MICR cheques on offset paper allowed for dividend warrants
Thursday, 22 April 2010
FE Report
The listed companies are allowed to issue the magnetic ink character recognition (MICR) cheques for refund warrants and dividend warrants on offset paper, instead of security paper.
The delegates of Bangladesh Bank (BB), the Securities and Exchange Commission (SEC), both the bourses and the Bangladesh Association of Publicly Listed Companies took the decision in a meeting at the SEC Wednesday.
The move came after a directive of the BB stipulating that it would not allow refund warrants and dividend warrants without MICR cheques through Dhaka Clearing House (DCH) after April 30.
"The BB said it would issue a circular to this effect so that the concerned banks help the listed companies in issuing the dividend and refund warrant cheques on offset paper," SEC member Yasin Ali said.
Earlier, the BB made MICR-cheques compulsory for the banks operating through DCH with effect from March last. But the time was later extended up to April 30, as most of the banks were not able to provide such cheques. At the same time, a maintenance fee of Tk 100 per general cheque was imposed.
The listed companies are allowed to issue the magnetic ink character recognition (MICR) cheques for refund warrants and dividend warrants on offset paper, instead of security paper.
The delegates of Bangladesh Bank (BB), the Securities and Exchange Commission (SEC), both the bourses and the Bangladesh Association of Publicly Listed Companies took the decision in a meeting at the SEC Wednesday.
The move came after a directive of the BB stipulating that it would not allow refund warrants and dividend warrants without MICR cheques through Dhaka Clearing House (DCH) after April 30.
"The BB said it would issue a circular to this effect so that the concerned banks help the listed companies in issuing the dividend and refund warrant cheques on offset paper," SEC member Yasin Ali said.
Earlier, the BB made MICR-cheques compulsory for the banks operating through DCH with effect from March last. But the time was later extended up to April 30, as most of the banks were not able to provide such cheques. At the same time, a maintenance fee of Tk 100 per general cheque was imposed.