Section 47

The Authority may determine and announce the rates of interest payable to or by banks, the rates of discount chargeable by banks, or the rates of commission and any other charges of whatsoever nature payable to banks.

Subsection (1) applies only to interest, discount, commission and any other such charges payable by persons resident in, or in respect of business carried on in, Brunei Darussalam but, subject to that and to subsections (3) and (4), it applies to all banks.

Subsection (1) does not apply to transactions between banks.

Without prejudice to subsections (1) and (2), the Authority may limit any determination under subsection (1) to transactions of such class or description as may be specified in the determination.

To the extent that any interest, discount, commission or any other such charges to which a determination under subsection (1) applies purports to be greater than that permitted by the determination, the interest, discount, commission or charge shall be irrecoverable, whether by way of proceedings, set-off or otherwise, and any such interest, discount, commission or charge already paid after such determination shall forthwith be repaid by the bank.