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 Premium Bond Application Form | Link to Banks |
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Government of the People's Republic of Bangladesh |
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1.
Short title, application and commencement: |
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| (1)
These rules may be called the U.S. Dollar Premium
Bond Rules, 2002, and shall
apply to-
(a) a person who purchases a Bond; (b) a person in whose name a Bond is purchased; (c) a person named as a nominee in respect of a Bond, and (d) such other person or persons as may be related in operation of these rules (2) These shall come into force with effect from 01 November 2002. |
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| 2. Definitions: | |||||||||||||||||||||||||||
| In these rules, unless there is anything repugnant in the
subject or context:
(1) 'Bond' means U.S. Dollar Premium Bond purchased and held under the provision of these rules; (2) 'Holder' means the person in whose name the Bond has been issued under rule 3; (3) 'Issuing Authority' means the Bangladesh Bank offices and the scheduled bank branches/authorised dealers in Bangladesh and their authorised offices abroad and shall include any such authority as the government may, from time to time, determines; (4) 'Nominee' means the person(s) named by the purchaser of the Bond to receive the amount(s) due against the Bond including the interest accrued and death risk benefit, if any, in the event of the death of the holder of the Bond; (5) 'Office of Issue' means the office or branch of a bank that issues the Bonds, which must hold Authorised Dealership in Foreign Exchange from Bangladesh Bank. A foreign correspondent of an Authorised Dealer Bank may also act as an office of issue. (6) 'Paying Office' means the office from which the interest, the principal value, death risk benefit, if any, and the surrender value of the Bond will be paid. (7) 'P.D.O.' means the 'Public Debt Office' of Bangladesh Bank, which manages debts and maintains the accounts relating thereto on behalf of the Government of the People's Republic of Bangladesh; (8) 'Purchaser' means a person who is eligible to purchase a Bond under rule 3 ; and (9) 'Non-resident account holder' means an FC account holder who is a Bangladesh national residing abroad and also includes a Bangladesh national having his/her origin in Bangladesh but for any reason has assumed foreign nationality and is residing abroad. |
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| II. ELIGIBILITY |
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3.
Eligibility for purchase of the Bond: |
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| The
Bond may be issued in the name of a holder of a
non-resident account against remittances from abroad to
the account. |
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III. SPECIAL
FEATURES OF THE BOND |
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| 4. Maturity, denomination, etc. |
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(1)
The U.S. Dollar premium bond (s) shall be matured
for payment after completion of three years from the
date of its issue. The Bondholder will be entitled to
draw interest on half-yearly basis at 7.5%
fixed rate per
annum in Bangladesh currency at the USD/BDT rate.
However, the Bond holder may surrender the Bond (s)
before maturity and encash the same at the paying office
in which case interest will be paid as under:
In case of premature encashment the Bondholder will be entitled to draw interest only for the completed one year. Example: if the Bondholder desires to encash a Bond at the expiry of one year and seven months he/she will receive the interest for one year only. In that case difference between the interest drawn earlier and interest admissible under these rules will be adjusted. (2) The Bond (s) shall be issued in the denominations of US $500, $1000, $5000, $10,000 and $50,000 and in such other denominations as the Government may decide. (3) The purchaser can purchase Bond of any amount in multiples of US $500 without a maximum limit. (4) For investment of US $10,000 and above, subject to an initial investment of US $ 10,000 in one instance, the concerned purchaser will be provided with death-risk benefit as provided in Rule 14. (5) The Bond shall not be transferable except as a security for any loan from any scheduled bank in Bangladesh subject to such conditions as may be determined by Bangladesh Bank. (6) The principal amount will be payable in US Dollar to the holder or his/her non-resident nominee, where applicable. The principal amount due to the holder or his/her nominee may also be paid in Bangladesh currency as per option of the holder/ nominee. However, interest amount shall be paid only in Bangladesh currency. Interest or the death-risk-benefit, if any, or the principal amount, due on the Bond(s) shall be payable only in Bangladesh currency to the resident nominee or hier(s). On maturity of the Bond the principal amount may be reinvested for another term of three years or repatriated abroad in foreign exchange or may be credited to the FC account in accordance with rule 18(4). (7) The money invested in the purchase of Bond(s) shall be exempt from tax payable under the Income-Tax act, 1922 (XI of 1922). (8) The interest accrued/earned on the investment in the Bond(s) shall be free from income tax and it shall not be added to the total world income. |
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| IV.
PROCEDURE FOR PURCHASE |
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5. Application form: |
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Application
for the issue of the US Dollar Premium Bond shall be
made in form DPB-I annexed hereto. The Form will be
obtainable free of charge from the Office of Issue. The
Office of Issue shall be supplied with Application forms
and Bond Scrips through the Issuing Authority by the
P.D.O. Dhaka. |
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6. Presentation
of Application: |
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1) Application for the issue of the
US Dollar Premium Bond shall be submitted to any Office
of Issue in Form (DPB-1) duly filled in and signed by a
purchaser. The Office of Issue shall satisfy itself
about the bonafide of the purchaser and the foreign
currency amount tendered with the application.
(2) The bank holding the foreign currency amount in F.C. Account for the purchaser may also, on the authorization by the purchaser and on the basis of his/her application, issue Bonds by debit to the F.C. Account of the purchaser. (3) The applicant (the purchaser) shall clearly indicate in his application the name and address of the nominee in respect of the Bond not more than one nominee shall be allowed in respect of a single Bond Scrip. |
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| V.
NOMINEE |
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| 7. Nominee: |
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| (1)
The purchaser, where he/she himself/herself is a
Foreign currency earner intending to purchase the Bond
shall mention in his/her application, the name and
address of the person who shall be his/her nominee to
receive the value of the Bond and interest payable
thereon and the death risk benefit, if any, in the event
of death of the holder will be applicable in accordance
with rule 14. (2) There shall not be more than one single nominee for each scrip. (3) A nomination made under sub-rule (1) or (2) will cease to have any effect if the nominee dies before the death of the holder or before nominee has received the maturity value of the Bond(s). |
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| 8.
Cancellation etc. of Nomination: |
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| A
holder of a bond may, by a notice to the issuing
authority, cancel or change the nomination made
under rule 7 at any time. |
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| 9.
Death of Bond-holder: |
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| In
the event of the death of the holder of the Bond, the
nominee if non-resident shall be entitled to draw the
interest in Bangladesh Taka and principal amount of the
Bond in foreign exchange. Both interest and principal
amount of the Bond(s) will be payable in Bangladesh Taka
if the nominee is a resident.
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| 10.
Death of nominee: |
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| When
the nominee dies before the death of holder the holder
may name a new nominee who shall be entitled to the
interest and the principal value of the Bond.
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| 11.
Payment to the heir (s) of the deceased holder:
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heir (s) of the deceased holder of the Bond shall
produce the probate of the will of the holder or the
letters of administration of his/her estate or a
succession certificate under the Succession Act, 1925 (XXXIX
of 1925) within 6(six) months of the death of the
holder. In the event of failure to produce the above
document (s) in support of the claims under the bond,
the issuing authority shall pay the sum due on the Bond
to the person (s) who appear (s) to be entitled to
receive the same under the law. The heir(s) will be
entitled to draw principal amount, interest and death
risk-benefit, if any, in Bangladesh currency only.
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| VI.
PAYMENT BY INVESTORS FOR BOND |
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| 12.
Method of payment : |
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| Payment
for the purchase of a Bond may be made by any of the
following methods, namely: - (a) Cheque or draft in foreign currency received against inward foreign exchange remittance; (b) Funds held in non-resident foreign currency account of the applicant. |
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13.
Issue price: |
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| The
Bond shall be issued at par and the face value thereof
shall be the issue price of the individual Bond. The
Office of Issue will realise foreign exchange equivalent
to the face value of the Bond (s).
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| VII.
ADDITIONAL BENEFIT FOR SUBSTANTIAL INVESTMENT
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| 14. Additional Benefit for Substantial Investment. | |||||||||||||||||||||||||||
(1) Where a purchaser purchases Bond(s) for at least US$10000 at the first instance and increases the investment by subsequent addition thereto up to his/her death, he/she will qualify for a free death-risk-benefit covering the risk of his/her life. Provided that the Bond (s) matured before the death of the non-resident account holder will not count towards determination of the amount of death-risk-benefit. (2) The death-risk-benefit will be determined according to the following slabs: -
Provided that the maximum amount of death-risk-benefit shall not exceed Tk.20,00,000 and that the age of the purchaser shall not be over 55 years at the time of his death. (3) In the case of the death of a holder the death-risk-benefit shall be paid in the following manner: - (a) The Bond(s) are to be submitted to the Pay Office within a period of 3 (three) months from the date of the death of the holder after which no claim for death-risk-benefit shall be entertained. (b) The total value of the Bonds submitted under sub-rule14 (1) will determine the amount on which the death-risk-benefit will be paid and the amount of the death-risk-benefit will be calculated on the basis of slabs mentioned in sub-rule 14(2); (c) In case of the death of both the holder and the nominee the legal heir (s) of the purchaser will step into the shoes of the holder or the nominee, as the case may be, and the provisions of clause 14(3)(a) will operate mutatis mutandis in determining the amount of death-risk-benefit to be paid and sharing of such benefit. (4) If a purchaser buys bonds totaling US$1,000,000(one million) or above in value he/she will be treated C.I.P. and will be entitled to all the facilities accordingly. The C.I.P. facilities will cease to apply the purchaser's investment in this bond goes below US$1,000,000(one million) because of subsequent encashment and on his/her failure to attain the limit of US$1,000,000(one million) through further investment in the Bond within three months of encashment. |
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| VIII. ISSUE OF BONDS | |||||||||||||||||||||||||||
15. Supply of Bond scrips and application forms: | |||||||||||||||||||||||||||
(1) The U.S. Dollar Premium Bond scrips and application forms will be supplied by the P.D.O. to the Offices of Issue through the Issuing Authority concerned and the latter shall remain responsible to render accounts of the Bond Scrips supplied. (2) Supply of Bond scrips to other agencies, if authorised by the Government, shall be made by the P.D.O. directly or as may be decided by the Government. |
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16. Method of issuance of Bonds: |
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(1)
(a) On being satisfied that the applicant is
eligible to purchase the Bond and the application made
has been properly filled in and signed by the purchaser
(in duplicate) in case of foreign branches of scheduled
banks of Bangladesh, the Office of Issue will receive
the foreign exchange equivalent to the face value of the
Bond(s) applied for and issue the Bond(s) under the
joint signature of two authorised officers. The Bond(s)
shall be issued payable at the Office of Issue except
when the Office of Issue is situated outside Bangladesh,
in which case the Bonds shall be made payable at any of
the selected branches of the scheduled banks in
Bangladesh chosen by the applicant and indicated in
his/her application. The delivery of the Bond(s) shall
be made over to the applicant against his/her
acknowledgement obtained on the back of the application.
The particulars of the Bond(s) sold shall be recorded by
the Office of Issue in the prescribed Register of Sales.
Bonds of each denomination shall be issued according to
their chronological serial numbers and recorded under
separate openings for each denomination. (b) The issuing office may, on request in writing by the holder of a bond and without requiring him/her to file a fresh application, issue a new Bond for the principal amount only after obtaining his/her discharge on the matured Bond for complying with the payment formalities under rule 18(2). (2) In the case of payment by cheque or draft, a provisional receipt shall be given to the applicant. The Bond shall be delivered immediately after collection of the proceeds of the cheque or the draft and against surrender of the provisional receipt and after obtaining acknowledgement on the back of the application. The date of issue of the Bond shall be the date of collection of the cheque or the draft, as the case may be. (3) Particulars of the daily sales of Bond(s) and the value thereof shall be advised simultaneously by the Offices of Issue both to their Head Offices and the P.D.O. on the day of sales. (4) The Head Offices of the Issuing Authority concerned will consolidate all advice of sale of Bonds received from the Offices of Issue and send a statement of sales promptly to the Public Debt Office so as to reach within 7 days from the date of sales in the case of sales by the branches of the scheduled bank in Bangladesh and within 14 days in the case of sales by their branches abroad, with an authority, to debit their Account with Bangladesh Bank with the Taka amount mentioned in the statement for instant credit to the appropriate Head of Government Account. (5) For delay in the submission of the statement under sub-rule 16(4) above, penal interest at the rate of interest of the bond will be charge from the defaulting scheduled banks and the equivalent Taka amount of such penalty will be credited to Government Account. (6) After issue of the Bond(s); the Offices of Issue abroad will forward, every month, monthly statement of sales in the prescribed form along with the original copies of the application to their respective Head Offices for dispatch of the same to the paying office concerned at which the Bonds were made payable. The Paying Office will, on the basis of the applications, enter the particulars in the prescribed Issue Register maintained by them. The Head Office shall obtain from the Paying Office due acknowledgement of the application so dispatched. The Paying Office shall ensure secured preservation of the application for reference at the time of payment of the sum due on the Bond(s) sold by them and shall themselves securely hold the application for future reference. One copy of the monthly statement of sales shall be forwarded by the Office of Issue to the P.D.O. direct. |
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IX. PAYMENT OF INTEREST AND MATURITY VALUE ETC. |
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17. Rate
of Interest: |
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(1) The Bond(s) will carry interest at the rate of 7.5 % per annum
payable on Half-yearly basis in Bangladesh currency at
the prevailing USD/BDT rate. (2) The principal value of the Bond(s) will be payable in US Dollar/BDT at or before maturity in accordance with rule 18. (3) Methods of Payments of Interest- (a)(i) The holder of the Bond and in the event of his/her death, the nominee, and in the event of the death of both the holder and the nominee, the heir(s) of the purchaser may submit application in plain paper stating there in the particulars of the Bond(s) and the half year(s) for which the interest has become payable. The Paying Office will verify the particulars with reference to the interest cases on the back of the Bond itself and pay the amount of interest payable thereunder recording its pay order and on obtaining the acknowledgement of the applicant, holder or nominee or heir(s) on the application for payment of interest and after marking the relevant interest cases on the back of the Bond(s) with the date of payment under authentication. (ii) The holder of the Bond may also submit application in duplicate in plain paper stating therein the particulars of the Bond(s) and the half years for which interest has become due along with original Bond(s) and photocopy thereof to the Office of Issue abroad. Issuing Office abroad will verify the signature of the applicant with the specimen signature recorded at their end and forward the original application along with photocopy of the Bond(s) to the paying Office for making payment of the amount of interest to the holder, if found in order. (b) After the interest has been paid, the related Bond(s) will be returned to the holder or the nominee who submitted the same for drawing the interest. (c) The application relating to the interest paid will be forwarded, through the Head Offices of the Issuing Authority concerned to the P.D.O. who shall reimburse the amount to the bank by debit to Government Account. |
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| 18.
Payment of Maturity Value and Surrender Value: |
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| (1)
(a)(i)
On maturity or even before maturity of the Bond,
the holder and in the event of his/her death, the
nominee and in the event of the death of both the holder
and the nominee, the heir(s) of the deceased holder will
be entitled to claim the principal value of the Bond(s)
and other benefit in accordance with these rules.
(ii) The holder will be paid the principal amount and interest in accordance with the rule 4(1) and 4(6). (iii) The nominee/heir(s) (as the case may be) will be entitled to draw the principal amount, interest and death risk-benefit if any in accordance with rule 9 and 11 above as the case may be. (b) On receipt of discharged Bond(s), the paying office will refer to the terms embodied in the original application for purchase of the Bond(s) on its record as also the interest thereon and satisfy itself about the identity of the presenter and the genuineness of Bond(s) presented and then make payment of the principal value and interest if any after obtaining due discharge of the holder on the back of the Bond(s) ensuring further that no stoppage exists against the Bond. (2) The discharged Bond(s) will then be forwarded by the Paying Office concerned to its Head Office for submission to the P.D.O. for re-imbursement. The P.D.O. after satisfying itself about the genuineness of the Bond(s) and the re-imbursement claimed there against shall reimburse the amount by debit to Government Account. (3) The provision of Sub-Rule(1) and(2) above will apply mutatis mutandis, in cases of the payment in regard to Bond(s) surrendered before maturity as per provision of Sub-Rule 1 of Rule 4. (4)The principal amount of the Bond may be credited in foreign exchange to the F.C. account of the holder, on his/her request. |
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X.
REPLACEMENT OF LOST, STOLEN, DESTROYED,DAMAGED OR DEFACED BOND |
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19. Lost,
Stolen and Destroyed Bonds: |
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(1)
If a Bond is lost, stolen or destroyed, the holder or
the nominee thereof shall, on payment of the amount
prescribed under sub-rule 19(4) thereof and after
fulfillment of the necessary formalities, entitled a
duplicate bond to be issued by the paying office. The
holder or the nominee shall first submit an application
along with a statement, detailing the particulars of the
Bond and the circumstances under which it was lost,
stolen or destroyed.
(2) If, after examination of the statement and relevant records the paying office is satisfied about the identify of the applicant, the genuineness of the statement of the applicant, it will immediately record the stoppage in prescribed stop Register and Stop Card as also in the prescribed Encashment Register and the Issue Register and issue an interim stop advice to the Public Debt Office for similar action by the latter. The paying Office shall simultaneously acknowledge the receipt of the stop notice to the holder or the nominee concerned with advice to follow the following procedure:- (a) To advertise the loss, theft or destruction in two local leading newspapers and furnish copies of the Newspapers containing the notification to the paying Office: (b) To report the loss, theft or destruction to the local police station and submit a copy of the report acknowledged by the police station to the paying Office. (3) As soon as the copies of the newspapers containing the publication of the news of loss, theft or destruction and acknowledgement of the police station are received, the correctness thereof will be verified by the Office of Issue by a reference to the prescribed Issue Register. The paying office will also find out if the requirements as indicated above have been complied with. The dates of publication and other particulars, if any will be entered in the prescribed register of lost, stolen or destroyed Bond(s). After expiry of six months from the date of publication of the notification in the newspapers and on furnishing a bond of indemnity executed in the prescribed form the holder will be entitled to a duplicate Bond(s) and the Paying Office will after fully satisfying itself, issue the duplicate Bond(s) under advice to its Head Office and the Public Debt Office. The Bond(s) will be issued under the same serial number and date and with the same particulars as embodied in the original Bonds (s) and the word DUPLICATE shall be recorded in red ink at the right hand top of the Bond(s) issued in place of the original one. A suitable note regarding the issue of the duplicate shall be recorded against the Bond number appearing in the Issue Register as also in the prescribed stop Register. (4) Fee for duplicate Bond: Fee in the scale specified below shall be realized while entertaining report of loss, theft or destruction of Bond(s) requiring issue of duplicate and in no case this fee shall be refunded: - (a) For each scrip of US $ 500 and US $1,000 = US $ 5/- (b) For each scrip of US $ 5,000 and US $ 10,000 = US $ 10/- (c) For each scrip of US $ 50,000 = US $ 15/- Provided that the rate of fee may be changed by the Government from time to time. (5) The amount of the fee shall promptly be passed on to the P.D.O. for credit to Government Account |
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| 20.
Damaged or defaced bond: |
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| If a Bond is damaged or defaced, a duplicate Bond bearing the same
number, date and other particulars as embodied in the
original one shall be issued by the paying Office to the
holder of the Bond against the application submitted
with the relevant Bond(s) and the amount of the fee as
prescribed in rule 19(4). The amount thus realised shall
be passed on to the P.D.O. for prompt credit to
Government account. |
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XI.
PAYMENT OF DEATH RISK BENEFIT |
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21. (1) The initial investment of US
$ 10,000 and the amount invested thereafter in the
purchase of the Bond(s) shall be taken into
consideration for calculation of cumulative amount of
investment entitled to the death -risk-benefit Smaller
sums, if any, invested prior to the investment of the
first US $ 10,000 in one instance shall be excluded. (2) The sum assured shall be worked out according to the provisions of these rules. (3) The benefits under the death-risk-benefit shall accrue only in the event of death of the holder concerned and it shall relate to the Bond(s) awaiting maturity on the date of death. If the Bond(s) of initial investment of US $ 10,000 mature earlier, the subsequent investment shall only be considered for calculation of the assured sum at the rate applicable on the cumulative amount of his/her investment beginning after the initial qualifying investment of US $ 10,000; (4) The holder of the Bond(s)and, in the event of his/her death the nominee and, in the event of death of both the holder and the nominee, the heir(s)of the holder shall lodge claim of the death-risk-benefit in an application supported by the death certificate and the relevant Bonds to the Issuing Authority concerned. (5) After fulfilling the requirements of rule 14 and after proper scrutiny of the claims and on due satisfaction on the basis the papers submitted and also on obtaining the due identification of the claimant(s), the Issuing Authority will recommend the case to the P.D.O. In the meantime, the Issue Authority shall obtain an indemnity bond from the claimant (s) and pay the amount to the claimant (s) in the proportion in which they have interest in the investment involved and approach the P.D.O. for re-imbursement. (6) The P.D.O. on being satisfied about the claim shall reimburse the amount to the Issuing Authority concerned. |
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| XII.
COMMISSION PAYABLE TO THE OFFICE OF ISSUE. |
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| 22.
(a)(i) Commission will be paid to the office of
issue at the following rates :-
Commission @ US$1.00 (one) per scrip will be paid to the Authorised Dealer Banks/Agents for selling the Bonds abroad and equivalent Bangladesh Taka for selling the Bonds within the country. Bangladesh Bank (BB) may pay the commission to the Authorised Dealer (AD) banks in Bangladesh Taka (BDT) within two working days by debiting the appropriate government account; (ii) Selling of the Bond: Upon selling of the Bond, the bank will deposit the sale proceeds in foreign exchange to BB within two working days. BB will deposit equivalent Taka to the appropriate government account; (iii) Encashment of the Bond: Upon encashment of the Bond, the Authorised Dealer (AD) bank will pay the value to the bond holder under rule 4 in foreign exchange or in Taka, at holder's option and will seek reimbursement from the BB and BB will reimburse within two working days, by debiting the appropriate government account and settle in foreign exchange where the claim is in foreign exchange. (iv) Reimbursement of interest payments: After payment of interest, the paying office will seek re-imbursement from BB. BB will reimburse within two working days by debiting the appropriate government account. |
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| XIII.
THE HEADS OF GOVERNMENT ACCOUNT
TO BE CREDITED/ DEBIT BY P.D.O. |
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23. The following heads of Government
Account will be involved for proper accounting of the
transactions relating to the Bond:
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XIV. MAINTENANCE OF RECORD |
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24. Forms and Registers mentioned in
these rules for the administration and management of
issue, encashment, etc. of the Bond(s) will be
prescribed by the P.D.O. except the Application Form.
The P.D.O. is hereby empowered to introduce further
Forms and Registers and issue any executive order/orders
as and when considered expedient for the smooth
management of the affairs of the Bond and the Issuing
Authority shall comply with the directives of the P. D.O.
in this behalf. |
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FUNCTIONS
OF P.D.O. |
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25. (1)
The Public Debt Office shall receive the supply
of the copies of Government notifications, rules,
application forms and the Bond scrips from Ministry of
Finance and ensure supply thereof to the Offices of
issue through the Issuing Authority against proper
acknowledgement and records. (2) The control and supervision in the management of sale, encashment, etc. of the Bond shall rest with the P.D.O. Monthly progressive position of sale shall be advised by the Issuing Authorities to the P.D.O. by the 10th of the following month to which the sale relates and the P.D.O. will advise the position to the Government by the 20th of the same month. (3) The expenditure on postage, telegram carriage, cartage and other incidental matters in connection with the management of the Bond(s) incurred by the P.D.O. shall be reimbursed by the Government. (4) The P.D.O. shall be paid a commission of Tk.5000 per one crore per annum payable half-yearly on the amount of sale as on the 30th June and 31st December. -:- | |||||||||||||||||||||||||||
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