BB eases forex regulations
Thursday, 25 September 2008

Bangladesh Bank has brought a number of policy changes to foreign exchange transactions to make things easy for foreign currency users, reports

In a circular, it said it was allowing all banks to issue international credit, debit and pre-paid cards to foreign currency users.

From now, any government official, official of bank and financial organisations and faculty member of a recognised banking training institute can send registration fee for participating in any training, seminar or workshop abroad through approved dealers without approval of Bangladesh Bank.
The amended policy also provided for opportunity to open a non-resident money account with the proposed company with the aim of attracting foreign investment in the country.
On Tuesday, besides this amendment, Bangladesh Bank issued a circular making some other changes to the 1996 "Guidelines for Foreign Exchange Transaction (GFET)".
The circular, signed by Ahmed Ehteshamul Haider, deputy general manager of the Foreign Exchange Division of the central bank, has been sent to all approved dealer involved with transaction of foreign exchange.
On opening temporary account for the proposed company in case of investment in the country, the circular said, problem was created in some cases on keeping money sent from abroad for investment in the bank.
Bank "Encashment Certificate" is required against the money sent for registration with the Registrar of Joint Stock Companies (RJSC) in Bangladesh for the proposed company. To create opportunity for issuance of the certificate a non-resident account can be opened with any bank in the name of the proposed company.
The circular said foreign currency could also be released to Bangladeshi students pursuing professional diploma/certificate courses alongside studies in regular course like graduation and post-graduation abroad.
The foreign airlines, shipping lines and courier services having business in Bangladesh would have to submit return by the 15th of the following month of sending remittance through the approved dealer bank.
The circular said the decision had been taken to specify the time schedule of reporting the sending of remittance.

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