Regulatory Alerts2023-02-07
Added
FEOD Circular No. 01: Regarding Endorsement on Passport
The Bangladesh Bank mandates that all approved dealer banks and money changers verify previous passport endorsements and check foreign currency expenditure amounts against the Online TM Form Monitoring System (OTFMS), International Card Monitoring System (ICMS), or Online Money Changer Monitoring System (OMCMS) before issuing new endorsements. Banks must also verify the total foreign currency spent in the same fiscal year against the previous passport number if applicable. These instructions are effective immediately and must be communicated to all relevant parties.
Foreign Exchange Operations Department Bangladesh Bank Head Office Dhaka www.bb.org.bd
24 Magh, 1429 FEOD Circular No.-01 Date: ----------------------- 07 February 2023
To: All Approved Dealer Banks engaged in Foreign Exchange Transactions Head Office / Principal Office And Approved Money Changers.
Dear Sir,
Regarding Passport Endorsement.
With reference to Guidelines for Foreign Exchange Transactions-2018, Volume-1, Chapter -12, Para-1(i), FE Circular No. 30 dated 25/07/2019, and FE Circular No. 30 dated 23/09/2021, instructions are given to follow the following matters regarding Foreign Exchange Endorsement on Passport:
a) Mandatory verification of previous endorsements on the passport pages, along with checking the amount of foreign currency spent by the customer against the said passport in the Bangladesh Bank's Online TM Form Monitoring System (OTFMS) or International Card Monitoring System (ICMS) or Online Money Changer Monitoring System (OMCMS) before endorsing foreign currency;
b) Verification of the amount of foreign currency spent in the same fiscal year against the previous passport number (if any).
- The aforementioned instructions will be implemented immediately.
Please inform all concerned parties regarding this matter.
Yours faithfully,
(Signature)
(Afrozi Khan) Director (FEOD) (On Additional Charge) Phone-9530497