B’desh Sanchayapatra
NBR nod must for investment of corporate gratuity fund
Bangladesh Bank has asked scheduled banks not to invest in the five-year Bangladesh Sanchayapatra the gratuity fund of corporate bodies without taking approval from tax commissioners in line with the government directives. The BB issued a circular to managing directors of all banks and executive directors and general managers of all branch offices of the central bank on December 11 saying that only the gratuity fund recognised by tax commissioners would be allowed to be invested in the five-year Bangladesh Sanchayapatra.
A BB official told New Age on Thursday that some corporate bodies had earlier invested their gratuity fund in the five-year Bangladesh Sanchayapatra through some foreign commercial banks without taking approval from tax commissioners violating rules and regulations.
The BB circular asked the banks to cash the Sanchayapatra for the unapproved gratuity fund immediately and not to give any profit or interest against the instruments.
The central bank also asked the banks to make list of the officials who were involved in the process and send the list to the central bank, the circular said.
-With New Age input
