Regulatory Alerts2021-05-16
Added
FEID Circular Letter No. 01: Issuance of No Objection Certificate for Foreign Company Offices
Current nominated Authorized Dealers must issue no objection certificates to branch, liaison, or representative offices without undue delay when these entities change their nominated banks. The certificate must be provided for onward submission to the new nominated bank and must explicitly mention any pending regulatory issues. This instruction addresses stakeholder reports regarding delays in issuing such certificates under the Guidelines for Foreign Exchange Transactions-2018.
Foreign Exchange Investment Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FEID Circular Letter No.01 Date: 16/05/2021 Head Offices/Principal Offices of all Authorized Dealers in Bangladesh Dear Sirs, Issuance of No Objection Certificate in favour of branch, liaison, representative offices of foreign companies. Please refer to paragraph 3(c), chapter 17, Section II of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1. 2. In above paragraph it has been instructed that in case of change of nominated ADs, branch, liaison, representative offices, etc. shall collect a no objection certificate from the current nominated bank for onward submission to new nominated bank. It has been informed from stakeholders that some ADs are making undue delay to issue the same. In this circumstances, current nominated Authorized Dealers(ADs) of branch, liaison, representative offices are advised to issue no objection certificate without any delay mentioning the pending regulatory issues, if any. Please bring the instructions of this circular letter to the notice of all concerned. Yours Faithfully, (Safiqur Rahman) Deputy General Manager Phone: 02-9530749