Regulatory Alerts2014-09-22
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FEID Circular Letter No. 06: Time Extension for Online Submission of Applications Under Section 18A and 18B of the Foreign Exchange Regulation Act, 1947
The Foreign Exchange Investment Department of Bangladesh Bank extends the deadline for commercial banks to submit applications and supporting documents online and in hard copy for permissions under Sections 18A and 18B of the Foreign Exchange Regulation Act, 1947. This extension applies to resident individuals or institutions acting as local agents for non-residents, as well as non-resident institutions establishing branches or representative offices in Bangladesh. The new submission deadline is set until December 31, 2014, superseding previous extensions granted in earlier circulars.
Foreign Exchange Investment Department Bangladesh Bank Head Office Dhaka. Bangladesh Bank Website: www.bb.org.bd 06 Ashwin, 1421 Bangabda. FEID Circular Letter No.: 06/2014 Date:---------------------------- 21 September, 2014 AD. To: All Approved Dealer Banks Head Office/Principal Office.
Dear Sir,
Regarding the extension of the time limit specified in the circular letters issued concerning the online submission of application forms and other documents for obtaining approval under Sections 18A and 18B of the Foreign Exchange Regulation Act, 1947.
Attention is invited to the FEID Circular Letters dated 03/04/2013, 08/04/2014, and 30/06/2014, numbered respectively: 05/2013, 02/2014, and 04/2014, on the above-mentioned subject.
The time limit for submitting application forms and other documents online and in hard copy to obtain permission, renewal, and new principal appointment from Bangladesh Bank under Section 18A of the Foreign Exchange Regulation Act, 1947, for resident individuals or institutions to operate as local agents on behalf of non-resident individuals or institutions, was extended until 02/10/2014 through FEID Circular Letters numbered 05/2013 and 02/2014 dated 03/04/2013 and 08/04/2014 respectively.
Additionally, the time limit for submitting application forms and other documents online and in hard copy to obtain approval and renewal from Bangladesh Bank under Section 18B of the relevant Act for non-resident institutions to establish branches/subsidiaries/representative offices in Bangladesh was extended until 02/10/2014 through FEID Circular Letter No. 04/2014 dated 30/06/2014.
Now, regarding the submission of application forms and other documents by commercial banks online and in hard copy to obtain approval under Sections 18A and 18B of the Foreign Exchange Regulation Act, 1947, the time limit revised in the aforementioned two circulars is further extended until 31/12/2014.
Please acknowledge receipt.
Yours faithfully,
/Sd/ (Md. Azizul Haque) Deputy General Manager Phone: 9530151
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