Bangladesh Bank (BB) Sunday specified the titles of bank accounts for collection of donations for construction of Padma Bridge.

In a circular, the Banking Regulation and Policy Department (BRPD) has issued the instructing all scheduled bank branches to open a Collection Account titled “Voluntary Donation for Construction of the Padma Bridge (Resident)” to collect endowment in local currency.

And, the foreign or Authorised Dealer (AD) branches of all scheduled banks will open a Collection Account titled “Voluntary Donation for Construction of the Padma Bridge (Non-Resident)” to collect endowment in foreign currency from non-resident Bangladeshis.

Last week, the central bank issued a principal circular detailing directive for banks on opening the bank accounts for collection of donations for the bridge project.

The Sunday’s circular reads that all banks will provide this service without any service charge for the public interest.

All funds in local and foreign currency collected through the scheduled banks including Sonali Bank Ltd will be deposited to local office of Sonali Bank Ltd.

Local Office of Sonali Bank Ltd will open and maintain two bank accounts titled “Voluntary Donation for Construction of the Padma Bridge (Resident)” for local currency deposit and “Voluntary Donation for Construction of the Padma Bridge (Non-Resident)” for foreign currency deposit.

Sonali Bank will transfer the deposited endowment of those accounts in due process regularly to two different codes allotted by the government under Government Account No 1 maintained with Bangladesh Bank, the circular reads.

Non-residents may remit endowment to the AD branch of any scheduled bank through

any overseas bank or exchange house operated abroad. If any non-resident wants to donate in Bangladeshi Taka, then he or she may deposit to the Resident Account.

The local, principal or head office of the banks will consolidate their collections in those accounts at branch level and deposit and transfer the total fund to the concerned account in local office of Sonali Bank Ltd within the next week following the end of each month, the circular reads.

To ensure proper monitoring, each bank will submit a monthly statement on the

Deposited and transferred fund to the concerned account in local office of Sonali Bank Ltd to Banking Regulation and Policy Department and a copy to Executive Director of the Bangladesh Bridge Authority.

The Daily Sun/Bangladesh/  13th Aug 2012