Senior Correspondent, bdnews24.com
Published: 2013-08-19 14:26:51.0 BdST Updated: 2013-08-20 01:09:43.0 BdST
The Cabinet has cleared the draft of Multi-Level Marketing Control Act-2013 that provides for up-to ten years in jail for running a business without licence.
“For the time being, it will be implemented as an ordinance since the Parliament is not in session now,” he told reporters after the meeting.
This act makes it obligatory for MLM companies to get a license before it starts business.
The validity of that licence will last for one year, and it is renewable, said Hossain.
He added a provision for a prison sentence has been kept in addition to cancellation of license for any violations of the guidelines or the law.
He said those doing MLM business need to obtain the license within 90 days from the issuance of the ordinance.
A minimum of five years and maximum of ten years in jail and a fine up to Tk 5 million have been proposed for anyone found doing MLM activity without license.
The Secretary further informed that if any Company violates the law, the government would have the rights to take over the institution through a gazette notification and would appoint an administrator.