The session, presided over by Deputy Speaker Fazle Rabbi Miah, started at 5pm on Wednesday.
Speaker Shirin Sharmin Chaudhury could not attend, as she is unwell.
Finance Minister AMA Muhith is scheduled to place the national budget for the 2016-17 financial year on Thursday.
Deputy Speaker Miah welcomed the MPs and urged them to make the budget discussion meaningful.
He named Professor Md Ali Ashraf, AB Tajul Islam, Waresat Hussain Belal, Fakhrul Imam, and Sanjida Khanam as the panel chairmen for the session.
Miah placed condolence motions over the recent deaths of state minister for social welfare Promode Mankin, former MPs Asfar Hossain Molla, Md Shahidul Islam, and Azizur Rahman and former Ganaparishad member AM Ahmed Khaleq.
The MPs also condoled the deaths of Nurjahan Begum, the Editor of the Indian subcontinent’s first women’s weekly magazine ‘Begum’, BUET vice-chancellor Khaleda Ekram, MP Abul Kalam Azad’s wife Anwara Azad, journalist Sadek Khan, the Bangbandhu’s acquaintance Akter Sarder and filmmaker Shahidul Islam Khokon.
Condolence motions for slain Rajshahi University Professor AFM Rezaul Karim Siddiquee, LGBT rights activist and USAID official Xulhaz Mannan and his theatre activist friend Mahbub Rabbi Tonoy were also placed.
The MPs prayed for the departed souls and observed a minute’s silence.
The Business Advisory Committee earlier decided to hold the session until July 28, with the Eid-ul-Fitr holidays from July 1 to 16.
The session will start at 10am everyday during the month of Ramadan.
The discussion on the budget will be for a total of 45 hours.
The Leader of Parliament, Prime Minister Sheikh Hasina, the Leader of the Opposition Raushon Ershad, Jatiya Party Chairman HM Ershad, Industries Minister Amir Hossain Amu, Law Minister Anisul Huq, MPs Sheikh Fazlul Karim Selim, Suranjit Sengupta, Abul Hasnat Abdullah, Moin Uddin Khan Badal, and Chief Whip ASM Feroz were present at the committee meeting.
Finance Minister AMA Muhith took part in the meeting on special invitation.
