Regulatory Alerts2013-06-26
Added · Updated
Redistribution of foreign exchange related activities to avoid overlapping
Applications for specific foreign exchange transactions are redistributed among the Foreign Exchange Investment Department, Foreign Exchange Operation Department, and Foreign Exchange Policy Department to avoid overlapping. The Foreign Exchange Operation Department assumes responsibility for monitoring import-related transactions and receiving statements on overdue import bills, commodity-wise import data, and outstanding letters of credit from Authorized Dealers. Remittance applications for sectors such as five-star hotels, airlines, and training expenses are assigned to the Foreign Exchange Investment Department and Foreign Exchange Operation Department respectively, while audit fees and donations remain with the Foreign Exchange Policy Department. Non-typical cases may be referred to the Foreign Exchange Policy Department for decision or approval.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd Circular Letter No. 17 Date: 26 June, 2013 Head Office/Principal Office of all Authorized Dealers in Bangladesh Dear Sirs, Redistribution of foreign exchange related activities to avoid overlapping Attention of the Authorized Dealers (ADs) is invited to the captioned subject. 02. In order to avoid overlapping, it has been decided that applications for approval/guidance regarding undermentioned foreign exchange transactions will be considered by the department as specified below: A. Foreign Exchange Investment Department (FEID) a) Remittance applications of five star hotels; b) Applications for appointment to act as agents, advisors, or any other employees in Bangladesh; c) Applications for employment of agents abroad; d) Remittance applications for overseas exchange houses, branches and subsidiaries of banks; e) Remittance applications for investment abroad. B. Foreign Exchange Operation Department (FEOD) a) Remittance applications for airlines, shipping lines, courier services and pre-shipment inspection (PSI) companies; b) Remittance applications for all types of membership fees such as IATA, ISO etc; c) Remittance applications for training related expenses; d) Remittance applications for ISP, V-SAT, private satellite TV channels; e) Remittance applications for honorarium (including cash) to foreign players/artists; f) Remittance applications for shooting of Bangladeshi films abroad; g) Remittance applications for all types of insurance related payments; h) Applications of remittance required for goods exported on re-import basis under NOC issued by Bangladesh Bank. It has also been decided that FEOD will monitor import related foreign exchange transactions. As such, ADs shall submit following statements to FEOD instead of FEPD: a) Non-payment overdue accepted import bills; b) Commodity-wise different import related statements; c) Statement of outstanding (unsettled) LCs. C. Foreign Exchange Policy Department (FEPD) a) Remittance applications for audit fee, inspection fee (other than PSI) and donation. 03. As usual, prevailing practice will remain unchanged for submission of applications against typical transactions to the respective department. However, ADs may refer non-typical cases to FEPD for decision/approval, if deemed necessary. Please bring the contents of this circular letter to the notice of all concerned. Yours faithfully, (Md. Zakir Hossain Chowdhury) Deputy General Manager Phone: 9530250
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