FEPD Circular No. 47: Transfer of remunerations to Foreign Currency accounts for foreign nationals in branch/liaison offices

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 47 Date: December 05, 2019

All Authorized Dealers in Foreign Exchange in Bangladesh

Dear Sirs, Transfer of remunerations to Foreign Currency (FC) accounts in the names of foreign nationals employed in branch offices/liaison offices of foreign companies in Bangladesh

Paragraph 8, chapter 11 of the Guidelines for Foreign Exchange Transactions-2018, Vol-1 (GFET) permits foreign nationals working in Bangladesh with valid work permits to make monthly remittances up to 75% of their net income to cover their commitments abroad. 02. To facilitate payment of remuneration, it has been decided that net income of foreign nationals employed in branch offices/liaison offices of foreign companies duly approved by BIDA may be credited to their FC accounts maintained and operated in terms of paragraph 1, chapter 13 of GFET. In this context, ADs shall observe the following instructions: (a) Admissible remuneration to FC accounts of foreign nationals shall be credited only from FC accounts of eligible employers, fed in with inward remittances from their parent offices abroad. (b) Outward payment on account of family remittance from local credits shall be eligible up to 75% of net income in acordance with paragraph 8, chapter 11 of GFET. (c) Balances from the FC accounts are freely encashable to Taka for local expenses. (d) Purchase of air ticket as per paragraph 11(vi), chapter 12 of GFET shall be permissible out of the limit of eligible family remittance.

Please bring the above instructions to the notice of concerned constituents. Yours faithfully, (Mohammad Khurshid Wahab) General Manager Phone: 9530123