Regulatory Alerts2023-06-21
Added
FEPD Circular No. 10: Maintenance of foreign currency (FC) accounts for foreign investment
Authorized Dealers in Foreign Exchange in Bangladesh may retain foreign currency sent by foreign investors and open FC accounts in the names of local companies issuing shares or temporary FC accounts for proposed companies. Funds held in these accounts must be used only for permissible outward payments on account of capital expenditures, including encashment in taka, and the account tenure is limited to one year from opening. Authorized Dealers must issue certificates per App. 5/40 of GFET for inward remittances and transfer funds to new FC accounts upon completion of company registration or business commencement.
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