Regulatory Alerts2013-01-09
Added · Updated
Outward remittance of commission earnings of foreign brokerage firms against services to foreign portfolio investors in Bangladesh
Local stock brokerage firms may remit their share of commission earnings to foreign counterpart firms through authorized dealer banks without prior approval from Bangladesh Bank, provided they hold permission under Section 18A of the Foreign Exchange Regulation Act, 1947. Remittances are restricted to commissions earned from trading securities through BO Accounts and Non-resident Investors Taka Accounts (NITAs), calculated monthly after deducting local agent charges, applicable taxes, and other expenses as per the agreement between the parties. Authorized dealers must report each transaction with the usual monthly returns and submit consolidated half-yearly information to the Foreign Exchange Investment Department for post facto checking.
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