Banking (Significant Interest Fees) Regulations 2023

Name/Imac01/Govt Notices/2023/XXXXX - xx.xx.2023 - 1st Proof 1038 Government Notices 2023 By Authority: Government Printing Department, La Tour Koenig 112/12/2023 – 952 Government Notice No. 185 of 2023 THE BANKING ACT Regulations made by the Minister under section 101(2)(a) of the Banking Act

1. These regulations may be cited as the Banking (Significant
   Interest Fees) Regulations 2023.
2. In these regulations –
   “Act” means the Banking Act;
   “applicable fee” means the applicable fee specified in the
   Schedule.
3. Any person proposing to acquire significant interest in a financial
   institution under section 31 of the Act shall pay the applicable fee to the central bank.
4. The central bank shall not process the proposal under regulation 3
   unless the applicable fee is paid.
   Made by the Minister on 21 December 2023.
   SCHEDULE
   [Regulation 2]
   APPLICABLE FEES
   Financial institution Fee
   (Rs)
5. Bank 1,000,000
6. Non-bank deposit taking institution 500,000
7. Foreign exchange dealer 200,000
8. Money-changer 100,000

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