BRPD Circular Letter No. 04: Exemption from compliance of section 7(3) of the Bank Company Act, 1991 (amended upto 2013)

Banking Regulation and Policy Department Bangladesh Bank Head Office Dhaka. BRPD Circular Letter No. 04

February 20, 2014 Date: ----------------- 07 Falgun 1420

To, Chief Executive Officer All Scheduled Banks registered in Bangladesh.

Dear Sir,

Regarding the exemption from compliance of section 7(3) of the Bank Company Act, 1991 (amended up to 2013).

In this regard, a copy of the Notification No. BRPD (R-1)717/2014-1018 issued by Bangladesh Bank on February 19, 2014, is enclosed herewith for your information and necessary action.

Yours faithfully,

(Saiful Islam) Deputy General Manager Phone: 9530155

Banking Regulation and Policy Department Bangladesh Bank Head Office Dhaka. Notification

February 19, 2014 No. BRPD (R-1)717/2014-1018 Date: ------------------- 07 Falgun, 1420

In exercise of the powers conferred by section 121 of the Bank Company Act, 1991 (Act No. 14 of 1991), all scheduled banks registered in Bangladesh are hereby granted an exemption for a period of five years from compliance with subsection (3) of section 7 of the Bank Company Act in the provision of 'security custodial services'. This exemption shall be deemed to have come into effect from July 22, 2013.