Regulatory Alerts2022-10-10
Added
FEPD Circular No. 28: Payment of fees for webinar solution services to conduct virtual meetings
Authorized Dealers in Foreign Exchange in Bangladesh are permitted to remit funds for actual payments against invoices for webinar solution services used to conduct virtual meetings, subject to applicable taxes and levies. This authorization extends to payments for the Authorized Dealers' own use and allows for online settlement via virtual cards, one-time cards, or International Remittance cards. Authorized Dealers must observe due diligence regarding KYC and AML/CFT standards and reporting routines to Bangladesh Bank.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd
FE Circular No. 28
Date: October 10, 2022
All Authorized Dealers in Foreign Exchange in Bangladesh
Dear Sirs,
Payment of fees for webinar solution services to conduct virtual meetings.
To facilitate payment for availing webinar solution services for conducting virtual meetings, it has been decided that Authorized Dealers (ADs) may remit on account of actual payments against relevant invoices of webinar solution services, subject to payment of applicable taxes/levies. The authorization will also be applicable for payments against own use by ADs.
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In case of requirement for online payments against the above mentioned services, ADs may issue virtual card or one time card in the name of the nominated official of the applicant entities. Alternatively, for settlement of such payments ADs may use International Remittance cards (IRC) issued under FE Circular No. 18 of May 31, 2021
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ADs shall observe due diligence with regards to KYC and AML/CFT standards and reporting routine to Bangladesh Bank.
Please bring the contents of this circular to the notice of all concerned.
Yours faithfully,
(Md. Sarwar Hossain) Director (FEPD) Phone: 9530123