Regulatory Alerts2010-10-28
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FEID Circular Letter No. 01: Regarding Blacklisting of Foreign Companies for Permission under Section 18A of the Foreign Exchange Regulation Act-1947
The Foreign Exchange Investment Department of Bangladesh Bank blacklists two foreign principals, Jyoti-Ish Gear Ltd. and Osho Industries, for obtaining permission under Section 18A of the Foreign Exchange Regulation Act-1947. Local indenting institutions are prohibited from accepting any indent issued on behalf of these entities, and applications from local agents seeking to act for them are not to be accepted.
Foreign Exchange Investment Department Bank of Bangladesh Head Office Dhaka. Bank of Bangladesh Website: www.bb.org.bd 28 October 2010 FEID Circular Letter No. 01/2010 dated: ------------------- 13 Kartik 1417 To All Approved Dealer Banks Head Office / Principal Office Dear Sir,
With reference to the blacklisting of the following institutions in the context of obtaining approval from foreign principals under Section 18A of the Foreign Exchange Control Act, 1947.
Attention is drawn to the subject mentioned above. The following foreign principals have been blacklisted:
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Jyoti-Ish Gear Ltd., 305, Udyog Bhaban, 822-5 Banani-Dhaka Dhaka, Bangladesh.
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Osho Industries 513 Sangha Ishwaram 17-1 Narayanganj-Dhaka Narayanganj-Dhaka Dhaka, Bangladesh.
Any indent issued by a local indenting institution on behalf of the above principals will not be acceptable. It is advised not to accept applications from any indenting/local agent institution to work as an agent for the aforementioned principals.
Kindly acknowledge receipt.
Yours faithfully, (A.N.M. Abul Kaseem) Deputy General Manager Foreign Exchange Investment Department Bank of Bangladesh Head Office Dhaka.
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