Transfer of remunerations to Foreign Currency (FC) accounts in the names of foreign nationals employed in exporting companies in Bangladesh. Ref: FEPD Circular No. 37 dated 15-Sep-2020.

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

FE Circular No. 37 Date:  September 15, 2020

All Authorized Dealers in
Foreign Exchange in Bangladesh

Dear Sirs,

Transfer of remunerations to Foreign Currency (FC) accounts in the names
of foreign nationals employed in exporting companies in Bangladesh

Please refer to FE Circular No. 24 of June 23, 2020 in terms of which up to 75 percent of net monthly income in equivalent foreign currency has been permitted to be credited to FC accounts of the expatriate employees maintained and operated in terms of paragraph 1, chapter 13 of GFET from FC accounts of eligible employers.

02. To bring further relaxation, it has been decided that exporter-employers may transfer from  their Exporter’s Retention Quota (ERQ) accounts up to 75 percent of net monthly income of  the expatriate employees  in equivalent foreign currency  to  their FC accounts maintained and operated in terms of paragraph 1, chapter 13 of GFET. In the context of transfer of net monthly income  from ERQ accounts of  relevant exporter-employers, ADs shall observe  the  instructions as  contained  in  aforementioned  FE  Circular;  including  verification  of the  authenticity  of  the work permits issued by the competent authorities.

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

Yours faithfully,
(Md. Shahidul Islam)
General Manager (current charge)
Phone: 9530108

Source: https://www.bb.org.bd/mediaroom/circulars/fepd/sep152020fepd37e.pdf

Related Circulars :
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