We will cancel the land price system and market will determine it: Muhith
The government has decided to remove the existing land pricing system as it makes black money in the economy.
At a pre-budget discussion with the Economic Reporters Forum, finance minister Abul Maal Abdul Muhith on Saturday said that there should be no land price in the country.
There are various reasons for laundering money from the country and existing land price system is one of the major reasons, he said.
‘We will cancel the land price system and market will determine it,’ he said.
Currently, land ministry fixes the mauza-based price of land in regular basis.
But the actual price of land is much higher, Muhith said.
Such difference between market price and government-set price makes black money, he said adding that land sellers cannot use the money in the country. So they launder the amount, he said.