Regulatory Alerts2019-12-05
Added · Updated
FEPD Circular No. 47: Transfer of remunerations to Foreign Currency accounts for foreign nationals in branch/liaison offices
Net income of foreign nationals employed in branch offices or liaison offices of foreign companies approved by BIDA may be credited to their Foreign Currency accounts maintained under paragraph 1, chapter 13 of the Guidelines for Foreign Exchange Transactions-2018. Authorized Dealers must ensure that such credits originate only from Foreign Currency accounts of eligible employers funded by inward remittances from parent offices abroad. Remunerations are subject to a limit where outward family remittances from local credits are eligible up to 75% of net income, while balances in Foreign Currency accounts remain freely encashable to Taka for local expenses and air ticket purchases are permissible within the eligible family remittance limit.
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