Clarification on Endorsement of Foreign Exchange on Passports

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd Circular Letter No. 01 Date: Janurary 21, 2021

Head Offices/Principal Offices of All Authorized Dealers in Bangladesh

Dear Sirs, Endorsement of foreign exchange on passports Please refer to paragraph 1, chapter 12 of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol-1 regarding release of foreign exchange against travel entitlement and endorsement of the same on passports other than official travels by concerned officials. The paragraph stipulates with instruction to Authorized Dealers (ADs) to release up to 5,000 in the form of USD notes and remainder in other convertible currencies within the prescribed limit. 02. This is to clarify that endorsement on passports is applicable against release of foreign exchange either in cash or in non-cash form like international cards, etc. or both out of eligible entitlements of travels. The endorsement is equally applicable for release of foreign exchange in cash irrespective of entitlements/sources to persons other than those holding foreign passports. However, foreign exchange can be released without endorsement on passports in non-cash form like international cards, etc. out of balances held in private foreign currency accounts and resident foreign currency deposit accounts of concerned account-holders as per Section 1 and 3, chapter 13 of GFET. As usual, ADs shall comply with threshold limit in case of release of foreign exchange in USD notes and official visits shall remain out of the purview of endorsement. Please bring the above clarification to the notice of your concerned clientele. Yours faithfully, (Md. Ali Akbar Faraji) General Manager Phone: 9530123