Second ScheduleSecond Schedule

Second Schedule

THE SECOND SCHEDULE [See section 10 (2)] (1) The Board shall pay to the General Revenue a fixed return of such per centum on Government investment in telegraph and telephone as may be determined from time to time by the Government at the close of the preceding financial year. The balance of their surpluses will be retained for credit to such funds and reserves as may be considered necessary. (2) The Board will pay actual interest charges on all foreign loans including existing foreign loans obtained for its purposes. It will also be responsible for repayment of the foreign loans required for rehabilitation and replacement of the assets held, managed and controlled by it. Repayment of foreign loans raised for additions and developments of the telegraphs and telephones shall be made from the General Revenues. As and when on instalment toward repayment of a loan is paid from the General Revenues, the Board will cease to pay interest on the loan to that extent and the amount of the instalment will be added to the Government’s investment in telegraphs and telephones and will qualify for a fixed return determined under paragraph (1). (3) The surplus from the Revenue account of the Board budget shall be utilised or disposed of at the end of each financial year in consultation with, and with the approval of, the Government. (4) The practice, procedure and convention regarding maintenance of separate telegraph and telephone funds by the Bangladesh Bank followed immediately before the commencement of this Ordinance, shall continue to be so followed until modified by the Government. __________