Regulatory Alerts2022-09-07
Added
FEPD Circular Letter No. 2022-4706: Encashment/Deposit of Foreign Currency held by resident Bangladeshi
Resident Bangladeshi individuals may retain up to USD 10,000 or equivalent foreign currency in their possession or as a Resident Foreign Currency Deposit with an authorized dealer bank for future travel. Amounts exceeding this threshold must be sold to or deposited in a Resident Foreign Currency Deposit account with an authorized dealer bank or licensed money changer within one month of arrival in Bangladesh. Possession of foreign currency beyond these limits is a punishable offense under the Foreign Exchange Regulation Act, 1947, and holders of unauthorized amounts are requested to sell them by September 30, 2022, or face strict legal action.
50119
Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.
Date: 23 Bhadra, 1429 07 September, 2022
Letter No.-FEPD(FAANFBPI)/101/2022-4706
Chief Executive Officer/Managing Director All Approved Dealer Banks engaged in foreign currency transactions Head Office/Principal Office and All Licensed Money Changers.
Dear Sir,
Regarding Encashment/Deposit of Foreign Currency held by resident individuals.
With reference to the press release of Bangladesh Bank issued via letter No. DCP(PR)05/2022-301 dated August 31, 2022, on the subject cited above, the said press release is enclosed herewith for your information and necessary action.
Yours faithfully,
(Mohammad Sarowar Hossain) Director (FEPD) Phone: 9530123 E-mail: mds.hossain@bb.org.bd
Phone: 88-02-9550448, 9554896, IP: 88-02-55665001-6, Fax: 88-02-9530479, www.bb.org.bd
Bangladesh Bank
Regarding Encashment/Deposit of Foreign Currency held by resident individuals
Resident Bangladeshi individuals may keep up to ten thousand US Dollars or equivalent foreign currency brought from abroad in their own possession or deposit it as a Resident Foreign Currency Deposit with an approved dealer bank, and may also carry the said foreign currency with them on subsequent foreign travel. It is mandatory for resident Bangladeshi citizens to sell the additional amount of foreign currency brought exceeding ten thousand US Dollars to an approved dealer bank/licensed money changer or deposit it in a Resident Foreign Currency Deposit account within one month of coming to the country.
Possession of foreign currency beyond the above authority is a punishable offense under the Foreign Exchange Regulation Act, 1947. It is requested that foreign currency not under authority, if held by resident Bangladeshis, be sold to an approved dealer bank/licensed money changer by September 30, 2022. Strict legal action will be taken against any resident individual found in possession of unauthorized foreign currency after the specified time.
This notice is issued in the public interest.
If you face harassment in banking and financial services or have any complaint, please call 16236.