BANGLADESH NEWS
The cabinet on Monday approved the draft of Cooperative Societies (Amendment) Act, 2012 with a provision stating that no co-operative society can carry out banking activity without permission of Bangladesh Bank.
The amendment bars any cooperative society from receiving deposits from any person who is not a member of it.
According to the amendment, a person to face a maximum penalty of seven years and a fine of Tk 10 lakh for breaching the act.
The approval came after the alleged scam of the Destiny group and other multi-level marketing companies' illegal activities.
The weekly cabinet meeting was held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Cabinet Secretary M Mosharraf Hossain Bhuiyan told this before the reporters after the meeting.
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