Bangladesh Bank has asked the commercial banks to abide by the amended Bank Company Law 2013.

A notice was sent to the directors of the Banks on Monday by the Policy and Rules Department of the bank.

The notice said that the Bank Company Law 1999 has been changed to Bank Company Law 2013 which has already been published in the supplementary edition of the Gazette, banglanews24 reports.

For now on, the commercial banks have to abide by the clauses mentioned in the amended law. The central bank has also ordered the commercial banks to resent this law at the next meeting of the Executive Committee.

The amended Bank Company Law was passed on July 14, 2013 with the clause restricting investment of commercial banks in the capital market by not more than 25 percent of their capital and reserve.

The change has also augmented the power of the central bank and set the fine for violating the Securities and Bank Company Law at Tk 20 lakh.

In the absence of payment of the fine at the right time, additional Tk 50,000 will be added to the fine.