Regulatory Alerts2022-03-14
Added
Retention of export proceeds in foreign exchange
Authorized Dealers in Foreign Exchange in Bangladesh are now permitted to retain export proceeds received in advance, as declared on an Advance Receipt Voucher (ARV), in foreign exchange. This retention is allowed according to paragraphs 41 or 42 of chapter 7 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), depending on whether the funds are for settlement of back-to-back Letters of Credit (LCs) or other import bills. This decision by Bangladesh Bank extends the existing retention rules to cover advance export receipts.
Topics
fx
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