Savings certificate: BB to check unauthorised investment

Bangladesh Bank (BB) has taken an initiative to check unauthorised investment in the 5-year Bangladesh Savings Certificate, reports BSS.

The central bank last week asked all of its executive directors and general managers and managing directors and the chief executives of all commercial banks to prepare a list of the people who invested money from the gratuity fund in the 5-year Bangladesh Savings Certificate.

BB also directed its high officials and the top executives of the commercial banks to send the list to its Debt Management Department.

The BB in the directive further advised the bankers concerned to en-cash the saving certificates involving investment from the gratuity fund and suggested that the investment would not be entitled any interest.

Under the Sanchayapatra Rules, 1977 (First Amendment 2002), investing in 5-year Bangladesh Savings Certificate from gratuity fund is not legal unless those funds have approval from tax commissioner.