Regulatory Alerts2019-11-14
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FEPD Circular Letter No. 27: Opening of branch offices abroad
The document clarifies that the term 'residents in Bangladesh' for the purpose of opening branch offices abroad refers to legal resident entities other than banks and financial institutions licensed under the Bank Company Act, 1991 and Financial Institutions Act, 1993. This interpretation applies to the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1, read with FE Circular No. 16, dated 18 April 2019. Authorized Dealers in Bangladesh are instructed to bring this clarification to the notice of all concerned constituents.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular Letter No. 27 Date: 14/11/2019
Head offices/principal offices of all Authorized Dealers in Bangladesh
Dear Sirs, Opening of branch offices abroad
Please refer to paragraph 24, chapter 10 of the Guidelines for Foreign Exchange Transactions2018 (GFET), Vol-1, read with FE Circular No. 16, dated 18 April 2019 regarding opening of branch offices abroad by the residents in Bangladesh.
- This is to clarify that the residents in Bangladesh shall mean those legal resident entities other than banks and financial institutions licensed under the Bank Company Act, 1991 and Financial Institutions Act, 1993 respectively.
Please bring the above clarification to the notice of all concerned constituents.
Yours faithfully,
(Muhammad Khurshid Wahab) General Manager Phone: 9530123
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