English text of Bank Company Act-1991 in the offing

Over 22 years after the enactment of the Bank Company Act-1991, written in Bangla, the authorities have recently initiated to publish an English text of the act, facilitating all the stakeholders, especially the foreigners, to understand the law more clearly.
In absence of an authentic English text of the Bank Company Act, the foreign directors, shareholders, non-resident Bangladeshis (NRBs) and many other stakeholders have been facing problem in clearly understanding the act in Bangla version.
Publication of the English text will enable them, especially who are not fluent in Bangla, to read the act directly and thus facilitate to ensure more transparency and have a positive impact in the banking sector, officials said.
"Works of publishing an English text of the Bank Company Act-1991 is going on," Bangladesh Bank (BB) deputy governor Shitangshu Kumar Sur Chowdhury said.
However, he didn't specify the time when the English text can be available for the public.
"There are procedures of the works at different government offices," Mr Chowdhury told a programme recently.
When contacted, a country head of a foreign bank told the FE Wednesday, "It will certainly benefit the sector and its stakeholders especially who are foreigners. There will also be positive impact on foreign investment in the banking sector by publication of the act's English version."
"Now, we are to send relevant provision of the act to our foreign directors and other officials after its translation into English," he continued.
When, the authentic English text will be available, they can be able to directly read the law. It will help to ensure more transparency in the sector, he said.
Apart from the nine Foreign Commercial Banks (FCBs) operating in Bangladesh, the foreigners also went to the local banks with investment proposal. So, the move will also help the local banks notably, he added.
The Bank Company Act-1991 (Act No. 14 of 1991) was made effective from February 24, 1991. Before 1991, the bank companies were run under the Banking Companies Ordinance-1962.
After 1991, the Bank Company Act-1991 was amended so far seven times such as in 1993, 1995, 1997, 2001, 2003, 2007 and 2013.