Mahbub Uddin Khokon proposes to scrap 500 and 1000 taka notes

Government party MP Barrister AM Mahbub Uddin Khokon has demanded the scrapping of 1000 and 500 taka notes in the National Parliament. He has made this proposal with the aim of bringing back the undisclosed money deposited by the corrupt during the previous Awami League government to the banking system, preventing money laundering and closing the source of black money.
Mahbub Uddin Khokon also mentioned in the Parliament that ‘money goes where it feels safe’. At the same time, he also called for reducing the number of banks, citing that there are more banks than required in the country. He made these comments while participating in the general discussion on the proposed budget for the 2026-27 fiscal year on the 17th day of the second and first budget sessions of the 13th National Parliament, today, Sunday (June 28).
Mahbub Uddin Khokon said that many people are depositing cash at home instead of keeping money in banks. Those who have fled the country have also left behind a huge amount of cash. In this situation, if the order is given to deposit 1000 and 500 taka notes within one to two months, the money will return to the banking system.
Khokon said that those who do not have the opportunity to show the legal source of the money can legalize their money by paying a certain rate—20 to 25 percent—tax. This will return a huge amount of money to the banks, increase investment and increase the flow of money into the economy.
He said that currently there are many more banks in Bangladesh than necessary. This culture of ‘If you are an MP, you need a bank, if you are a leader, you need a leasing company’ must be stopped. There is no need for so many banks. Weak banks survive on the people’s money,’ he said. Therefore, this MP called for reducing the number of banks and making the banking sector more effective. Raising the issue of money laundering, Mahbub Uddin Khokon said that although there has been repeated talk of bringing back the money laundered since independence, in reality none of the money has returned to the country. According to him, money goes to where it is considered safe. Therefore, it is not enough to just try to recover the laundered money, but a financial and legal environment must be created that creates confidence in people to keep money in the country.
He said that the current budget has been formulated in a difficult economic situation. The budget includes social security programs, family cards, farmer cards and youth training and employment initiatives. However, he also commented that employment generation needs to be given utmost importance to improve the law and order situation.