The Bangladesh Government must tighten regulatory control on the e-commerce industry. To know why it is important now, you may go through the article.
Currently, e-commerce has been very popular all around the world. Over the years, Bangladesh has been familiar with this new way of shopping that is online shopping. The selling groups are taking various tricks to attract the buying group, and it seems to be a race for them. And so as a result, there are a lot of ways to be deceived in buying goods. But there are not any established laws to control the e-commerce industry. This steady and emerging industry should be brought under regulation by the Bangladesh government. The issue of this article is why the government should tighten regulatory control in this sector.
7 Reasons Why It Has Become Necessary For Bangladesh Government To Strengthen The Regulatory Control On The E-Commerce Industry!
The number of consumers who have been cheated has been a matter of concern these days. Consumers are not getting their rights, and this is the responsibility of the Bangladesh Government to make sure its citizens are not cheated or harassed. Like other developed countries, Bangladesh has not developed any act or formed any regulatory body yet. There are specific reasons why the government should think about having a regulatory body immediately for the e-commerce industry:
- It Acts As A Safeguard
The e-commerce industry is an entirely new platform for the buyers of this country. E-commerce sites can befool them easily anytime with false advertisements. To protect its citizens from being cheated, the Bangladesh Government should take some regulatory action against this industry. This law will acts as a safeguard for the buyer group of this country.
- To Collect Government’s Taxes
The government of Bangladesh is not getting due taxes from this purchasing and selling. Products are often being shipped for export or import without being held under any taxation. It is a loss for the government. If there will be established laws regarding the tax collection, the e-commerce industry must pay its due taxes to the government. This way, this sector will be profitable for the Bangladesh government.
- To Ensure Consumers’ Rights
The government has to ensure consumers’ rights to its citizens. It should not let its citizens be victims, and without established lows, it is not possible. So, to secure consumers’ rights, it needs to tighten regulatory control on e-commerce.
- For Price Control
In the case of e-commerce in Bangladesh, there is no direct monitoring board yet, and as a result, there is no consistency in the price of the e-commerce companies’ products. To control the prices of the products, the government puts the markets under monitory. Only a strict regulatory control body can keep the products’ prices in control.
- To Avoid The Risk Of Black Market
There is a risk of emerging a black market underneath the Bangladesh government’s very nose without even being noticed. If the government does not know what kind of purchasing is going on, how they are done, and is this legal or illegal, law and order may fail. To avoid this risk, a regulatory commission is a must.
- To Secure Employment In This Sector
In Bangladesh, a significant number of people are engaged in this sector. This sector has provided employment opportunities for many in the country. As a result, the number of unemployed in Bangladesh has decreased to a great extent. So there is no doubt that this sector should be in focus so that the employment attached to e-commerce can stay fine.
- For The Advancement Of The Country
Now that the sector has a promising future in Bangladesh, the government should emphasize helping this move further. The government can nurse it and help it grow big. Both directly and indirectly, the country is going to be benefited. There should be some regulatory act to secure and enhance the prosperity of the e-commerce industry in Bangladesh.
The E-commerce industry in Bangladesh has a potential future. It is getting popular with people having a significant impact on society and the country’s economy by creating careers every day. It boosts the development of the country. So, to secure its bright future, this must be brought under control and care. For this, the Bangladesh government needs to establish and tighten regulatory commission in this sector. The government should monitor this with a strict hand to ensure a secure and reliable commercial place. A good and user-friendly regulatory control can be the best and only solution to this.
- How much effort did the Bangladesh government give for the development of the e-commerce industry in Bangladesh?
Ans: Bangladesh’s government merely permits the e-commerce sector to start their services across the country, but it does not establish any law to overlook this sector.