IPO for senior citizens
In these days of spiralling prices of almost everything, especially those of everyday consumption, like food, conveyance, rent, clothing, etc, it is the fixed income group who is suffering the most. In this category fall the retired senior citizens who are not able to work and whose savings are being constantly eroded by inflation, taxes etc.
The government has already recognized their plight and in each succeeding budget offered them an increasing allowance. But these are a few hundred taka only per person per month, available to just a few lakh people, which is a drop in the ocean. Many such people however, are respectable and dignified and do not go for this paltry dole, that involves buttering up many dubious characters with sweaty hands.
The government has further introduced since last year income tax concessions for those above 70 years of age. This is commendable, but not enough.
The Stock Market has been quite vibrant of late with many IPOs being floated, but such is the number of applicants that it is a very lucky person indeed who gets an allotment through the inevitable lottery. What I propose is that since there is a special quota for Non-Resident Bangladeshis (NRBs) in each IPO, there should be a special quota also for Resident Bangladeshi Senior Citizen (males 70 and women 60 and above). The only addition in the application form would be a small column for “Date of Birth” and a crossing with coloured ink on top to identify and separate Senior Citizen applications for allotment purposes. Excess applications could also be subject for lottery to make everything fair and square
My second suggestion is that interest/profit payable on each fixed deposit of maximum Tk. 5,00,000 of senior citizens, representing their modest savings, should be exempt from the 10% deduction now in vogue.
Will the government, SEC and Dhaka Stock Exchange kindly give favourable consideration to my suggestions as soon as possible?
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