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BB asks banks to open accounts for Padma bridge funds

Rejaul Karim Byron
Bangladesh Bank has directed all banks to open two accounts — one for local and the other for foreign currency — for receiving contributions to the fund for the Padma bridge project.
For receiving local currency, an account will be opened with all branches of banks, while foreign and authorised dealer branches of banks will receive foreign currency, according to a circular of the central bank.
“The banks will open accounts at all their branches on behalf of the government and will maintain those till further notice,” said the circular.
The BB issued the circular yesterday asking all banks to open accounts in line with a directive of the finance ministry on August 5.
After the Wo rid Bank on June 29 cancelled its financing commitment for the Padma bridge project, the cabinet last month decided to open the accounts to receive people's grants to construct the bridge with own resources.
The BB circular said the banks will deposit the money collected every month in the two accounts with Sonali Bank's local office.
Two accounts — one for local and the other for foreign currency — will be opened with the Sonali Bank's local office for receiving the deposited money from the banks.
The central bank circular said Sonali Bank will regularly transfer the money to two government accounts with the BB.
Any expatriate can send their grants through any bank abroad or authorised dealer branch of any Bangladeshi bank through their exchange houses.
The BB also said banks will send statements of the money they will deposit with Sonali Bank every month to the Bridge Division and the central bank.
The decision to collect the grants or contributions was taken as a huge interest was created among people, the finance ministry directive said. The ministry said the Padma bridge project will be implemented and financed as a project under the government’s annual development programme (ADP).
The government's annual budget will mention the grants along with their sources (from government/development partners) for financing the bridge and it will be reflected in the revised budget of the current fiscal year.
Besides, the finance ministry circular said if anybody wants, he/she can hand over grant cheques to the prime minister and it will directly go to the Bridge Division.
The amount collected through grants and other means cannot be used for purposes other than the bridge.