Regulatory Alerts2013-01-28
Added · Updated
Facilitation of permission/renewal/inclusion procedure under section 18A of Foreign Exchange Regulation Act,1947
Bangladesh Bank establishes an immediate procedure for Authorized Dealers to facilitate permission, renewal, or inclusion under Section 18A of the Foreign Exchange Regulation Act, 1947. Authorized Dealers must submit applications via email and hard copy to the Foreign Exchange Investment Department, where an electronic acknowledgment serves as ad-hoc permission valid until further instruction. Formal permission is issued if the application is complete, while deficiency explanations must be provided within eight weeks to avoid cancellation of the ad-hoc permission. Authorized Dealers face punitive or disciplinary action if negligence or slackness hampers business functions or results in proven customer harassment.
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