Regulatory Alerts2024-10-30
Added
FE Circular No. 27: Outward remittances on account of bandwidth and related service import
Authorized Dealers in Foreign Exchange in Bangladesh may now effect remittances for bandwidth and related service imports by locally incorporated business entities without requiring specific case-by-case approval from Bangladesh Bank. Authorized Dealers must obtain specific documentation, including valid licenses, related-party agreements, regulatory approvals from BTRC, invoices, tax payment evidence, and an undertaking for immediate repatriation in case of excess remittance. Payments must be verified for genuineness and funded from respective business sources, with Authorized Dealers required to maintain separate files for each remitter and ensure compliance with AML/CFT standards. Remittances are restricted to designated Authorized Dealer branches, which must provide intimation to Bangladesh Bank head office or concerned area offices.