারি হবে। – ডিক্রি প্রদানের 6 মাস অতিক্রম না করলে কার্যকর হবে।
The Muslim Marriages and Divorces (Registration) Act, 1974
– বিবাহ বিচ্ছেদ এর এই আইনের ধারা ৬ এ বলা হয়েছে যে, বিবাহ বিচ্ছদ এর নিবন্ধন এর জন্য মৌখিকভাবে আবেদন করার পদ্ধতি |
বাংলাদেশের মুসলিম আইন অনুযায়ী তালাক প্রদানের পদ্ধতি 54
বাংলাদেশে আপনার বিবাহ বিচ্ছেদ বা বিবাহের বিষয়ে সাহায্যের জন্য TRW এর আইনজীবী দের নিয়োগ করুন:
বাংলাদেশে তাহমিদুর রহমান রিমুরা ওয়াহিদ আইনী প্রতিষ্ঠান বিবাহ এবং বিবাহ বিচ্ছেদের বিষয়ে আইনি পরামর্শ প্রদান করে:
ঢাকা, বাংলাদেশের মহাখালী ডিওএইচএস-এ TRW-এর ব্যারিস্টার, অ্যাডভোকেট এবং আইনজীবীদের বিয়ে, বিবাহবিচ্ছেদ এবং ভরণপোষণের বিষয়ে ব্যাপক অভিজ্ঞতা রয়েছে। নিয়মিতভাবে গার্হস্থ্য ক্লায়েন্টদের মধ্যে বিবাহ এবং বিবাহবিচ্ছেদ সংক্রান্ত বিভিন্ন সমস্যাগুলি পরিচালনা করার পাশাপাশি, এটির অনেক আন্তর্জাতিক ক্লায়েন্টকে তাদের আইনি সমস্যায় পরম যত্ন এবং মনোযোগ দিয়ে পরামর্শ এবং সহায়তা করার অভিজ্ঞতা রয়েছে। আমাদের সাথে যোগাযোগ করুন: