Regulatory Alerts2009-01-08
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Bank of Zambia Circular 01/2009: Calendar for Submission of Prudential Returns, Quarterly Financial Statements, and Bank Charges for 2009
The Bank of Zambia issued Circular 01/2009 to establish the specific submission deadlines for Prudential Returns, Quarterly Financial Statements, and Bank Charges returns for the year 2009. The directive mandates that Prudential Returns be filed via the Risk Analysis Automation System while imposing strict daily penalties of K 500,000 for delayed or incorrect submissions. Additionally, a higher penalty of K 1,500,000 per day applies to Quarterly Financial Statements for failures to submit, obtain prior approval, or publish using incorrect formats.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
January 08, 2009
CB Circular No: 01/2009
To: All Commercial Banks and Non-Bank Financial Institutions
CALENDAR FOR SUBMISSION OF PRUDENTIAL RETURNS, QUARTERLY FINANCIAL STATEMENTS AND BANK CHARGES FOR PERSONAL CURRENT ACCOUNTS AND OTHER GENERAL SERVICES
Further to our Circulars No. 1/98 and 4/00 dated 21 January 1998 and 15 May 2000 respectively, Please be informed that the due dates for submission of Prudential Returns, Quarterly Financial Statements and the quarterly Bank Charges for Personal Current Accounts and Other General Services Return for 2009 are as follows:
PRUDENTIAL RETURNS
| Month | Due Date |
|---|---|
| January | 13 February 2009 |
| February | 17 March 2009 |
| March | 16 April 2009 |
| April | 15 May 2009 |
| May | 12 June 2009 |
| June | 16 July 2009 |
| July | 17 August 2009 |
| August | 14 September 2009 |
| September | 14 October 2009 |
| October | 13 November 2009 |
| November | 12 December 2009 |
| December | 15 January 2010 |
QUARTERLY FINANCIAL STATEMENTS
| Quarter | Due Date |
|---|---|
| 1st Quarter | 16 April 2009 |
| 2nd Quarter | 16 July 2009 |
| 3rd Quarter | 14 October 2009 |
| 4th Quarter | 15 January 2010 |
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: +260 -211- 226844 Fax: +260 -211- 2370701 E-mail: dkalyaly@boz.zm http://www.boz.zm
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### BANK CHARGES
| Quarter | Due Date |
|-------------|----------------|
| 1st Quarter | 16 April 2009 |
| 2nd Quarter | 16 July 2009 |
| 3rd Quarter | 14 October 2009|
| 4th Quarter | 15 January 2010|
The Prudential Returns should be submitted through the Risk Analysis Automation System (RAAS) of the Bank Supervision Application, while a soft copy of the Bank Charges return should be submitted to the Desk Officers with a copy sent to Mr Kambole Sikazwe, our Data Entry Officer at jksikazw@boz.zm. A penalty of K 500,000 per return per day will be charged for any delayed submissions or incorrect Prudential and Bank Charges returns.
In the case of Quarterly Financial Statements, a penalty of K 1,500,000 per day shall be incurred in any of the following circumstances; failure to submit the quarterly financial statements, failure to obtain Bank of Zambia approval prior to publication, the publication of financial statements using incorrect formats and the publication of incorrect information.
P.P. Denny H Kalyalya (Dr)
DEPUTY GOVERNOR – OPERATIONS
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Bank Square, Cairo Road, PO Box 30080, Lusaka, Zambia Tel:260-211-226844, Fax:260-211-237070, email dkalyaly@boz.zm
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