Regulatory Alerts2006-01-01
Bank of Zambia Prudential Returns and Bank Charges Submission Calendar 2006
The Bank of Zambia has issued a 2006 submission calendar mandating commercial banks and non-bank financial institutions to file monthly prudential returns and quarterly bank charges for personal current accounts. All filings must be submitted via the Risk Analysis Automation System by designated monthly and quarterly deadlines, with a K 100,000 daily penalty enforced for late or inaccurate submissions. The quarterly charge reporting framework takes effect on January 1, 2006, following a transitional December 31, 2005 reporting window.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
January 06, 2006
CB Circular No : 01/2006
To : All Commercial Banks and Non-Bank Financial Institutions
CALENDAR FOR SUBMISSION OF PRUDENTIAL RETURNS AND BANK CHARGES
FOR PERSONAL CURRENT ACCOUNTS AND OTHER GENERAL SERVICES
Further to our Circular No. 1/98 dated 21 January 1998, please be informed that the due dates for submission of Prudential Returns for 2006 are as follows: -
| Month | Due Date |
|-------------|------------------|
| January | 14 February 2006 |
| February | 15 March 2006 |
| March | 18 April 2006 |
| April | 15 May 2006 |
| May | 14 June 2006 |
| June | 18 July 2006 |
| July | 15 August 2006 |
| August | 14 September 2006|
| September | 13 October 2006 |
| October | 14 November 2006 |
| November | 14 December 2006 |
| December | 15 January 2007 |
The Prudential Returns should be submitted through the Risk Analysis Automation System of the Bank Supervision Application. A penalty of K 100,000 per return per day will be charged for any delayed submissions or incorrect returns.
Commercial Banks are also hereby informed that the submission and publication of Bank charges for personal current accounts and other general services will be done on a quarterly basis with effect from 1st January 2006. The submission dates for the respective quarters will be as follows:
| Quarter | Due Date |
|---------------|------------------|
| 1st Quarter | 18th April 2006 |
| 2nd Quarter | 18th July 2006 |
| 3rd Quarter | 13th October 2006|
| 4th Quarter | 15th January 2007|
However, the submission date for the schedules as at 31 December 2005 is 16 January 2006.
A penalty of K 100,000 per return per day will be charged for any delayed submissions as is the case with the Prudential Returns.
Denny H Kalyalya (Dr)
DEPUTY GOVERNOR – OPERATIONS
Cc: Governor
Bank Square, Cairo Road P. O. Box 30080, Lusaka, Zambia Tel: +260 -1-226844 Fax: +260-1-237070 Email: dkalyaly@boz.zm Web: http://www.boz.zm/
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