DFIM Circular No. 05: Late Submission of Statements by Financial Institutions

DFIM Circular No. 05 Date: 3 July, 2012 19 Asharh, 1419

To, The Chief Executive/Managing Directors, All Financial Institutions operating in Bangladesh.

Dear Sir,

Subject: Delay in submission of statements by Financial Institutions.

Reference is drawn to your attention to DFIM Circular No. 02 dated March 27, 2001, on the above subject.

It has been observed that some financial institutions are not regularly submitting the required statements within the prescribed time limits. To ensure the supervision activities of financial institutions, henceforth, if any requested statement is not submitted within the prescribed time in the prescribed manner, a penalty of 5,000 (Five Thousand) Taka per day of delay will be imposed on the financial institution under Section 42 of the Financial Institutions Act, 1993. If the prescribed time limit for submission of statements is exceeded by 7 (seven) days (including holidays), the concerned financial institution will be punished with the maximum fine specified in Section 42 of the said Act.

This circular is issued with effect from the date of issue, and DFIM Circular No. 02 dated March 27, 2001, shall be considered cancelled.

This directive is effective immediately.

Yours faithfully,

(Signature) (Md. Sohrawardy) General Manager Phone: 7120362

Dn: C.E.O. FMD C.E.O. FMD C.E.O. FMD Financial Institutions and Market Department Bangladesh Bank Head Office Dhaka.