Regulatory Alerts2009-08-03
Added · Updated
FE Circular No. 10: Release of foreign exchange on current account transactions
Authorized Dealers in Bangladesh are permitted to release foreign exchange for training fees, study abroad expenses, surplus earnings of foreign railway agents, and subsequent legal fees without prior Bangladesh Bank approval, subject to specific documentation and compliance requirements. For training remittances, Authorized Dealers must verify invitation letters, employer approval, reasonable fees, and institutional registration, forwarding full documentation to the Foreign Exchange Operation Department within the monthly return. Remittances for study abroad require scrutiny of admission papers, academic results, and explanations for changes in institution or subject, while railway agent remittances depend on certified monthly statements and post facto checking within 15 days. Legal expense remittances for banks are allowed for subsequent fees of suits already approved, provided the initial application included Board of Directors approval and a lawyer's certificate.
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