Regulatory Alerts2020-11-19
Added · Updated
FEPD Circular No. 51: Outward remittances on account of software maintenance/support fees
Authorized Dealers are granted general authorization to effect remittances for software maintenance and support fees without seeking prior approval from Bangladesh Bank. Authorized Dealers must ensure the software has a legitimate license, obtain valid service agreements, verify invoices, and collect undertakings from remitters regarding non-duplication of payments and potential repatriation of funds. The facility applies to banks and industrial enterprises in Export Processing Zones, requiring the use of existing foreign currency balances before converting Taka funds. Authorized Dealers must also comply with tax regulations, maintain KYC and AML/CFT standards, and forward remittance files to new designated dealers if the service provider changes.
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