FEPD Circular No. 23: Release of foreign exchange for study abroad

Authorized Dealers are permitted to release foreign exchange for Bangladeshi students studying permissible courses abroad directly to a designated intermediary payment processing entity, provided the admission documents specify that fees must be remitted through that entity. This amendment modifies the previous requirement under GFET 2009 that funds be released only in favor of the educational institution. All other existing instructions regarding the release of foreign exchange for study abroad remain unchanged.

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Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka www.bb.org.bd
FE Circular No. 23 Date: May 29 , 2017
All Authorized Dealers of
Foreign Exchange in Bangladesh
Dear Sirs,
Release of foreign exchange for study abroad
Please refer to paragraph 10, chapter 11 of Guidelines for Foreign Exchange Transactions (GFET’2009), Vol-1 in terms of which Authorized Dealers (ADs) are allowed to release foreign exchange for study of Bangladeshi students abroad in favour of the educational institution.
02. It has now been decided that ADs may also release foreign exchange for study of
Bangladeshi students in permissible courses abroad in favour of the designated intermediary payment processing entity provided it is clearly mentioned in the admission documents (I-20, Admission Acceptance Letter etc.) of the concerned main educational institution that fees, charges etc. are to be remitted through their designated entity.
03. Other instructions regarding release of foreign exchange for study abroad will remain
unchanged.
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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Lineage: In force

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Source: Bangladesh Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works