Regulatory Alerts2021-07-27
Added
FEPD Circular No. 26: Opening of bank accounts abroad by resident contracting firms jointly with non-resident co-partners
Resident contracting firms are authorized to open foreign currency bank accounts abroad jointly with non-resident co-partners to receive payments and short-term loan proceeds for projects awarded by foreign agencies, provided collaterals from Bangladesh are not used. These firms must maintain designated accounts with Authorized Dealers in Bangladesh, submit quarterly progress reports and bank statements within 10 days after each quarter, and repatriate surplus earnings within one month of project completion. Authorized Dealers must report account details to Bangladesh Bank within one month of opening and upon closure, while ensuring tax deductions and crediting eligible portions to ERQ accounts or Taka accounts as applicable.
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