Regulatory Alerts2020-10-04
Added · Updated
FEPD Circular No. 41: Repatriation of royalty, technical know-how and technical assistance fees in Domestic Processing Areas
Authorized Dealers may effect outward remittance for royalty, technical know-how, and technical assistance fees from taka accounts on behalf of industrial enterprises in Domestic Processing Areas of Economic Zones, provided these enterprises lack foreign currency income sources. Authorized Dealers must verify the absence of foreign currency income and ensure applicable taxes are deducted and paid before processing transactions. If legitimate foreign exchange balances exist in the customer's account, such funds must be utilized first before converting taka; combined sources cannot be used for enterprises in export processing areas. Authorized Dealers remain subject to Section 3(4) of the Foreign Exchange Regulation Act, 1947, including KYC, AML/CFT standards, and reporting requirements.
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