Dhaka, Bangladesh (BBN)- Bangladesh Foreign Exchange Dealers' Association (BAFEDA) has reconstituted its arbitration committee to gear up settlement of disputed accepted bills.
The decision on reconstitution has been taken at a meeting of its executive committee at the office of the association in Dhaka recently with its Chairman and Janata Bank Limited Managing Director S M Aminur Rahman in the chair.
"We've reconstituted the arbitration committee in line with the decision taken in the latest bankers' meeting held at the Bangladesh Bank (BB) on September 13," a senior BAFEDA member said.
The six-member arbitration committee, headed by Mohammad Abdul Mannan, managing director of Islami Bank Bangladesh Limited (IBBL), will settle the disputes on accepted bills after hearing arguments from both parties.
Other members of the committee are Mohammed Nurul Amin, managing director of NCC Bank Limited, Mahbubul Alam, deputy managing director of the IBBL, Bhanu Roy Chowdhury, general manager of Agrani Bank Limited, Monjurul Islam, general manager of Janata Bank Limited, and Mesbahuddin Ahmed, deputy general manager of Sonali Bank Limited.
Earlier on September 13, the central bank asked the commercial banks to settle all overdue accepted bills amicably within next 15 days to ensure discipline in the country's banking sector.
The banks were also advised at the bankers' meeting to turn to the BAFEDA for arbitration on the overdue bills after the deadline.
He also said the BAFEDA reconstituted the arbitration committee aiming to settle the disputes on such bills quickly.
The total number of overdue accepted bills in the banking sector stood at 7,260, involving around US$ 363 million (BDT 29.71 billion) as of June 30, the BB data showed.
BBN/SSR/AD-26Sept12-11:30 am (BST)
