Regulatory Alerts2017-07-16
Added · Updated
FE Circular No. 26: Use of share capital and authorized loans through foreign currency/local currency accounts by industrial enterprises operating in Export Processing Zones (EPZs)
This circular modifies paragraphs 31 of Chapter-13 and paragraphs 18 and 21 of Chapter-16 of the Guidelines for Foreign Exchange Transactions (GFET), 2009 to align regulations for Export Processing Zone (EPZ) enterprises with those for Economic Zone (EZ) enterprises. It permits 'Type A' and 'Type B' EPZ enterprises to credit equity from foreign shareholders and authorized foreign loans in their foreign currency accounts, subject to reporting to Bangladesh Bank within 14 days. Additionally, 'Type C' EPZ enterprises may convert local currency equity or authorized loans into foreign exchange to pay for capital machinery imports, while 'Type B' enterprises may do the same if their foreign funds are insufficient.
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