Regulatory Alerts2014-05-04
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FEPD Circular No. 19: Release of foreign exchange on account of software maintenance/support fees
Authorized Dealer banks are permitted to remit periodical maintenance and support fees for proprietary or specialized software to foreign service providers during the tenure of an agreement, provided initial approval was granted by Bangladesh Bank. Banks must verify the bonafides of subsequent requests through invoices and the validity of the relevant agreement, while complying with the instructions contained in the first-time approval letter.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd F.E. Circular No. 19 Date: May 04, 2014 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Release of foreign exchange on account of software maintenance/support fees Prior approval from Bangladesh Bank is required to remit foreign exchange on account of maintenance/support fees for proprietary/specialized software to service providers abroad under agreements. 02. It has now been decided that an Authorized Dealer (AD) bank may continue to effect remittance of periodical maintenance/support fee for software during the tenure of the agreement for which maiden approval was accorded from Bangladesh Bank. In this context, the AD banks shall satisfy themselves with the bonafides of the subsequent requests through invoices and validity of the relevant agreement and comply with the instructions contained in first time approval letter of Bangladesh Bank. Please bring the contents of this circular to the notice of all concerned. Yours faithfully, (Md. Abdul Mannan) Deputy General Manager Phone: 9530319
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