AI Summary of 40. Bank’s power to prescribe levies
The Bank is authorised, with the Minister's prior consent, to establish regulations that prescribe levies payable by ATM deployers and cash-in-transit (CIT) providers. These regulations may detail the amounts of various levies, identify specific ATM deployers and CIT providers required to pay, and outline the payment periods or deadlines for these levies.
Additionally, the regulations may stipulate penalties for late payment, requirements for record-keeping and reporting by ATM deployers and CIT providers, and the mechanisms for levy collection and recovery. The Bank has the authority to pursue legal action in a competent court to recover unpaid levies and may refund any part of a levy paid under these regulations. Notably, the term 'levy' as used in this context excludes any fees.
40. Bank’s power to prescribe levies
(1) The Bank may, with the prior consent of the Minister, make regulations prescribing levies to be paid by ATM deployers and CIT providers.
(2) In particular, regulations under subsection (1) may provide for any of the following matters:
(a) the amounts of specified kinds of levies;
(b) the ATM deployers and CIT providers, or classes of ATM deployers and CIT providers, who are required to pay specified kinds of levies;
(c) the periods for which, or the dates by which, specified kinds of levies are to be paid to the Bank;
(d) penalties payable by an ATM deployer or CIT provider who does not pay a levy on time;
(e) the keeping of records, and the making of returns to the Bank, by ATM deployers and CIT providers in respect of levies;
(f) the collection and recovery of levies.