The state-run Sonali Bank Limited (SBL) received clearance from the Bangladesh Bank (BB) to settle only the genuine 'overdue' payments to the country's 32 local and foreign commercial banks against 'inland bills'.

"We are going to settle some genuine claims of other banks soon as finally we have received a fresh list with the marking 'genuine inland bills' from the BB Thursday last," a senior official of SBL told the FE Sunday.

Earlier, BB slapped an unofficial bar on SBL to accepting or settling payments of any kind of 'inland bills' as it was directly linked with the swindling of loans by the Hall-Mark Group.

Therefore, the SBL had appealed for a written instruction from the BB about the payment procedures of both the genuine and fake 'inland bills' as there was a ban on dealing with such transactions after the scam was exposed.

"But the BB has given us instructions verbally again to settle only the genuine bills," the SBL official mentioned.

The Sonali Bank has also got clearance to accept fresh 'inland bills' or open local L/Cs for the traders, in this case mainly the suppliers to the country's hundred per cent export-oriented ready made garments (RMG) industry, for the sake of the country's economy.

Last week, Sonali Bank had submitted the list of all the alleged 'overdue' claims of 'inland bills' from 32 banks to BB for its final clearance about the payments. The claims amounted to about Tk 15 billion with extra charge.

The SBL has also pointed out that a large number of those claims by the banks are not genuine. Either the branch in question of the Sonali Bank has no record against some of the claims or the branch officials assisted the traders concerned in supplying fake documents.

However, it was not known immediately how many of the 'inland bills' were fake.

But the Sonali Bank may further consider such claims if the bank cocerned can prove the veracity of their 'inland bills' accepted by Sonali Bank.

The respective banks should now scrutinise the genuineness of their claims with their traders, if the Sonali Bank refuses to make payment against the 'inland bills' the same, identified as fake by the BB or the SBL, the SBL official said.

"We will notify the banks concerned about genuineness and settle the payments of the inland bills accepted by Sonali Bank subsequently," he said.

"However, the BB's clearance will help us settle the payments as it is also important for the interest of maintaining business relationship with the other banks," the SBL official noted.

Sonali Bank has already notified at least six local commercial banks that a branch, in this case the city's Agargaon branch, has no record about its claim to the amount worth Tk 540 million.

The SBL authorities have also been instructed by the BB to grant 'acceptance' or buy 'inland bills' from the traders with the 'acceptance' of other commercial banks only after the proper verification by the head office.

The BB already issued a circular for other commercial banks that their branches must take prior approval from their respective head offices while accepting or buying 'inland bills'. They also must verify the goods of the suppliers and the authenticity of such documents.

The total number of overdue accepted bills in the banking sector stood at about 7,260 involving around US$ 363 million as of June 30 last, according to sources at BB.

Most of the bank officials got panicked in dealing with such inland bills, as the Anti-Corruption Commission (ACC) took legal move against the banks' officials concerned and fake 'inland bills'.

The Bangladesh Bank authorities, after a formal meeting with the RMG leaders last week, have verbally instructed the banks to settle all 'overdue payments' and buy fresh 'inland bills' to restore the confidence of bankers and traders.

News: The Daily Financial Express/Bangladesh/22th-Oct-12