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The Bangladesh Bank has extended the deadline for submission of audited financial statements by two more months till June 30, 2021 for the banks whose accounting year ended in December 2020.
To extend the audited financial statement submission deadline, the central bank amended the Bank Company Act, 1991.
BB deputy governor AKM Sajedur Rahman Khan issued a gazette notification in this regard on Tuesday.
The amendment was made as per the power conferred on the BB under section 121 of Bank Company Act in consultation with the government, the gazette said.
It said that the banks were exempted from following section 40 of the act and were allowed to submit audited annual financial statements by June 30, 2021.
Subsequently, the BB issued a circular in this regard.
Under the Bank Company Act, 1991, banks are supposed to submit audited financial statements by two months of year ending.
The act, however, empowers the central bank to grant two more months to banks for the audited annual financial statement submission.
Some banks are yet to complete the reports with only two days remaining in hands at a time when banks are running on a limited scale that makes it quite impossible for a number of banks to complete the legal obligation by April, a BB official said.
Against the backdrop, the central bank has granted two more months to the banks to produce their audited financial statement of the year 2020.
Following a fresh surge in Covid-19 infection cases, the government initially imposed more restrictions on public movement and business activities in April 14-21. Later, the restriction period was extended in two phases to May 5.
Since banks are not operating with their full workforce during the restriction period, it is quite impossible for the banks concerned to produce audited financial statements by April, the official added.
