Regulatory Alerts2013-12-26
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FEPD Circular Letter No. 36 : Foreign currency accounts Licensed Money Changers
Licensed Money Changers are permitted to deposit cash foreign exchange exceeding USD 25,000 into Foreign Currency accounts with their designated Authorized Dealer banks, as stipulated in paragraph 7, chapter 2 of the Guidelines for Foreign Exchange Transactions-2009. Authorized Dealers are instructed to cooperate with Licensed Money Changers in operating these accounts in compliance with the relevant guidelines to resolve operational difficulties. The circular mandates that Authorized Dealers facilitate these transactions to ensure the smooth conduct of business activities for the Money Changers.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd
FEPD Circular Letter No. 36
Date: December 26, 2013
Head Offices/Principal Offices of all Authorized Dealers of Foreign Exchange in Bangladesh
Dear Sirs,
Foreign currency accounts for Licensed Money Changers
Please refer to paragraph 7, chapter 2 of the Guidelines for Foreign Exchange Transactions-2009 (GFET), Vol-1 in terms of which Licensed Money Changers (MCs) are allowed to deposit cash foreign exchange beyond the specified limit of USD 25,000 to the Foreign Currency (FC) accounts with their designated Authorized Dealer (AD) banks.
- It has come to our notice that ADs are not properly facilitating MCs in operating FC accounts with them consequent upon which the concerned MCs are facing problems for smooth conduct of their business transactions. ADs are therefore advised to cooperate MCs in operating their FC accounts being compliant with the relevant instructions of GFET as mentioned above.
Please bring the content of this circular letter to the notice of all concerned.
Yours faithfully,
(Jagannath Chandra Ghosh) Deputy General Manager Phone: 9530092
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