Investors of black money will not be allowed to withdraw the invested funds from the stockmarket in two years, according to the National Board of Revenue (NBR).
The tax administration has prepared a draft statutory regulatory order (SRO) to this effect which may be issued this week after it is vetted by the law ministry.
The government took the decision of allowing investment of black money in the share market prior to the passage of the budget.
Finance Minister AMA Muhith has announced the offer in parliament.
The opportunity will be given for one year -- from July 1 to June 30 next year. A string of conditions will be tagged to the amnesty, the official said.
Criticisms have been stiff since the opportunity of investing black money in the stockmarket was announced. Economists said the scope would again inflate the market artificially. Black money holders would invest in the market and leave it after whitening the money, they said.
The official said they will monitor if anybody was withdrawing the invested black money before the timeframe. Higher tax including fine will be realised from such investors, he said.
Another condition bars a person accused of tax evasion from taking the opportunity.
If the NBR already reveals information of tax evasion by any black money holder, he/she will not be allowed to invest in the share market.
In his budget speech on June 9, Muhith initially proposed scope for legalising undisclosed money through investment in treasury bonds and infrastructure fund, but not in the stockmarket.
On allowing undisclosed money for buying stocks, the finance minister on June 28 said, though giving the scope in the share market is not ethically right, the government is allowing it considering demands from different quarters.
The minister said a huge informal economy has developed in the country, which could be 42 percent to 82 percent of gross domestic product.
According to a finance ministry report, the scope to whiten undisclosed money was given on eleven occasions in the last four decades, and from this the government got only Tk 1,400 crore in taxes.
The report said only Tk 18,000 crore was whitened through these opportunities.
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