Dhaka, April 23 -- The National Board of Revenue (NBR) has taken steps to tighten the bond law in a bid to curb its misuse, which has been adversely impacting the country's revenue collection and economy.

"The amendment of the law has been initiated to prevent the misuse of bond facilities in a significant way," a senior NBR official told UNB, speaking on condition he can't be named.

He noted that the revenue authority is planning to impose stricter penalties, including higher fines and increased jail terms, for violations of bond facility regulations.

"The monetary fines will be increased, and the maximum jail term will be raised from the existing three years to five years," the official said, adding that other related penalties will ...