Regulatory Alerts2015-11-18
Added · Updated
DFIM Circular No. 12: Avoidance of high expenses for luxurious vehicles and decoration of Financial Institutions
Financial Institutions operating in Bangladesh are prohibited from purchasing motor cars costing more than BDT 5.00 million or jeeps costing more than BDT 10.00 million from their own sources. New branches must not exceed 5,000 square feet of floor space, and interior decoration expenses for new or transferred branches are capped at BDT 1,500 per square foot. Vehicle maintenance and usage expenses must be reported to the board of directors and annual general meetings on a half-yearly basis, and all vehicles must be replaceable after at least five years of usage. This circular, issued under section 18(chha) of the Financial Institutions Act, 1993, takes effect immediately and voids previous circulars dated August 27, 2003, and April 20, 2010.
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