Regulatory Alerts2013-08-20
Added · Updated
FEID Circular Letter No. 07: Relaxation of Approval Process for Foreign Nationals in Power Sector
Foreign nationals working in branch or liaison offices of foreign organizations in the power sector who stay in Bangladesh for six months or less and receive salaries paid abroad are exempted from the requirement to open local bank accounts when applying for permission under Section 18A of the Foreign Exchange Regulation Act, 1947. Authorized Dealer Banks are instructed to omit the confirmation of local account maintenance from Annexure-2 of Circular Letter No. 04/2013 for these specific applications, while applicable taxes must still be paid within the country. This instruction takes immediate effect.
Foreign Exchange Investment Department Bangladesh Bank Head Office Dhaka. Bangladesh Bank website: www.bangladeshbank.org.bd
FEID Circular Letter No. 07/2013 Date: 20 August, 2013
Head Offices/Principal Offices of All Authorized Dealer Banks in Bangladesh Dear Sir, Relaxation of Approval Process regarding Permission/Renewal of Permission under Section 18B of Foreign Exchange Regulation Act, 1947. Please refer to the FEID Circular Letter No. 04/2013 dated 20/03/2013 on the above mentioned subject. It has been decided that for the foreign nationals who have been working in the branch/ liaison offices of the foreign organizations deployed in the power (petroleum/gas/electricity) sector of the country, who will stay in this country for 06 (six) months or less and whose salaries/allowances will be paid abroad by the principal offices located abroad as per permission of Board of Investment, the application of those foreign nationals can be submitted to this department for permission under Section 18A of FER Act, 1947 without compulsion of opening of bank account in the local banks. But taxes applicable on those foreign nationals must be paid in this country. In case of submission of such application it is not necessary to fill up the portion: “We confirm that Mr./Ms. ------- has been maintaining an account with our branch” mentioned in the 2 nd Para of Annexure-2 attached with the FEID Circular Letter No. 04/2013 dated 20/03/2013. This instruction shall come into force with immediate effect. Yours faithfully,
-Sd/- (Nurun Nahar) Deputy General Manager Phone: 9512605
More like this from BB
BB published 33 documents in the last 30 days. We email you each new one the day it's published.