Regulatory Alerts2023-12-13
Added
FEID Circular No. 01: Issuance of No Objection Certificate for Foreign Company Offices and Bank Account Closure Notification
Authorized Dealers must ensure each Branch, Liaison, Representative, or Project office of a foreign company uses a single nominated Authorized Dealer for all remittances and reporting. Authorized Dealers are required to process No Objection Certificate applications within 15 days and notify the Foreign Exchange Investment Department of dormant account status by the 15th day of the following month. Local currency accounts may be declared dormant due to inactivity or expired permission, requiring fund transfers to the nominated Authorized Dealer and compliance with Section 35 of the Banking Companies Act, 1991.
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