Category:

Remittance on account of bonus by foreign nationals working in Bangladesh. Ref: FEPD Circular No. 14 dated 22-Mar-2020.

March 22nd, 2020 by

All Authorized Dealers of
Foreign Exchange in Bangladesh

Remittance on account of bonus by foreign nationals working in Bangladesh

 Please refer to paragraph 8(a), chapter 11 of Guidelines for Foreign Exchange Transactions-2018, Vol-1 in terms of which foreign nationals are permitted to make monthly remittances to the country of their domicile up to 75 percent of their net income. Besides, paragraph 8(d) allows to include net amount of bonus or commission actually paid by the employers by spreading over the subsequent twelve months as a part of current remittances.

02. To facilitate the remittance on account of bonus, it has been decided that foreign nationals can remit upto 75% of their bonus after deduction of applicable taxes and payment thereof at one-go without spreading over the subsequent 12 months. Foreign nationals, however, can exercise prevailing regulations at their options. Other instructions in this regard shall remain unchanged.

Please bring the above instructions, effective immediately, to notice of your concerned constituents.

Source: https://www.bb.org.bd/mediaroom/circulars/fepd/mar222020fepd14e.pdf

Transfer of remunerations to Foreign Currency (FC) accounts in the names of foreign nationals employed in EPZ/EZ/HTP companies in Bangladesh. Ref: FEPD Circular No. 10 dated 11-Mar-2020.

March 11th, 2020 by

Online transactions through International Credit Cards. Ref: FEPD Circular Letter No. 05 dated 29-Jan-2020.

January 29th, 2020 by

Foreign exchange transactions for IT/Software firms. Ref: FEPD Circular No. 02 dated 13-Jan-2020.

January 13th, 2020 by

Transfer of remunerations to Foreign Currency (FC) accounts in the names of foreign nationals employed in branch offices/liaison offices of foreign companies in Bangladesh. Ref: FEPD Circular No. 47 dated 05-Dec-2019.

December 5th, 2019 by

Transfer of remunerations to Foreign Currency (FC) accounts in the names of foreign
nationals employed in branch offices/liaison offices of foreign companies in Bangladesh

Paragraph 8, chapter 11 of the Guidelines for Foreign Exchange Transactions-2018, Vol-1 (GFET) permits foreign nationals working in Bangladesh with valid work permits to make monthly remittances up to 75% of their net income to cover their commitments abroad.

02. To facilitate payment of remuneration, it has been decided that net income of foreign nationals employed in branch offices/liaison offices of foreign companies duly approved by BIDA may be credited to their FC accounts maintained and operated in terms of paragraph 1, chapter 13 of GFET. In this context, ADs shall observe the following instructions:

(a) Admissible remuneration to FC accounts of foreign nationals shall be credited only from FC accounts of eligible employers, fed in with inward remittances from their parent offices abroad.

(b) Outward payment on account of family remittance from local credits shall be eligible up to 75% of net income in acordance with paragraph 8, chapter 11 of GFET.

(c) Balances from the FC accounts are freely encashable to Taka for local expenses.

(d) Purchase of air ticket as per paragraph 11(vi), chapter 12 of GFET shall be permissible out of the limit of eligible family remittance.

Please bring the above instructions to the notice of concerned constituents.

Source: https://www.bb.org.bd/mediaroom/circulars/fepd/dec052019fepd47e.pdf

Advance Payment against imports-liberalization/relaxation. Ref: FEPD Circular No. 45 dated 25-Nov-2019.

November 25th, 2019 by

Use of International Cards from Bangladesh for online payments abroad. Ref: FEPD Circular Letter No. 30 dated 24-Nov-2019.

November 24th, 2019 by

Use of international cards for online payments.. Ref: FEPD Circular Letter No. 26 dated 14-Nov-2019.

November 14th, 2019 by

Opening of branch offices abroad. Ref: FEPD Circular Letter No. 27 dated 14-Nov-2019.

November 14th, 2019 by

Release of foreign exchange for performing Umrah Hajj . Ref: FEPD Circular No. 41 dated 21-Oct-2019.

October 21st, 2019 by

Release of foreign exchange for performing Umrah Hajj.

In terms of paragraph 10, chapter 12 of the Guidelines for Foreign Exchange Transctions2018, Vol-1 (Vol-1), Bangladesh Bank permits release of foreign exchange for performing Hajj in accordance with the decision taken by the Government each year.

02. To facilitate remittance for performing Umrah Hajj, it has been decided that Authorized Dealers (ADs) may effect outward remittances, on behalf of Umrah Hajj agents licensed by the Ministry of Religious Affairs, to official Umrah Hajj service agents/providers at Kingdom of Saudi Arabia (KSA) against their Umrah Hajj packages sold to intending pilgrims for performing Umrah Hajj, subject to observance of the following instructions:

(a) ADs shall obtain documents from the licensed agents in support of the sales of Umrah Hajj packages to intending pilgrims, compliant with Umrah Hajj policy in force of the Government.

(b) ADs shall endorse foreign exchange out of annual travel entitlement on passports of pilgrims up to the expenses to be incurred in KSA and retain the same in foreign exchange margin accounts of licensed agents. Service charges including air ticket fare for journey from Bangladesh, if included in the packages, payable to licensed agents shall be settled in Taka.

(c) Intending pilgrims may arrange foreign exchange out of annual travel entitlement and/or balances held in RFCD accounts. Pilgrims may also arrange FDDs from their designated ADs favoring licensed agents after endorsement on passports. The FDDs shall be retained in margin accounts of licensed agents maintained by their ADs as per (b) above.

(d) Foreign exchange so realized against sales of Umrah Hajj packages shall be remittable to KSA on deduction and payment of applicable taxes thereon.

03.0ADs may also release foreign currency out of unused travel entitlement in cash to meet the needs of intending pilgrims during their stay in KSA.

04. As usual, ADs shall observe customers’ due diligence/KYC including AML/CFT standards and reporting routine to Bangladesh Bank.

Please bring the contents of this circular, effective immediately, to the notice of all your clientele.

Source: https://www.bb.org.bd/mediaroom/circulars/fepd/oct212019fepd41e.pdf