& çâÌæÚUæð´ ·¤è ¥ôÚU Îð¹Ùæ ÁæÚUè ÚU¹ð´ ¥ÍæüÌ ¥ÂÙð ÜÿØ ÂÚU ŠØæÙ ÚU¹ð´Ð ãæÚU Ù ×æÙð´, €UØô´ç·¤ ·¤æ× ·¤ÚUÙð âð ¥æÂ·¤ô ©gðàØ ·¤è Âýæç# ãôÌè ãñ ¥õÚU ÁèßÙ ·¤æ ¹æÜèÂÙ ÎêÚU ãôÌæ ãñÐ ÖÜð ãè ÁèßÙ ×ð´ ç·¤ÌÙè Öè ·¤çÆÙæ§ü €UØô´ Ù ¥æ°, çÁ™ææâæ ¥õÚU ©ˆâæã ÕÙæ° ÚU¹ð´Ð ŠØæÙ ÚU¹ð´, ÜÿØ ã×ðàææ ¥æÂ·Ô¤ Âæâ ãôÌð ãñ´ çÁ‹ãð´ ÂæÙð ·Ô¤ çÜ° ÂýØæâ ¥æÂ ·¤Öè Öè àæéM¤ ·¤ÚU â·¤Ìð ãñ´Ð

BB relaxes forex transaction rules

Rejaul Karim Byron and Sarwar A Chowdhury
The central bank has liberalised foreign exchange transaction rules to some extent for exporters, foreign investors and other foreign currency users in the context of comfortable foreign currency reserve condition.
The Bangladesh Bank (BB) yesterday issued two separate circulars to this effect and allowed all banks to issue international credit, debit and pre-paid cards to foreign currency7 users.
As per the liberalised rules, roaming mobile phone bill can be paid through the cards and in some cases currency can be remitted abroad without prior permission from the central bank.
A BB senior official said the central bank has taken the steps to make the forex transaction rules more liberalised and time-befitting.
"Since the commencement of floating exchange rate in 2003, our reserve is now in a strong position at around $6 billion." he said, adding that the liberalised rules are aimed at vibrating the businesses and promoting higher education abroad
According to one of the BB circulars, banks now can issue international credit card/debit cards against the balances held in the exporters' retention quota foreign currency (FC) account.
The banks can also issue international cards in favour of up to three top-level executives of an exporting firm/ organisation holding retention quota FC accounts, the circular said.
An exporting firm/organisation can avail of the card facility from a card issuing company only, it said.
The banks may issue inter-
national credit card/pre-paid card against the annual personal travel quota entitlement.
The circular said international credit card/pre-paid card may be issued favouring officials of government/ autonomous/ semi-autonomous institutions for official/ semi official visits abroad against forex entitlement fixed by the finance ministry.
It said the international credit or pre-paid cards may be issued favouring private sector participants for attending seminars, conferences and workshops abroad arranged by recognised international bodies.
However, while issuing the cards the banks shall endorse an amount not exceeding the entitlement on the passport.
The banks can issue international debit or pre-paid cards to the private sector Hajj agencies to meet food, lodging expenses of the pilgrims in Saudi Arabia against forex entitlement fixed for each individual.
International pre-paid card may also be issued to intending individual pilgrims for meeting expenses in Saudi Arabia while performing Hajj. However, the banks shall endorse an amount not exceeding Hajj entitlement on the passport or pilgrim pass.
The BB circular said interna-
tional cardholders may pay their mobile phone roaming service utilisation bill to mobile phone operators in Bangladesh through internationalcard.
The circular said effective control system must be ensured by the issuing bank to guard against unwanted drawings in excess of the entitlement or balance in the respective foreign currency accounts.
To facilitate monitoring towards limiting the liabilities on account of card use, the FC account holding banks may advise the card-issuing bank about the credit balances of the FC account.
All records, documents and accounting statements relating to issuance and use of credit cards should be kept ready and available for inspection by the central bank when required.
The card issuing banks will have to submit report to the central bank time to time, the circular added.
In the other circular the BB said from now registration fee of government officials, employees of banks and financial institutions, faculties of nationally recognised banking training institutions for participating training, seminar and workshop abroad can be sent through the banks.
The banks may allow remittance of subscription fee for academic or research journals to be procured from abroad by public universities and medical colleges, recognised national research institutions, University Grants Commission-approved private universities and government-approved private medical colleges upto $3,000.
The circular said the banks may open Non-resident Taka Account in the name of the proposed company of foreign investors contemplating to invest in Bangladesh without prior approval of the central bank.
The banks are allowed to release forex for admission and studying by Bangladeshi nationals in regular courses such as undergraduate, postgraduate, language course prerequisites to bachelor degree and professional diploma/ certificate courses in recognised institutions abroad subject to verification.
The banks are to ensure while opening an L/C that full description of goods to be imported is given in each credit along with the unit price of the merchandise.
The banks should also obtain confidential report on the exporters from their branches or correspondents abroad or in their discretion.
The banks will need to satisfy themselves as to the standing of the exporter by consultingstandard books of reference issued by international credit rating agencies.
The banks will do this in all cases where the amount of the LC/contract exceeds Tk 5 lakh against pro-forma invoices issued directly by foreign suppliers.
The amount is Tk 10 lakh against indents issued by local agents of the suppliers.