Regulatory Alerts2020-09-15
Added · Updated
FE Circular No. 37: Transfer of remunerations to Foreign Currency accounts of foreign nationals in exporting companies
Exporter-employers are permitted to transfer up to 75 percent of the net monthly income of expatriate employees in equivalent foreign currency from their Exporter’s Retention Quota accounts to the employees' Foreign Currency accounts. Authorized Dealers must verify the authenticity of work permits issued by competent authorities when processing these transfers. This decision relaxes previous provisions by allowing the source of funds to be the Exporter’s Retention Quota accounts.
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