Regulatory Alerts2020-05-12
Added · Updated
FEPD Circular Letter No. 20: Cash incentives against remittance sent in legitimate way
The Foreign Exchange Policy Department of Bangladesh Bank extends the deadline for submitting documents for remittances exceeding BDT 5,000 or BDT 500,000 from 15 working days to two months, a relaxation valid until December 31, 2020. This directive applies to scheduled banks operating in Bangladesh and is effective from July 1, 2019. Banks must ensure compliance with previous instructions regarding remittances exceeding BDT 1,500 or BDT 150,000.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka-1000 Ref. No. FEPD Circular Letter No. 20 Date: 12/05/2020
To, Managing Director / Chief Executive All Scheduled Banks operating in Bangladesh.
Dear Sir,
Context regarding provision of cash incentives against remittance sent in legitimate way.
We draw your attention to our FE Circular No. 31 dated 06 August, 2019 and FE Circular Letter No. 29 dated 20 November, 2019 on the subject cited above.
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In accordance with the aforementioned circulars and circular letters, a recipient must submit documents to the remittance-providing bank branch within 15 (fifteen) working days for remittances exceeding BDT 1,50,000.00 (One Lakh Fifty Thousand) per transaction against remittance sent in legitimate way.
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Considering customer convenience in the current situation, we have issued the following instructions:
a) Incentive facilities will be applicable for remittances up to a maximum of BDT 5,000 (Five Thousand) or BDT 5,00,000.00 (Five Lakh) per transaction, excluding documents required for sending remittances;
b) For remittances exceeding BDT 5,000.00 (Five Thousand) or BDT 5,00,000.00 (Five Lakh) for which the recipient is obligated to submit documents within 15 (fifteen) working days as mentioned in item (a) above, the time limit for submitting documents has been extended to two months. This facility will remain valid until 31st December, 2020;
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The decisions in item 03 above will be effective from 01 July, 2019.
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For remittances exceeding BDT 1500 (One Thousand Five Hundred) or BDT 1,50,000 (One Lakh Fifty Thousand), you must ensure proper compliance with the instructions issued in FE Circular No. 31 dated 06 August, 2019 and the FEPCD (LDA)/147(1)/2019-7600 letter dated 07/10/2019 sent by this department, with respect to remittances exceeding BDT 5000 (Five Thousand) or BDT 5,00,000 (Five Lakh) sent from 01 July, 2019.
Yours faithfully,
(Mohammad Khurshid Wahab) Deputy General Manager Phone: 9530123
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