Ban traveling abroad and state honours for wilful defaulters: BB

Bangladesh Bank (BB) on Tuesday said that those found to be wilful defaulters will be banned from traveling abroad.

“No new trade license can be taken and would not be eligible for any kind of state awards or honours,” said an instruction of the central bank.

Banking Regulations and Policy Department (BRPD) issued a circular in this regard on Tuesday and sent it to the top executive of all the banks for identification and finalization of willful defaulters and measures to be taken against them.

The circular stated that any defaulting borrower person, institution, or company repays the loan, advance, investment interest, or profit charged from any bank or financial institution in favor of himself, his family member, interested person, institution, or company despite his ability. Otherwise, he will be considered as a willful defaulter.

Besides, by providing fraud, deception, or false information or using it in any sector other than the purpose for which it was taken or showing the secured assets of another bank as collateral for new loans without permission, he will be considered a willful defaulter.

The BB will list these willful defaulters to the relevant agencies for a ban on foreign travel, a ban on trade license issues, and a ban on company registration with the Bangladesh Securities and Exchange Commission and Registrar of Joint Stock Companies and Firms (RJSC).

Simultaneously, the list of vehicles, land, houses, flats, etc. of the willful defaulters will also be sent to the registration authorities. So that the concerned organization can take action against them.

Also, any willful defaulter shall not be eligible for state awards or honors.