The government has moved forward to amend the ‘Bankers Book Evidence Act’ aiming at making the law time befitting that will accommodate all new banking products and services.
The Financial Institutions Division under the Ministry of Finance had already prepared the draft of the amended law. The Cabinet had approved the draft of the ‘Bankers’ Book Evidence Bill, 2021’ to replace the old ‘Bankers’ Book Evidence Act, 1891’.
Parliament sources said that the ‘Bankers’ Book Evidence Bill, 2021’ was scheduled for placing in the 12th session of the 11th Parliament, but it was not placed finally as the session ended within a short time for the second wave of Covid-19.
The JS session was prorogued on Sunday (April 4) after only three sittings as well as three working days. Five bills were placed in the House during the session.
Md Nuruzzaman, acting secretary of Parliament Secretariat, on Sunday told the Bangladesh Post that the ‘Bankers’ Book Evidence Bill, 2021’ was in the list for placing in the Parliament. But it was not possible finally due to shortage of the session for Covid-19 situation. The bill may be placed in the next session of the Parliament, he added.
Cabinet Secretary Khandker Anwarul Islam said the draft law had been approved by the Cabinet. It will be amended finally after passage in the Parliament. The proposed act will replace the age-old British rule styled the ‘Bankers Book Act, 1891’. This law will be a new one as the ground reality has changed a lot given the reality of 1891, he added.
An official of the finance ministry said that the neighbouring India enacted a new law in 2002 following changes in the products and services in the financial market. A new act is needed in the country on the matter as the financial system has changed drastically. The new act will focus not only on present time, but also on future changes in the financial products, he added.
It is known that after its formulation, the court may call records pertaining to the new products and services along with traditional books as legal documents. For example, the banking accounts maintenance tools will be admissible by courts as legal documents.
The colonial law does not include modern banking products and services like automated teller machine, online payment, credit card and the like. As a result, any transaction through new devices cannot be meant for ‘official copy’ for legal purposes to settle a case.
An official of the finance ministry said that the banking regime has significantly changed with the rapid march of new financial technologies. Against this backdrop, the financial system has adopted almost all digital and online-based products to facilitate dealings with their clients. The existing bankers' books include ledger, day-book, cash-book, account-book and all other books used in the ordinary business of a bank, he added.
