Regulatory Alerts2023-02-22
Added
Enhancement of limit for declaration on Form-C against inward remittances
The requirement for declaration on Form-C against inward remittances is waived for amounts up to 20,000 US dollar or its equivalent, increasing the previous threshold of 10,000 US dollar. This exemption applies to all inward remittances, while declarations remain mandatory for amounts exceeding this limit. Authorized Dealers in Foreign Exchange in Bangladesh must continue to comply with due diligence and other existing regulatory instructions, including electronic declaration requirements.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 03 Date: February 22, 2023 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Enhancement of limit for declaration on Form-C against inward remittances Please refer to the paragraph 10, chapter 5 of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol-1 in terms of which declaration on Form-C is not required against inward remittances up to 10,000 US dollar or its equivalent. However, no declaration is required for inward remittances sent by Bangladeshi nationals working abroad. 02. To facilitate inward remittances, it has been decided that declaration on Form-C shall not be required for inward remittances up to 20,000 US dollar or its equivalent. Other instructions in this regard including electronic declaration as per FE Circular No. 01, dated February 01, 2023 shall remain unchanged. As usual, ADs shall comply with due diligence and other regulatory instructions. Please bring the content of the circular to the notice of all concerned. Yours faithfully,
(Md. Sarwar Hossain) Director (FEPD) Phone: 9530123