SPA Circular No. 02: Operations of resident entities working as general sales agents and shipping agents of foreign airlines/shipping lines in Bangladesh

Foreign Exchange Operation Department Bangladesh Bank Head Office Dhaka www.bb.org.bd

SPA Circular No.02 Date: November 21, 2021

All Authorized Dealers in Foreign Exchange and Airlines/Shippinglines/General Sales Agents/ Travel Agents in Bangladesh

Dear Sirs,

Operations of resident entities working as general sales agents and shipping agents of foreign airlines/shipping lines in Bangladesh

Please refer to paragraph 1, chapter 10 of the Guidelines for Foreign Exchange Transactions-2018, volume-1 (GFET) and relevant other instructions including SPA Circular No. 01 of September 03, 2020 in terms of which resident entities working as general sales agents and shipping agents in Bangladesh can remit surplus earnings to their principals, foreign airlines/shipping lines, abroad out of receipts realized from local sources in observance of procedures specified at GFET.

2. There are no restrictions for resident entities to work as general sales agents or shipping agents for more than one airlines/shipping lines. To bring discipline in remittances of surplus earnings out of respective collections from respective operations, it has been decided that resident general sales agents or shipping agents will maintain separate bank accounts for each airlines/shipping lines to deposit collections from respective operations.

In view of the above decision, ADs are advised to guide their general sales agents/shipping agents-customers working for more than one carrier to maintain separate bank accounts within three months from the issuance of this circular.

Yours faithfully,

(Madhusudan Banik) General Manager Phone:9530127