Regulatory Alerts2012-07-16
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BRPD Circular Letter No. 05: Avoidance of High Expense for Luxurious Vehicles and Decoration
The Banking Regulation and Policy Department of Bangladesh Bank replaces previous instructions regarding the purchase of bank-owned vehicles by prohibiting the acquisition of motor cars costing more than 35.00 lakh Taka and jeeps costing more than 50.00 lakh Taka. An exception is granted for purchasing jeeps from the state-owned enterprise M/s Progress Industries Ltd, allowing purchases up to a value of 85.00 lakh Taka. This directive supersedes Circular Letter No. 08 dated December 06, 2009, and is effective immediately for all banks and specialized banks operating in Bangladesh.
Banking Regulation and Policy Department Bangladesh Bank Head Office Dhaka.
BRPD Circular Letter No. -05 Date: 16 July 2012 01 Sraban 1419
Chairman, Board of Directors / Chief Executive All Banks and Specialized Banks operating in Bangladesh.
Dear Sir,
Avoidance of High Expense for Luxurious Vehicles and Decoration.
Reference is drawn to your attention to BRPD Circular Letter No.-17 dated 17 August 2003 on the subject cited above. In order to rationalize the ceiling on the purchase price of jeeps owned by banks as mentioned in paragraph 'a' of the said circular, the instruction mentioned in paragraph 'a' is hereby replaced as follows:
"a) Banks shall not purchase motor cars costing more than 35.00 lakh Taka or jeeps costing more than 50.00 lakh Taka. However, in the case of purchasing jeeps from the state-owned enterprise M/s Progress Industries Ltd, jeeps with a value up to 85.00 lakh Taka may be purchased."
BRPD Circular Letter No.-08 dated 06 December 2009 issued earlier is hereby cancelled in this regard.
This instruction shall be effective immediately.
Kindly acknowledge receipt.
Yours faithfully,
(K.M. Abdul Wadud) General Manager Phone: 7117825.
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