Bills must be submitted and encashed within June: Finance Division

The regular bills of different ministries, departments, directorates and institutes, those were produced at the end of the ongoing fiscal year, have to be submitted and encashed within June. 

The Finance Division under the Ministry of Finance, responsible for controlling government expenditure and budget, issued the directives in this regard on Sunday. 

"The deadline was set in order to maintain discipline in bill submission at the end of the fiscal year," the circular signed by the division's Joint Secretary Shirajun Noor Chowdhury reads. 

According to the circular, the deadline for releasing money under the management and development sector of the budget is June 14. Return bills of both sectors have to be submitted within June 21. 

June 30 is the deadline for bill settlement and cheque issue of the management and development sector. 

The circular also says that cheques issued from June 1 to June 15 will be valid till July 12, while the cheques issued from June 16 to June 30 will be valid till July 23. 

If anyone cannot finish the processing of import and bill payment within June 30, they have to inform the Finance Division about the reason of the delay and payable amount under the letter of credit (LC) that was issued during the current fiscal year, so that it can be paid in the next fiscal year. 

The deadline for Bangladesh Bank to issue import LC and settlement of LC is June 30.