Regulatory Alerts2013-03-20
Added · Updated
FEID Circular Letter No. 04 : Facilitation of permission/renewal/inclusion procedure under section 18B of Foreign Exchange Regulation Act,1947
Authorized Dealers must submit electronic copies of forwarding letters and hard copies of applications for branch, liaison, or representative office permissions under Section 18B of the Foreign Exchange Regulation Act, 1947, to the Foreign Exchange Investment Department. Bangladesh Bank grants primary ad-hoc permission on the following working day upon receiving the electronic message, which remains valid until further instruction or cancellation if no satisfactory response to deficiencies is received within eight weeks. The procedure also applies to foreign national work permissions under Section 18A, and failure to follow the prescribed format results in non-acknowledgment and lack of primary permission. Section (f) of FEID Circular Letter No. 01/2013 is cancelled, and Authorized Dealers face punitive action for negligence that hampers business or causes customer harassment.
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