International Banking

Cap. 267 · Revised Edition 2020 · 52 sections

s. 1Short title
s. 2Interpretation
s. 3International banking defined
s. 4Prohibition on carrying on International banking business without a licence
s. 5Eligibility for the grant of a licence
s. 6Contents of application
s. 7Examination of applications
s. 8Grant of licence
s. 9Refusal of licence
s. 10Duration of licence
s. 11Other special conditions
s. 12Display of licence
s. 13Use of word “bank”, etc
s. 14Duty to notify the Central Bank of change of address
s. 15Types of licences
s. 16Unrestricted “A” Class International banking licence
s. 17Restricted “B” Class International banking licence
s. 18Additional capital requirements
s. 19Change of “B” Class Licence to “A” Class Licence
s. 20Carrying on of International banking business by domestic and foreign banks
s. 21Penalty for infringing capital requirements
s. 21ADeposit and Liquid Asset Requirement
s. 21BSingle borrower limits of banks
s. 21CExtension of credit to insiders
s. 21DTransitional period of certain transactions, offences and enforceability of transactions
s. 22Prohibited transactions
s. 23Prohibition on the use of the words “bank”, etc
s. 24Disqualification of directors, management and workers
s. 25Grounds for revocation of licence and voluntary surrender
s. 26Consequences of revocation of licence
s. 27Preventive actions by Central Bank in the interest of depositors, etc
s. 28Appeal against revocation
s. 29Keeping of accounting records
s. 30Annual report and audit
s. 31Periodic statements and other returns
s. 32Inspection of records
s. 33Special examinations
s. 34Secrecy and disclosure
s. 35Exemptions from taxes on profits and dividends
s. 36Exemption from stamp duty
s. 37Exemption from currency and exchange control
s. 38Winding-up and dissolution of licensees
s. 39Abandoned property
s. 40General penalty for offences
s. 41Fines, etc., to be placed to the credit of the Central Bank
s. 42Authority for prosecutions
s. 43Limitation of proceedings
s. 44Civil remedies not affected
s. 45Regulations
s. 46Indemnification
s. 47Procedure where none is laid down
s. 48English to be the authentic text