Issuance of international debit cards (IDCs) against annual travel entitlements. Ref: FEPD Circular No. 22 dated 16-Jun-2020.

All Authorized Dealers in
Foreign Exchange in Bangladesh

Issuance of international debit cards (IDCs) against annual travel entitlements

 Please refer to paragraph 3, chapter 19 of the Guidelines for Foreign Exchange Transactions2018 (GFET), Vol-1 permitting Authorized Dealers (ADs) to issue international credit/pre-paid card (ICC/IPC) against the annual personal travel quota entitlements of the prospective card holders in accordance with paragraph 1, chapter 12 ibid and subsequent circulars.

02. It has been decided that ADs may issue IDCs in favor of eligible persons against their annual travel entitlements, subject to observance of the following instructions:
(a) IDCs shall be issued within annual travel entitlement with endorsement on passports, inter alia;
(b) ADs shall have suitable arrangement in the local currency accounts to which IDCs are linked so as to be ensured that amount in foreign exchange cannot be expensed in excess of endorsement within the annual travel entitlement;
(c) The local currency accounts to which IDCs are linked shall have sufficient fund to support the expenses to be met from the cards; alternatively, ADs should retain endorsed amount equivalent in Taka from local currency accounts in the margin accounts to be maintained in the names of customers for smooth adjustment of the expenses incurred through IDCs;
(d) ADs shall satisfy themselves that IDCs under this authorization and prevailing ICCs/IPCs shall be mutually exclusive.

Other relevant instructions, with regards to issuance, use and reporting of international cards shall remain unchanged. Please bring the contents of this circular, effective immediately, to the notice of all concerned constituents.

Source: https://www.bb.org.bd/mediaroom/circulars/fepd/jun162020fepd22e.pdf

Related Circulars :
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