Bangladesh Bank Order GENERAL । Bangladesh Bank Order,1972 

Bangladesh Bank Order GENERAL । Bangladesh Bank Order,1972

Bangladesh Bank Order GENERAL । Bangladesh Bank Order,1972

Bangladesh Bank Order GENERAL। CHAPTER VI । Bangladesh Bank Order,1972 

59. Securities of the value of Taka three crores may be allocated for the purpose by the Government and shall be held by the Bank as the Reserve Fund.

60. (1) The Bank may establish and maintain a Fund to be called the Rural Credit Fund to which shall be credited-

(a) an initial sum of Taka 50 lakhs to be subscribed by the Government; and

(b) appropriations of such amount from the surplus profits of the Bank as may be determined by the Bank in consultation with the Govemment.

(2) ” The Rural Credit Fund may be applied by the Bank to the following objects, namely:-

(a) the making of medium-term loans and advances to co-operative banks, repeyable on the expiry of a fixed period, not exceeding five years from the date of the making thereof.

against such security as the Bank may, from time to time, specify in this behalf;

(b) the making of medium-term and long-term loans and advances to rural credit agencies created or established by or under any law for the time being in force including scheduled banks on such terms and conditions as the Bank may from time to time specity in this behalf;

(c) where the Bank is satisfied that any co-operative bank or any bank to which a loan or advance as is referred to in clause (4) of Article 16 has been made is unable to repay the same in time, the converting of such loan or advance, into a medium-term loan or advance, as the case may be, in accordance with the provisions of sub-clause (a);

(d) the making of short-term and medium-term loans and advances to scheduled banks against their loans and advances to co-operative societies or farmers or dealers supplying seed, machinery, fertilizer and other requisites of agriculture to farmers on credit Provided that such credit is granted on such terms and conditions as to security and otherwise as may be laid down by the Bank; and

(e) The financing of a system of guarantees in accordance with rules to be made by the Bank to cover a portion of the bona fide loss that a scheduled bank is proved to the satisfaction of the Bank to have incurred in any transaction of loan or advance made under sub-clause (d).

61. The Bank may establish and maintain a fund to be called “Agricultural Credit Stabilisation Fund” to which shall be credited:-

(a) an initial sum of Taka 25 lakhs to be subscribed by the Government and

(b) appropriation of such amount from the surplus profits or the Bank as may be determined by the Bank in consultation with the Goverment

(c) the amount in the said Fund shall be applied by the Bank only to the making of loans and advances to apex co-operative bank repayable on the expiry of a fixed period of not less than fifteen months and not exceeding five years from the date of making such loan or advance and on such terms and conditions as may be specified in this behalf by the Bank

Bangladesh Bank Order GENERAL। CHAPTER VI । Bangladesh Bank Order,1972 

Provided that no such loans or advances shall be made-

(i) except for the purpose of enabling the apex co-operative bank to pay any dues in respect of bills of exchange and promissory notes, purchased or rediscounted by the Bank under sub-clause (1) of clause (2) of Article 16 or loans and advances made to it by the Bank under clause (6) or Article 16 and unless, in the opinion of the Bank the apex co-operative bank is unable to pay such dues in time due to drought, famine or natural calamities; and

(ii) unless such loans and advances are fully guaranteed as to the repayment of the principal and payment of interest by the Government The Bank may establish and maintain a Fund to be called the Industrial Credit Fund to which

62 (1) The Bank may establish and maintain a fund to be called the Industrial credit Fund to which shall be credited

(a) an initial sum of Taka one crore to be subscribed by the Government, and

(b) appropriations of such amount form the surplus profits of the Bank as may be determined by the Bank in consultation with the Government.

(2) The Industrial Credit Fund shall be applied by the Bank to the following objects, namely

(a) the making of medium-term and long-term loans and advances to co-operative banks and such institutions as the Bank may deem fit repayable on the expiry of a fixed period, not exceeding five years from the date of the making thereof, against such security as the Bank may, from time to time, proscribe in this behalf

(b) the making of medium-term and long-term loans and advances to industrial credit agencies created or established by or under any law for the time being in force of such terms and conditions as the Bank may, from time to time, prescribe in this behalf

(c) where the Bank is satisfied that any institution to which a loan or advance as referred to in clause (4) or Article 16 has been made is unable to repay the same in time, the converting of such loan and advance into a medium-term loan or advance, as the case may be, in according with the provisions of sub-clause (a) and

(d) the financing of a system of guarantees in accordance with rules to be made by the Bank to cover a portion of any bona fide loss that a scheduled bank is proved to the satisfaction of the Bank to have incurred in any transaction of medium-term loan to a party seeking to establish an industrial project of small or medium size.

63. (1) The Bank may establish and maintain a Fund to be called the Export Credit Fund to which shall be credited-

(a) an initial sum of Taka one crore to be subscribed by the Government, and

(b) appropriations of such amount from the surplus profits or the Bank as may be determined by the Bank in consultation with the Govemment.

(2) The export Credit Fund shall be applied by the Bank to the following objects, namely

(a) the making of medium-term and long-term loans and advances to scheduled banks and other credit institutions created or established by or under any law for the time being force, as refinance against their medium-term and long-term loans and advances given for financing exports from Bangladesh, on shch terms and conditions as to security and otherwise as the Dank may, from time to time, lay down in this behalf

(b) the making of loans and advances, directly or through scheduled banks or other credit institutions created or established by or under any law for the time being in force, to private or Government sponsored institutions in foreign countries, for the purpose or enabling them to import goods from Bangladesh, on such terms and conditions as the Bank may, from time to time, lay down in this behalf.

64. After making provision for bad and doubtful debts, depreciation in assets, contributions to staff superannuation fund and for all other matter for which provision is to be made be or under the Order or which are usually provided for by bankers, the balance of the profits shall be paid to the Government

65. (1) Not less then tow Auditors shall be appointed and their remuneration fixed by the Government

(2) The Auditors shall hold office for such term not exceeding one year as the Government may fix while appointing them, and shall be eligible for re-appointment.

Bangladesh Bank Order GENERAL। CHAPTER VI । Bangladesh Bank Order,1972 

66. Without prejudice to anything contained in Article 65 the Goverment may at any time appoint the Comptroller and Auditor-General or such Auditors as it deems fit to examine and report upon the accounts or the Bank

67.  (1) Every Auditor shall be supplied with a copy of the annual balance sheet and it shall be his duty to examine the same together with the accounts and vouchers relating thereto; and every auditor shall have a list delivered to him of all books kept by the Bank, and shall at all reasonable time have access to books, accounts and other documents of the Bank, and may, at the expense of the Bank, if appointed under Article 65 or at the expense or the Government if appointed under Article 66, employ Accountants or other persons to assist him in investigating such accounts and may, in relation to such accounts, examine any Director or Officer of the Bank.

(2) The Auditors shall make a report to the Govemment upon the annual balance sheet and accounts, and in every such report they shall state whether in their opinion the balance sheet is a full and fair balance sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the state of affairs of the Bank, and, in case they have called for any explanation or information from the Board, whether it has been given and whether it is satisfactory 68. The Bank shall have a special Agricultural Credit Department the function of which shall be

(a) to maintain an expert staff to study all questions of agricultural credit and be available for consultation by the Govemment, apex co-operative bank and other banking organisation and

(b) to co-ordinate the operations of the Bank in connection with agricultural credit and its relations with the apex co-operative bank and any other organisation engaged in the business of agricultural credit.

69. The research Department and the Statistics Department of the Bank shall have the power, subject to right and provisions guaranteed under other laws, to request from any natural or juridical person, as well as the Government, any data or information necessary for the proper execution of its duties

70. Unless otherwise directed by the Government with reference to any place, the Bank shall appoint the Sonall Bank as its agent at all places in Bangladesh where it does not have an office or branch of the Banking Department and there is a branch of the Sonali Bank.

71. (1) For the purposes of section 124 or the Evidence Act, 1872, the provisions of Part IV of the Code of Civil Procedure, 1908, and the provisions of the rule 27 of Order V and rule 52 of Order XXI of the said Code, the Bank and any Officer of the Bank acting in his capacity as such shall be deemed to be a public officer.

(2) The provisions of Section 123 or Evidence Act shall apply to the unpublished records relating to the affairs of the Bank and the Government shall be deemed to be the officer or head of the department concerned.

(3) Every Officer of the Bank shall be deemed to be a public servant within the meaning of section 21 of the Penal Code (Act XLV of 1860).

72. Notwithstanding anything contained in any law for the time being in force Provident Fund of pension granted be the Bank to its employees shall not be liable to seizure, attachment or sequestration by process of any Court in Bangladesh at the instance of a creditor, for any demand against the pensioner or in satisfaction of a decree or order of any such Court.

73. The Bank shall not be liable to the payment of any Stamp Duty under the Stamp Act, 1899.

74. The shall not be liable to the payment of Customs Duty on gold, silver, coins, currency notes. security papers, and any other goods that may be specified by the Government.

75. Notwithstanding anything contained in the Income-tax Act, 1922, or the Business Profits Tax Act. 1947 or any other law for the time being in force relating to income-tax, super-tax or business profits tax, the Bank shall not be liable to pay any income-tax, super-tax or business profits-tax on any of its income, profits or gains.

76. The Bank shall not be placed in liquidation save by order of the Government and in such manner and on such terms and conditions as it may direct.

77. (1) If in the opinion of the Goverment, the Bank fails to carry out any of the obligations are the it by or under this Order the Government may by notification in the Official Gazette declare the Board to be superseded, and thereaftes, the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the Government may determine and such agency may exercise the power and do ass acts and things which may be exercised or done by the Board under this Order.

(2) When action is taken under clause (1) the Government shall cause a full report of the circumstances leading to such action and of the action taken to be laid before the Legislature at the earliest possible opportunity and in any case within three weeks of the re-assembly therect after the issue of the notification superseding the Board.

Bangladesh Bank Order GENERAL। CHAPTER VI । Bangladesh Bank Order,1972 

78. (1) Except in the performance of his duties under this Order every employee of the Bank shall preserve and aid in preserving secrecy with regard to all matters relating to the affairs or the Bank not published by it, and with regard to all matters relating to the financial or monetary affairs of any institution, person, body of persons, any Govemment or authority whether in Bangladesh or outside that may come to his knowledge in the performance of his duties.

(2) Every such employee who communicates any such matter, except when required by law to do so in the discharge of his duty as such shall be guilty of an offence and shall on conviction by a court of competent jurisdiction be punished with imprisonment of either description for a term which may extend to six months or with fine which may extend to Taka five hundred or with both.

(3) No court shall take cognizance of any offence punishable under this Article except upon complaint in writing by a person authorised in this behalf by the Governor.

79. (1) The Governor may, by general or special order, delegate to a Deputy Governor, subject to such conditions and limitations, if any, as may be specified in the Order. such of the powers and functions exercisable by him under this Order or under any other law for the time being if force as he may deem necessary for the efficient administration of the functions of the Bank.

(2) The fact that a Deputy Governor exercises any power or does any act or thing in pursuance of this Order shall be conclusive proof of his authority to do so..

80. (1) The Bank may, notwithstanding anything contained in any law for the time being in force or any contract, depute any member of its staff for such period as it may deem fit to the Goverment or any institution and thereupon the person so deputed shall, during the period of his deputation, render such service to the Goverment or institution as it may require.

(2) Nothing contained in this Article shall empower the Bank to depute any member of its staff to the Goverment or any institution on any salary, emoluments or other terms and conditions which is or are less favourable to him than that or those to which he is entitled immediately before such deputation.

81. Whenever the Bank anticipates economic disturbances that are likely to threaten domestic monetary stability in Bangladesh or whenever abnormal movements in the money supply or in the price level are endangering such stability, it shall be the duty of the Bank

(a) to adopt such policies, and to cause such remedial measures to be taken, as are appropriate in the circumstances and authorised by the Order and

(b) to submit to the Government a detailed report which shall include as a minimum, and analysis or-

(i)the causes of the anticipated economic disturbances or, of the actual abnormal movements or the money supply or the price level

(ii) the probable effects or such disturbances or movements on the level or production. employment and real income in Bangladesh and

(iii) the measures which the Bank has already taken, and the further monetary, fiscal, or measures which it proposes to take or recommends for adoption by the government.

Bangladesh Bank Order GENERAL। CHAPTER VI । Bangladesh Bank Order,1972 

82. (1) Subject to the approval of the Government the Board may make regulations consistent with this Order to provide for all matters for which provision is necessary or convenient for the purpose of giving effect to the provisions of this order:

Provided that in the event of non-existence of Board, the Governor may with the approval of the Goverment make regulations for the purpose of giving effect to the provisions of this Order and generally for carrying out the purposes of this Order.

(2) In particular and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely

(a) the manner in which meetings of the Doard shall be transacted and the procedure to be followed at meetings thereof

(b) the conduct of the business of the Executive Committeo

(c) the delegation of powers and functions of the Board, the Governor. Deputy Governor Directors, or officers of the Bank.

(d) the formation of committees of the Board, their supervision by the Board and the conduct of business in such committees

(e) recruitment of employees of the Bank including the terms and conditions of their service. constitution of superannuation, beneficial and other funds, with or without Bank’s contribution, for the employees of the Bank, their welfare, providing amenities, medical facilities, grant of loans and advances, their betterment and uplift

(f) the manner and form in which contracts binding on the Bank may be executed

(g) the provision of an official seal of the Bank and the manner and effects of its use

(h) the manner and forms in which the balance sheet of the Bank shall be drawn up, and in which the accounts shall be maintained

(i) the remuneration of Directors

(j)the relations of the scheduled banks with the Bank and the returns to be submitted by the scheduled banks to the Bank.

(k) the regulations of clearing houses for the scheduled banks

(l)the circumstances in which, and the conditions and limitation subject to which, the value any lost, stolen mutilated or imperfect Bank Note may be refunded as of grace

(m) the denomination, form, issue, negotiability, encashment and repatriation of the instruments of mentioned in clause (8) of Article 16

(n) generally, for making any provision necessary or convenient for the efficient conduct of the business, discharge of functions and for purposes of management of the Bank.

(3) Copies of all regulations made under this Article shall be available to the public on payment.

83. In all laws mentioned in this Order and in all other existing laws including the Banking Companies Ordinance, 1962, the Negotiable Instruments Act, 1881, the Trust Act. 1882, the Companies Act. 1913, the Foreign Exchange Regulation Act, 1947. the Banker’s Books Evidence Act, 1891, and all rules, regulation, bye-laws, notifications, Orders and instruments, references to State Bank of Pakistan shall unless the contest otherwise requires, be construed as reference to “Bangladesh Bank”

84. (1) The state Bank Act, 1956 (Act XXXIII of 1956) and the Bangladesh Bank (Temporary) Order, 1971 (A.P.O. No. 2 of 1971) are hereby repealed.

(2) Any rules or regulations made, order passed, notification issued, thing done, action taken or proceedings commenced under any of the provisions of the State Bank Act, 1956 (Act XXXIII of 1956), the Bangladesh Bank (Temporary) Order, 1971 (A.P.O. No. 2 of 1971) or deemed to have been so made, passed, issued, done, taken, or as the case may be, passed, issued, done. taken or commenced under the corresponding provision of this Order.

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