RegAlert2015-12-10
Added · Updated
FEOD Circular Letter No. 07: Regarding Daily Foreign Exchange Transactions of Money Changers Through Online Software
Effective January 1, 2016, all licensed money changers must conduct daily foreign exchange transactions via online software and provide customers with a printed receipt bearing the Bangladesh Bank monogram and a unique transaction number. Money changers are required to declare their foreign currency holdings to the relevant Bangladesh Bank office by December 31, 2015, and must not use the office's transaction number until approved. In areas with regular power outages, businesses should use UPS systems and multiple internet service providers to ensure connectivity.
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FOREIGN EXCHANGE OPERATION DEPARTMENT
BANGLADESH BANK
HEAD OFFICE
DHAKA-1000.
Ref. No. FEOD Circular Letter No. 07/2015 Dated: ----------------------- 10 December/ 2015
To all Approved Dealers engaged in foreign currency transactions and all legally licensed Money Changer establishments.
Dear Sir,
Regarding the daily foreign currency transactions of Money Changer establishments through online means.
Reference is drawn to your attention to FEOD Circular Letter No. 26/2009, Ref. No. 1, Series-2, Branch-oo, Section-5, 6 & 10.
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All foreign currency transactions, i.e., daily transactions, of licensed Money Changer establishments by Bangladesh Bank must be conducted through online means (Online Transaction Management System) starting from January 1, 2016. After each transaction, Money Changer establishments must print a receipt bearing the monogram and a unique transaction number of Bangladesh Bank and provide it to the customer. Until further instructions, in addition to online reporting, the monthly transaction details must be submitted to this department through the concerned AD Bank by the 7th day of the following month as before.
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All Money Changers must, at their own responsibility, declare all types of foreign currency holdings kept with them by the end of the day on December 31, 2015, to the concerned Bangladesh Bank office (Head Office, Foreign Exchange Department, Branch) in the prescribed format. This is necessary and the format (guideline) is attached with the concerned Bangladesh Bank office. After declaring the foreign currency holdings, the concerned officer of the Money Changer Branch or the telephone (No. 9530512) of the Foreign Exchange Operation Department of this Head Office must be informed after 7:00 PM on December 31, 2015. No Money Changer establishment can use the Bangladesh Bank transaction number to report transactions until the aforementioned foreign currency holdings are declared and approved by Bangladesh Bank.
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In places where regular power outages occur, it is better to use UPS instead of generators for business operations in the absence of power supply. It is best to have internet services from multiple Internet Service Providers (ISPs) for uninterrupted internet service.
(Md. Haque Mia)
Deputy General Manager
Phone-9530468
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Source: Bangladesh Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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