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BB eases forex rules for outbound students

Rejaui. Karim Byron
Any bank providing education services from now on is free to release required foreign currencies for outbound students, a new development for prospective higher study seekers.
No prior central bank approval to this service is required, according to a Bangladesh Bank (BB) circular.
The BB's move came yesterday when it amended some clauses in the foreign exchange transaction guideline.
"In a bid to liberalise foreign currency transaction process, the central bank has decided to allow scheduled banks to release foreign currency for the people going abroad for higher studies," says the circular sent to the banks.
Officials from private companies or non-governmental organisations (NGOs) will also enjoy the same facilities in case of their foreign trips for training purposes.
Earlier, thousands of outbound students faced hassles like visiting the central bank and wasting time (15-45 days) to get his or her required foreign currencies endorsed.
Under the new facility BB has allowed, students intending to remit foreign currencies from any bank are required to submit some documents to the bank concerned. These documents include among others explanation of the amount of foreign currencies needed, admission paper and unconditional offer letter from the foreign educational institute.
The release of such foreign currencies is subject to the service providing bank's satisfaction on perusal of the documents submitted.
"The recognised bank must be satisfied with the documents a student submits,” the BB circular says.
The private company officials willing to take part in seminar, workshop or any training abroad can also remit money to the organiser fulfilling this condition of submitting documents.
The subject of the training or workshop must be matched with any training seeker's job profile. Among many required documents, the training seekers will have to submit documents, including organiser's invitation letter and employer's certificate to any bank from where they are intended to obtain services.
The government officials, however, already enjoy this remitting facility without central bank's nod.
As per the circular, the banks that are offered to remit money to fight against any lawsuit will have to get a go-ahead initially from the central bank. On receipt of primary nod, banks can remit money for spending before the lawsuit without any approval of the central bank.
Earlier, in such case, any bank had to get approval each time to remit money to fight any lawsuit against bank.