The Finance Ministry has introduced a new regulation governing the process of granting financial relief in transactions involving public institutions.

The regulation, titled "Policy for Applications for Relief, Benefit, and Waiver of Payments in Relation to Transactions with Public Offices," specifies the conditions under which financial concessions can be approved.

As per the regulation, government agencies—excluding local councils—must secure presidential approval, based on the advice of the Finance Minister, before granting any financial relief.

Applications for such relief must include detailed information about the transaction, along with supporting documents and justifications for the requested leniency.

For local councils, financial relief can only be granted after assessing the potential financial impact of the decision. Once a decision is made, councils are required to report it to the Ministry of Local Government within seven days. The ministry will maintain records of all such transactions.

This regulation aims to ensure transparency and accountability in the provision of financial concessions within public institutions.