Ministry of Finance has formulated policy for issuing Credit Cards to state institutions.
To facilitate financial transactions for state institutions in situations where internet banking is not feasible, the Ministry of Finance has introduced a policy to issue credit cards to these organizations. To apply for a corporate credit card, offices must provide details of the financial institution issuing the card and a copy of the nominee’s identification card. However, local councils must obtain their credit cards through the Local Government Authority, which will submit the application to the financial institution following approval from the finance minister.
The policy requires state institutions to allocate expenses made with the credit card in their budget and provide the finance ministry with expenditure details. The ministry will determine the credit card limit, and any transactions exceeding the limit must be approved through a letter to the ministry. Additionally, senior officials must account for any unusual transactions, and any violation of the rules will result in a penalty for the state institution.
