Finance ministry revises financial authority for government-affiliated entities
Expenditures exceeding Tk30 crore but not more than Tk100 crore will require approval from the concerned ministry or division.
The Ministry of Finance has revised the financial authority for carrying out construction works, procuring goods and services, and hiring consultancy services in various corporations, autonomous and semi-autonomous bodies, government organisations, and joint ownership companies in which the government holds shares.
According to a circular issued by the ministry today (13 August), under the development budget, project directors can spend up to Tk20 crore for construction and installation works, chief executives of organisations or corporations can spend up to Tk25 crore, and boards of directors can approve up to Tk30 crore.
Expenditures exceeding Tk30 crore but not more than Tk100 crore will require approval from the concerned ministry or division.
Keep updated, follow The Business Standard's Google news channel
Under the operating budget, regional or unit heads can spend up to Tk4 crore, chief executives up to Tk16 crore, and boards of directors up to Tk30 crore for such works, with authority for Tk30 crore to Tk100 crore resting with the ministry or division.
For the purchase of goods, machinery, materials, and equipment under the development budget, project directors can approve spending of up to Tk10 crore, chief executives up to Tk20 crore, and boards of directors up to Tk30 crore.
Spending between Tk30 crore and Tk100 crore will require ministry or division approval.
From the operating budget, regional or unit heads can spend up to Tk2 crore, chief executives up to Tk8 crore, and boards of directors up to Tk30 crore, with Tk30 crore to Tk50 crore requiring ministry or division approval.
In terms of consultancy services under the development budget, project directors may spend up to Tk5 crore, chief executives up to Tk7 crore, and boards of directors up to Tk8 crore.
For amounts exceeding Tk8 crore but not more than Tk30 crore, approval from the concerned ministry or division is required.
Under the operating budget, regional or unit heads will have full authority for consultancy spending subject to allocation, chief executives may spend up to Tk2 crore, boards of directors up to Tk8 crore, and ministries or divisions up to Tk20 crore.
